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Cannabis Summary for Jan. 14, 2020

2020-01-14 20:39 ET - Market Summary

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by Stockwatch Business Reporter

The Canadian Securities Exchange Composite Index gained 10.43 points to 424.69 Tuesday. Irwin Simon's Aphria Inc. (APHA) dropped 61 cents to $6.49 on 17.99 million shares after releasing its fiscal second quarter results for the quarter ending Nov. 30, 2019. Aphria reported net revenue of $120.6-million in fiscal Q2, down from $126.1-million in Q1 and below the consensus analyst expectation of $130.4-million.

The company generates the bulk of its sales from a German pharmaceutical business, CC Pharma, that it acquired at the start of 2019. Its revenue from CC Pharma declined to $86.4-million from $95.3-million in the prior quarter. That was partially offset by an increase in Aphria's cannabis sales in Canada. It sold $33.7-million worth of cannabis in Q2, up from $30.8-million in Q1. It sold less medical cannabis by volume, but the average price per medical gram sold rose to $8.16 from $7.56. The company attributed the rising price per gram to the fact that more of its medical cannabis sales were from its premium brand, Broken Coast. The average price per recreational gram sold declined in the quarter.

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