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by Stockwatch Business Reporter
The S&P/TSX Cannabis Index fell 4.93 points to 186.86 Friday, ending the four-day week down 3.8 points. The Canadian Securities Exchange Composite Index dropped 2.99 points to 391.08, down 5.31 points on the week. 48North Cannabis Corp. (NRTH) fell four cents to 30.5 cents on 2.05 million shares on its fiscal second quarter results, which the company released yesterday after the market closed. The company lost $6.1-million in fiscal Q2, compared with earnings of $2.2-million in Q1. The Q1 earnings were the result of generous accounting rules where newly produced inventory counts as sold, which can skew results to the positive, in some instances by a significant amount. The "earnings" of $2.2-million in Q1 was from 48North growing nearly $10-million of cannabis in that quarter. In reality, the quarter-to-quarter results are similar.
The cannabis producer's revenue was up modestly to $1.8-million in Q2 from $1.5-million in Q1. 48North emphasized today that Q2 will be the last quarter where its revenue is solely derived from indoor-grown marijuana. In coming quarters, the company says, it will have revenue from cannabis 2.0 products, including vapes and topicals.
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