$ACB (regarding APHA's approaching earnings report) As one of the major LPs, Aphria's ER may impact the sector, so it's good to know what to expect from it. Some notes about Aphria's likely revenue: Aphria's cannabis revenue is now a minor portion (about 25%) of their total; distribution revenue from CC Pharma currently accounts for about 75% of Aphria's total revenue. Aphria has guided to about 10% annual growth in distribution revenue at steady but low gross margin (12-13%). In other words *distribution revenue will dampen the effect of any major changes (in either direction) in their cannabis revenue* for this and future earnings periods. IMO, APHA's total revenue & total gross profit on this ER are unlikely to differ drastically from last quarter. Aphria guided to substantially lower CapEx in this period (source last earnings call); analysts will likely be looking for that.
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