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Cannabis Summary for Feb. 13, 2020

2020-02-13 19:32 ET - Market Summary

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by Stockwatch Business Reporter

The S&P/TSX Cannabis Index gained 1.31 points to 176.53 Thursday, while the Canadian Securities Exchange Composite Index gained 3.52 points to 386.35. Aurora Cannabis Inc. (ACB) rose four cents to $1.96 on 22.07 million shares after releasing its fiscal second quarter results for the three months ended Dec. 31, 2019. Although the stock rose today, the market previously had an opportunity to express its disappointment with the results. The company released a preview of the numbers on Feb. 6, after which the stock fell to $1.92 from $2.66.

Aurora had total net revenue of $56-million in fiscal Q2, down from $75.2-million in Q1. That is the second straight significant quarter-to-quarter decline in revenue for Aurora. In fiscal Q4 2019, the cannabis producer had net revenue of $98.9-million. Its cannabis sold during that time has dropped from 17,793 kilograms in Q4 2019 to 12,463 to 9,501. Shareholders who are looking for a silver lining will note that the $56-million in Q2 revenue was above the company's Feb. 6 net revenue estimate of between $50-million and $54-million.

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