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Auxly Cannabis Group Inc
Symbol XLY
Shares Issued 642,943,875
Close 2020-11-17 C$ 0.405
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Globe says Auxly's market share said to have plateaued

2020-11-18 09:03 ET - In the News

The Globe and Mail reports in its Wednesday, Nov. 18, edition that Raymond James analyst Rahul Sarugaser downgraded Auxly Cannabis Group (41 cents) to "market perform" from "outperform." The Globe's David Leeder writes in the Eye On Equities column that Mr. Sarugaser, however, is sticking with his 40-cent share target, which is eight cents below the consensus. Mr. Sarugaser is of a mind that Auxly suffered through a "tough" third quarter. Mr. Sarugaser says Auxly's market share has plateaued. He says Auxly has landed in a "relatively poor cash position." Mr. Sarugaser says the opportunity to expand has "been hard to come by" in an overcrowded market, despite 25-per-cent growth in the Canadian adult-use weed market in the third quarter. Mr. Sarugaser says in a note: "Bellwethers such as Canopy Growth and Aphria saw increasing revenue commensurate with a flat market share, while Aurora Cannabis saw its share decline. Among the top 10 LPs, only Village Farms truly captured market share from its peers last quarter. Our channel checks reveal that Auxly saw modest revenue growth, commensurate with a slight decline in national market share. ... We now await clarity on Auxly's strategy to expand its market share."

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