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by Stockwatch Business Reporter
The Canadian Securities Exchange Composite Index rose 3.49 points to 406.95 Friday, ending the week down 14.07 points. WeedMD Inc. (WMD) sank 24 cents to 93 cents on 2.93 million shares after announcing its third quarter results. The company had said it would release the results yesterday after the market closed, but it only published them at 10:30 a.m. PT this morning. That may have worried investors and, in fact, the results were not what investors had hoped for. WeedMD's net revenue slipped to $6.7-million in the third quarter, down from $7.9-million in the second quarter. Despite the drop in revenue, WeedMD's costs of goods sold (COGS) increased to $4.7-million in Q3, up from Q2 COGS of $4.3-million. As marijuana prices fall in 2020, we will continue to see costs of goods sold being a higher percentage of revenue, leaving companies with less gross profit. Of course, companies lower their costs of good sold by reducing cultivation costs; WeedMD has proven to be more than capable at this.
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t-weed promoters arrested yet for "....will be first $100 pot stock..."? or the globe and FP writers who published that? hmmm