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Cannabis Summary for Feb. 7, 2020

2020-02-07 19:00 ET - Market Summary

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by Stockwatch Business Reporter

The S&P/TSX Cannabis Index dropped a disappointing 12.05 points to 184.57 Friday, ending the week down 15.01 points. The Canadian Securities Exchange Composite Index lost 11.03 points to 394.64, ending the week down 26.68 points. After the market closed yesterday, Aurora Cannabis Inc. (ACB) announced that the company's co-founder, Terry Booth, was out as CEO. Aurora coupled that announcement with admissions that: (1) its revenue would be down again in fiscal Q2; (2) it would incur writedowns and impairment charges totalling about $1-billion in Q2's results; (3) its expenses, including marketing and selling, general and administrative (SG&A), would be up significantly in Q2. The news caused Aurora's stock to fall by 40.5 cents to $2.26 today. It is not much above its 52-week low of $1.96 (hit in January), but it is well off its 52-week high of $13.67.

Mr. Booth's departure is another domino to fall on the long list of CEOs that have resigned or been fired in 2020. Others on the list include Medmen Enterprises Inc.'s (MMEN: $0.51) co-CEO, Adam Bierman, TerrAscend Corp.'s (TER: $3.14) CEO, Michael Nashat, and The Supreme Cannabis Company Inc.'s (FIRE: $0.46) CEO, Navdeep Dhaliwal. Just before the end of 2020, another prominent Aurora executive -- chief corporate officer Cam Battley -- also resigned.

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