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Aurora Cannabis Inc just put out its Q4 and 2016 full year results last week. Across the board, the numbers were solid, but it still wasn’t enough for Aurora to breakout and make new highs. With the stock up over 400% since August, we still believe that Aurora is heading higher over the long run. Aurora is now consolidating just ahead of what we see as several upcoming catalysts for the entire marijuana space in the U.S. and Canada.

First up, a little background on the company. Aurora Cannabis Inc trades on the TSX Venture Exchange under the symbol ACB, on the OTC Markets under ACBFF, and in Frankfurt under 21P. Aurora’s wholly-owned subsidiary, Aurora Cannabis Enterprises Inc., is a licensed producer of medical marijuana pursuant to Health Canada’s Access to Cannabis for Medical Purposes Regulations (ACMPR) and operates a 55,200 square foot, expandable, state-of-the-art production facility in Mountain View County, Alberta, Canada. The license was granted November 2015 and product sales started on January 5, 2016.

As of October 27, Aurora had 9,000 active registered patients, reflecting what management believes is the fastest patient registration rate in the industry after commencement of commercial operations. This is up from 7,700 active patients reported by the company in September. Aurora is now generating over $1 million in monthly revenues.

For the three and twelve month periods ending June 30, 2016 , the Company recorded revenues of $1.2 million and $1.4 million , respectively, as compared to nil ($0) for the same periods in the previous year. The Company recorded a net loss of $7.5 million for the quarter, attributable to a decrease in unrealized gain on changes in fair value of biological assets and increased expenditures due to increased corporate activities related to the acquisition of CanvasRx and various financings. For the full fiscal year, a net loss of $5.7 million was recorded, a decrease of $3.8 million.

The recent earnings report really doesn’t tell us much because it’s for the fiscal year ending June 30, 2016. Aurora Cannabis has made considerable progress since then, including strengthening its balance sheet with up to approximately $68 million in new financings. CEO Terry Booth said:

“In preparation for the tremendous growth we anticipate in this market and for our Company, we announced our plans to increase production capacity to approximately 70,000 kilograms per year via the construction of an advanced, automated greenhouse facility that represents the cutting edge in agricultural technology. Innovation remains a key aspect of our strategy to strengthen the brand associated with the Aurora Standard of excellence in production, operations and customer service. We believe our results to date validate our ambitious growth strategy, and we are extremely well positioned to capitalize on the significant growth opportunities in the cannabis sector.”

This year, Aurora Cannabis become the first Licensed Producer to launch a mobile application for ordering medical cannabis. In Calgary and Edmonton, the company launched same-day delivery to registered patients. Going forward, the company says its goals include:

Aurora’s business strategy is to continue and accelerate its penetration of the Canadian cannabis market, achieve its Health Canada sales license for derivative products (cannabis oils) and launch derivatives sales, transition to profitability in the short-term, and begin a major expansion of production capacity. When the federal government passes legislation legalizing the consumer use of cannabis, the Company anticipates participating in the non-medical consumer market, and will envision further production capacity expansion to meet future market demand for cannabis products.

The recreational market in Canada is estimated to be worth $7 to $10 billion. We look for Canada to introduce legislation to decriminalize and regulate cannabis by spring time of next year. As we’ve said before, Aurora Cannabis looks to be one of the best plays in not only Canada, but also in the entire cannabis space. We believe investors should look towards Canada for not only its favorable regulatory environment, but also well-financed and well-run companies like Aurora. We will be updating our subscribers with the latest on Aurora and other cannabis names. For complete coverage, sign up below!

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Disclosure: We have no position in Aurora Cannabis Inc and have not been compensated for this article.