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Cannabis Summary for Sept. 21, 2022

2022-09-21 19:59 ET - Market Summary

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by Stockwatch Business Reporter

The S&P/TSX Cannabis Index lost 1.27 to 38.88, while the CSE Composite Index lost 1.47 to 267.92. Canadian cannabis grower Aurora Cannabis Inc. (ACB) lost 14 cents to $1.74 on 7.57 million shares, as it lived up to its quarterly tradition of releasing disappointing financials. The latest batch included a painful net loss of $618-million for the fiscal fourth quarter ended June 30.

The pain did not end there. Revenue in the fourth quarter came to $50.2-million, a decrease (if a small one) from $50.4-million in the third quarter. The decrease would have been worse if not for eight weeks of contributions from the takeover in May of Thrive Cannabis. The steep net loss of $618-million included $505-million in impairments that Aurora blamed on "changes in cannabis market conditions and in the current capital market environment." Even after sweeping those and many other pesky costs and charges to the side, adjusted EBITDA worsened quarter over quarter to negative $12.9-million from negative $11.4-million.

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