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Cannabis inventories were mainly down on Monday, under the impetus of Aphria Inc. after posting a sharp loss in the third quarter, offsetting higher revenues.
Aphria shares
APHA -12.57%
APHA -12.30%
fell 15% early in the trading session, after the Leamington, Ontario-based company posted sales of $ 108.2 million ($ 81.1 million) for the third quarter of its exercise, or 43 cents per share, after a profit of 12.9 million Canadian dollars, or 8 cents per share, in the same period a year ago.
Excluding non-recurring items, such as non-cash writedowns and other non-operating losses, adjusted gross profit was C $ 13.4 million. FactSet does not provide consensus estimates for Aphria.
Revenues climbed to C $ 73.6 million, up from C $ 10.3 million in the first full quarter of Canadian legal cannabis. But the company sold less cannabis than a year ago: the kilograms sold dropped from 3,408.9 to 2,636.5, while the average retail price of medical cannabis increased to 7, 51 to 8.03 Canadian dollars per gram, mainly due to higher oil sales. The average price of cannabis consumed by adults rose from C $ 6.32 to C $ 5.14 due to the shift to smaller packs.
In addition, the company announced that it has entered into a series of contracts to accelerate the expiry date of the Unsolicited Offer launched by Green Growth Brands Inc.
GGBXF, + 0.09%
Organigram Holdings Inc. Shares
OGRMF, -5.08%
fell 7.1%. Like Aphria and other rivals, Organigram recorded a loss for its second fiscal quarter, while revenues exceeded estimates. The Company recorded a net loss of Can $ 6.4 million ($ 4.8 million), or 5 cents per share, after a gain of Can $ 1.076 million, or 1 cent per share, for the corresponding period from the previous year.
See also: Cannabis stocks drop after Attorney General offered moderate support to state law
Net revenues (net of excise taxes) amounted to 26.9 million Canadian dollars. The consensus of four analysts surveyed by FactSet was 2 cents EPS and $ 24.2 million in Canadian income.
The company said its "all-in" farming cost was 85 cents per gram of dried flowers harvested, down from 1.48 Canadian dollar last year, mainly because of the yields. higher per plant. He is now focusing on vaporizable pen technologies and a range of edible products prior to the launch of derivatives in Canada in the fall of 2019.
US Cannabis Retailer MedMen Enterprises Inc.
MMNFF, + 1.80%
published an unaudited revenue of $ 36.6 million for the third quarter of its fiscal year, an increase of 22% over the second quarter. Growth was driven by the company's expanding retail sales in Nevada and Arizona, where sales grew 34% and 513%, respectively, compared to the second quarter.
In Nevada, the company's location in Paradise, the closest to McCarran Airport, is the company's second-best, with a 39% increase over the second quarter.
The company said its pro forma revenues, including acquisitions not yet concluded, were $ 54.9 million, up 11% from the second quarter. The company announced its intention to acquire PharmaCann LLC in October as part of a $ 682 million share deal.
In the United States, the US Chanvre Authority is revising its guidelines for CBD producers looking for a seal to ensure the safety of their products, and has set April 15 as the deadline for manufacturers to comment on how The industry should self-regulate, reported Marijuana Business Daily.
The US Food and Drug Administration has separately committed to hold a public hearing on May 31 to allow stakeholders to share their experiences, and offer information and opinions on how the CBD market should be regulated. . While hemp was fully legalized in the December Farm Bill, CBD was transferred from the DEA under the authority of the FDA, and the first stated that companies could not add it to food or drinks without his approval.
At the same time, investors are preparing for the IPO later this week of what will most closely resemble an American cannabis company available for trading in a major US market. Greenlane Holdings Inc.
GNLN, + 0.00%
A Florida-based manufacturer of vape cannabis equipment and accessories for retailers and consumers in the United States, Canada, and around the world is expected to stock its IPO on Wednesday and begin trading on Nasdaq on Thursday under the symbol "GNLN". "
Do not miss: Greenlane IPO: 5 things to know about the closest thing to an American cannabis company to be made public on Nasdaq
Elsewhere in the sector, Canopy Growth Corp.
GSC -3.85%
CANNABIS, -3.37%
was down 3.8%, Aurora Cannabis Inc.
CBA -3.55%
CBA -3.21%
was down 3.1% and Cronos Group Inc.
CRON, -7.73%
CRON, -6.22%
was down 5.2%.
Tilray Inc.
TLRY, -6.31%
was down 4.4%, Cresco Labs
CRLBF, -4.37%
was down 2.6%. Hexo Corp. lost 3.8% and Green Organic Dutchman Holdings Ltd.
TGODF, -5.46%
tgod, -5.24%
was down 5.8%. Aleafia Health Inc. f
ALEF, -7.74%
ALEF, -7.74%
it is 7.9%, CannTrust Holdings Inc.
CTST, -5.72%
TRST, -4.82%
down 5.2% and GW Pharmaceuticals PLC
GWPH, -2.81%
was down 1.1%.
Lily: The stock of Tilray increases after the company has shown that it can sell leisure pot
Also: Cannabis stocks climb after Tilray's earnings as New Jersey moves closer to legal grass
Horizons Marijuana Life Sciences ETF
HMMJ, -4.08%
down 4%, and ETFMG Alternative Harvest ETF
MJ -3.02%
was down 2.9%.
The Dow Jones Industrial Average
DJIA, -0.28%
and the S & P 500 index
SPX, -0.29%
decreased by 0.2%.
See also: In Weed Country, California, forest fires burn both crops and crops
Cannabis Watch: All Cannabis Business Coverage by MarketWatch
Other stories by Tomi Kilgore and Max Cherney
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