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Cannabis Summary for July 29, 2020

2020-07-29 21:12 ET - Market Summary

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by Stockwatch Business Reporter

The S&P/TSX Cannabis Index lost 13.25 points to 146.35 Wednesday, giving up yesterday's gains. The Canadian Securities Exchange Composite Index slipped 5.86 points to 465.44. In Canada, Irwin Simon's Aphria Inc. (APHA) sank $1.50 to $6.52 on 14.96 million shares after releasing its fiscal fourth quarter and full-year 2020 results for the year ended May 31. The company's net revenue inched up to $152-million in fiscal Q4, up from $144-million in fiscal Q3. The Q4 revenue beat the $146.7-million expected by analysts polled by Bloomberg, but the market may have been disappointed with where the revenue came from.

Aphria generates revenue from two main areas: a German distribution business and a cannabis division. The company's net cannabis revenue decreased to $53.1-million in fiscal Q4 from $55.6-million in fiscal Q3. The decline comes at a time when, despite the presence of COVID-19, cannabis sales in Canada are up. In Aphria's fiscal Q4 - the three months from March 1 to May 31 - Canadian cannabis sales totalled $545-million, up 20 per cent from sales of $453-million over the three months immediately before (Aphria's fiscal Q3).

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