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Cannabis Summary for Feb. 26, 2020

2020-02-26 19:59 ET - Market Summary

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by Stockwatch Business Reporter

The S&P/TSX Cannabis Index gained 0.41 point to 169.67 Wednesday, while the Canadian Securities Exchange Composite Index lost 14.81 points to 347.08. Kevin Murphy's United States-based Acreage Holdings Inc. (ACRG) lost 17 cents to $4.44 on 365,800 shares after releasing its 2019 results. The company lost $65.5-million (U.S.) in the fourth quarter of 2019, contributing to a $195-million (U.S.) loss in 2019. The fourth quarter loss was worse than the company's $51.1-million (U.S.) loss in the third quarter.

On the revenue front, Acreage fared no better. It recorded $21.1-million (U.S.) in Q4, down from $22.4-million (U.S.) in Q3. Although shareholders of Canadian-based marijuana companies have become accustomed to declining revenues, it is much less common among their American counterparts. For comparison, Acreage's biggest U.S. competitors all had strong quarter-to-quarter revenue growth in their latest quarters: Trulieve Cannabis Corp.'s (TRUL: $12.97) revenue rose from $57.9-million (U.S.) to 70.7-million (U.S.), Curaleaf Holdings Inc.'s (CURA: $6.56) rose from $48.4-million (U.S.) to $61.8-million (U.S.) and Green Thumb Industries Inc. (GTII: $9.85) rose from $44.7-million (U.S.) to $68-million (U.S.).

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