Already high on recent state legalization initiatives and a potentially more weed business-friendly presidential administration, marijuana stock investors got another blast of good news on Monday. A bellwether company in the industry, Aurora Cannabis (ACB -3.37%) delivered better-than-expected quarterly results, at least on the top line.

For Aurora's Q1 of fiscal 2021, the company's net revenue was $67.8 million Canadian ($52.2 million), down by 1% from the previous quarter, and 10% lower on a year-over-year basis.

The company confusingly presented several different profitability metrics. The one it favors, adjusted earnings before interest, taxes, depreciation and amortization (EBITDA), deepened by 79% quarter over quarter to CA$57.9 million ($44.5 million), a figure that includes expenses related to recent restructuring activities. The Q1 2020 result was CA$39.7 million ($30.5 million).

Hand holding a burning marijuana cigarette.

Image source: Getty Images.

In spite of those erosions, investors were cheered by the fact that analysts tracking the stock collectively estimated it would book only CA$63.6 million ($48.9 million) in revenue.

Describing the quarter as a "transitional," one on the path to liquidity and stability, CEO Miguel Martin didn't hesitate to point out several reasons for investors to be cheerful.

He was quoted as saying that "We remain the leader by revenue in the high-margin Canadian medical market, our international medical business experienced more than 40% net revenue growth this quarter, and our CBD [cannabidiol] brand Reliva is No. 1 ranked by Nielsen in the U.S. CBD sector."

In its release, the company added that it aims to reach positive adjusted EBITDA next quarter.

Investors are certainly looking on the bright side of Aurora's results. They bid the company's stock up by 14.5% on Monday, crushing the comparatively modest gain of the S&P 500 index.