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by Stockwatch Business Reporter
The S&P/TSX Cannabis Index added 2.47 to 176.74, while the CSE Composite Index added 28.28 to 787.44. Canada's Aurora Cannabis Inc. (ACB) reached an intraday low of $7.99 -- its first time below $8 in six months -- before closing at $8.29, down 64 cents, on 5.99 million shares. Yesterday after the close, it released a grisly batch of financials for the fiscal third quarter ended March 31.
Rarely is it a good sign when a company springs immediately into damage control. "Consistent with many of our peers, the quarter presented challenges in the Canadian adult-use market," rationalized chief executive officer Miguel in his very first remark, in the second sentence of the press release. The opening months of 2021 were indeed difficult for Canadian cannabis companies, many of which posted quarter-over-quarter revenue declines, including Tilray Inc. (TLRY: $16.88), Cronos Group Inc. (CRON: $8.81) and Aphria (which merged with Tilray last month). There were exceptions, such as The Valens Company Inc. (VLNS: $3.47) and Village Farms International Inc. (VFF: $10.54), which enjoyed quarter-over-quarter increases. It was possible. It is also worth noting that on a year-over-year basis, all of those companies saw their revenue head higher.
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