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Cannabis Summary for May 13, 2022

2022-05-13 19:57 ET - Market Summary

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by Stockwatch Business Reporter

The S&P/TSX Cannabis Index added 3.29 to 57.81, while the CSE Composite Index added 12.16 to 328.67. Canadian cannabis grower Aurora Cannabis Inc. (ACB) added 50 cents to $3.65 on 6.29 million shares, staging a correction after hitting all-time lows earlier this week. The update that investors were bracing themselves for arrived last night. Aurora filed its financials for the fiscal third quarter ended March 31, posting a net loss of $1.0-billion.

Naturally, Aurora did not put that figure front and centre in its press release (or anywhere in its press release, leaving investors to make their way to SEDAR). The press release was full of self-applause for Aurora's efforts to "steer our differentiated global cannabis business towards long-term shareholder value." Chief executive officer Miguel Martin claimed that Aurora is achieving this through its "sole focus on the most profitable growth opportunities." The translation, in this case, is that Aurora is taking over $900-million in impairment charges as it tries to slim down its operations, including by closing its once-flagship Aurora Sky facility in Alberta.

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