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Cannabis Summary for May 19, 2020

2020-05-19 19:55 ET - Market Summary

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by Stockwatch Business Reporter

The S&P/TSX Cannabis Index gained 14.53 points to 149.02 Tuesday, while the Canadian Securities Exchange Composite Index gained 5.44 points to 362.49. After Aurora Cannabis Inc. (ACB) rose 67 per cent on its fiscal Q3 results Friday, the company's shares surged again today. Aurora rose $5.05, by 32.9 per cent, to $20.40 on 12.29 million shares. The stock has now more than doubled from its Thursday closing price of $9.20. The market was pleased both with Aurora's increase in revenue ($78.4-million in fiscal Q3, up from $56-million in fiscal Q2) and its reduction in expenses (SG&A expenses of $75.1-million in fiscal Q3, down from $99.8-million in fiscal Q2, and declining sharply in fiscal Q4 according to Aurora). Despite the big gains, Aurora's shares are only back to early-March levels (adjusted for a 1:12 share rollback).

In a similar kind of situation, The Green Organic Dutchman Holdings Ltd. (TGOD) surged 23.5 cents to 51 cents on 53.82 million shares today. The two companies are comparable because, like Aurora, the Dutchman's stock has been battered down from its 52-week high of $4.28 to today's closing price of 51 cents. For Green Organic, though, there was not an obvious catalyst for the increase.

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