(RTTNews) – Shares of Aurora Cannabis Inc. (ACB) are surging more than 40% Friday morning on the back of better-than-expected third-quarter revenue.

Revenue for the quarter increased 18% year-over-year at C$78.4 million. The company that serves both medical and consumer markets has achieved revenue growth in both the markets.

Michael Singer, Executive Chairman and Interim CEO of Aurora stated, “I am incredibly proud of the Aurora team for working through these challenging times in order to maintain uninterrupted operations at all of our production facilities and ensure we continue to meet the needs of our patients and consumers. I am also pleased that our third quarter 2020 financial results were in-line with our expectations, and that we remain firmly on track with the cost-savings and capex goals we detailed during our business transformation plan in February 2020.”

Aurora Cannabis stock is currently trading at $9.38. It has traded in the range of $108.60- $0.66 in the last 52 weeks