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Cannabis Summary for May 14, 2020

2020-05-14 19:47 ET - Market Summary

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by Stockwatch Business Reporter

The S&P/TSX Cannabis Index gained 3.49 points to 113.47 Thursday, while the Canadian Securities Exchange Composite Index gained 2.29 points to 331.36. Aurora Cannabis Inc. (ACB) finally had a positive day after the cannabis producer had fallen 25 per cent since its 1:12 share rollback on Monday. Aurora rose 91 cents to $9.20 today and then, after the market closed, the company released its fiscal Q3 results (for the quarter ended March 31). In after-hours trading, Aurora jumped another 15 per cent.

For the first time in many quarters, Aurora's revenue improved. The cannabis producer had net revenue of $78.4-million in fiscal Q3, up from $56-million in fiscal Q2. It had gone from $98.9-million to $75.2-million to $56-million in the three quarters before.

The question that many investors had for the quarter, though, was whether Aurora could reduce expenses. In its results news release, the company pronounced that it had done just that: it reduced selling, general and administrative (SG&A) expenses. Excluding one-time "business transformation" costs, Aurora had $75.1-million in SG&A expenses in fiscal Q3, down from $99.8-million in fiscal Q2.

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