It's been a brutal stretch for cannabis companies, and here's just the latest stock to come under pressure:
Aurora Cannabis Inc. reported a 24% sequential decline in revenue Thursday, reporting sales of C$75.3 million versus C$98.9 in the previous quarter, as the company slows its expansion plans in Canada and abroad.The company reported fiscal first-quarter net income attributable to Aurora of C$12.8 million, or a penny a share, compared with C$105.5 million, or 12 cents a share, in the year-ago period.
The derivative market Booth mentioned is the legalization of edibles, drinkables and vape products that are expected to be available to Canadian retailers next month. Such products were illegal in the country until October. Aurora reported earnings amid a brutal stretch for some of the world’s largest cannabis companies. Before the opening bell, Canopy Growth Corp. CGC, -14.38% WEED, -14.27% reported a fiscal second-quarter loss of C$374.6 million , or C$1.08 a share on revenue of C$76.6 million. Earlier this week investors saw results from Tilray Inc. TLRY, -5.35% , which beat Wall Street revenue estimates, and Cronos Group Inc. CRON, -6.06% , CRON, -6.04% which missed revenue expectations.
In the earnings call, executives acknowledged that there was no lockup period associated with the freshly available shares from C$155 million that has already committed to convert the debenture into shares.
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