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Cannabis Summary for Sept. 8, 2020

2020-09-08 19:43 ET - Market Summary

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by Stockwatch Business Reporter

Amidst another broad market decline, the S&P/TSX Cannabis Index lost 3.16 points to 121 Tuesday, while the Canadian Securities Exchange Composite Index slipped 2.51 points to 451.86. In Canada, Aurora Cannabis Inc. (ACB) dropped $1.20 to $9.92 on 4.1 million shares after appointing its new CEO (the long-awaited successor to Aurora founder Terry Booth) and outlining preliminary results for fiscal Q4, for the quarter ended June 30. The preliminary results include a quarterly impairment charge of approximately $1.7-billion.

It is a decidedly different market reaction to Aurora's fiscal third quarter results, when the stock nearly tripled. In the week after those results came out, Aurora went from $9.20 to a high of $26.79. As shareholders know well, those gains did not last. The stock has steadily come down since then, and today's $9.92 closing price is hardly above the $9.20 that Aurora was trading at when it released its Q3 results.

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