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Cannabis Summary for April 15, 2020

2020-04-15 19:44 ET - Market Summary

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by Stockwatch Business Reporter

The S&P/TSX Cannabis Index lost 1.2 points to 129.01 Wednesday, while the Canadian Securities Exchange Composite Index lost 2.48 points to 274.94. Irwin Simon's Aphria Inc. (APHA) gained 24 cents to $5.33 on 16.47 million shares on its fiscal third quarter results (for the three months ending Feb. 29), which the company released last night at 6 p.m. PT. The company had net revenue of $144-million in fiscal Q3, up nicely from $120-million in fiscal Q2. Aphria's revenue comes from two main areas: distribution and cannabis revenue. It was a surge in cannabis revenue that drove the increase this time; Aphria's net revenue from cannabis products rose to $55.6-million in Q3 from $33.7-million in Q2. The three months ending Feb. 29 was the first period in which sales of cannabis 2.0 products were reflected. Aphria sold $6-million worth of vape products in the quarter.

Historically, the bulk of Aphria's sales have been made by its German pharmaceutical distribution business, CC Pharma, which Aphria acquired near the start of 2019. In fiscal Q3, CC Pharma's revenue climbed modestly to $88.3-million from $86.4-million in fiscal Q2.

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