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Cannabis Summary for July 27, 2020

2020-07-27 19:54 ET - Market Summary

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by Stockwatch Business Reporter

The S&P/TSX Cannabis Index gained 5.4 points to 148.14 Monday, and the Canadian Securities Exchange Composite Index gained 13.43 points to 461.28. While headlines in the cannabis industry have mostly been focused on the United States companies, Canadian-based Aphria Inc. (APHA) has quietly been on a nice run. Today, Aphria gained 82 cents to $7.68 despite no obvious catalyst. The stock has nearly tripled from its 52-week low of $2.65, which the company reached in March.

Investors may be anticipating good news from the company's fiscal Q4 results (for the period ended May 31), which are set to be released on Wednesday before the market opens. In fiscal Q3, Aphria generated $144-million of revenue, up from $120-million in the quarter before. After those seemingly strong results, the company withdrew both its revenue and EBITDA fiscal 2020 guidance, citing COVID-19 concerns. Aphria's revenue guidance for the year was for between $575-million and $625-million. The company would have needed $184-million in Q4 net revenue to meet the low end of that range.

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