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by Stockwatch Business Reporter
As the broader market continued to fall on coronavirus fears, the S&P/TSX Cannabis Index dropped 6.66 points to 169.26 Tuesday, while the Canadian Securities Exchange Composite Index dropped 12.7 points to 361.89. Tyler Robson's Valens Groworks Corp. (VLNS) fell 22 cents to $3.73 on 1.73 million shares after releasing its fiscal fourth quarter results (for the period ending Nov. 30, 2019). While shareholders were in a selling mood, the drop in the stock's price may have had more to do with the general market decline than anything specific to Valens.
The extractor's fiscal Q4 revenue increased to $30.6-million, up from $16.5-million in Q3. In general, extractors such as Valens and Medipharm Labs Corp. (LABS: $2.60) (extractors process marijuana into extract products such as edibles or oils) have delivered much stronger revenue growth than their marijuana-growing peers. Still, the $30.6-million in revenue beat Valens's guidance range ($27-million to $30-million).
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