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by Stockwatch Business Reporter
Amidst a broader market decline, the S&P/TSX Cannabis Index lost 8.5 points to 109.98, while the Canadian Securities Exchange Composite Index slipped 1.44 points to 329.07. Aurora Cannabis Inc.'s (ACB) 1:12 share rollback has not been going how the company likely envisioned it. The stock fell for the third straight day on Wednesday, this time dropping 79 cents to $8.29. Since the rollback took effect on Monday, Aurora's shares are down 25 per cent from $11.09 to $8.29.
Fellow Canadian cannabis producer Aleafia Health Inc. (ALEF) lost a cent to 62 cents on 5.43 million shares after releasing its results for the fiscal first quarter of 2020. Relative to today's broader market decline, the one-cent loss is not so bad. Still, if the comments of management are anything to go by, shareholders will wonder how Aleafia fell at all.
The cannabis producer recorded net revenue of $14.5-million in Q1 2020, up from $6-million in Q4 2019. Aleafia chief executive officer Geoffrey Benic calls it a "breakthrough quarter" for the company, citing Aleafia's revenue growth. He gushed about the company's "prudent allocation of capital" and "industry-leading gross margin."
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