Aphria destroys batch of marijuana due to lack of qualified workers
Published Friday, October 12, 2018 10:51AM EDT
Last Updated Friday, October 12, 2018 7:05PM EDT
A Leamington company in the red-hot pot industry destroyed a batch of weed because it couldn’t find enough skilled production workers in time.
Producer Aphria Inc. said it disposed of 13,642 plants after “a lack of qualified local labour” for greenhouse jobs slowed harvesting.
It means that one week's crop rotation outgrew maximum quality.
Investors didn’t seem too worried, with the stock slightly higher in early trading.
Aphria says it earned nearly $21.2 million in its latest quarter, up from $15 million in the same quarter a year ago.
The company says the profit amounted to nine cents per diluted share compared with a profit of 10 cents per diluted share in the same quarter last year when it had fewer shares outstanding.
Revenue for the three-month period ending Aug. 31 totalled $13.3 million, up from $6.1 million.
Aphria attributed the increase in its earnings to gains in investments in Liberty Health Sciences and Hiku Brands Co. Ltd., and an increase in fair value of biological assets caused by a production increase.
Shares of Aphria shot higher earlier this week after a report that U.S. tobacco giant Altria Group Inc. was in talks with the licensed cannabis producer to acquire an equity stake.
In response, Aphria said Wednesday that while it engages in discussions with potential partners or investors at times, there was no agreement, understanding or arrangement in place with a potential investor.
With files from BNN Bloomberg and The Canadian Press.