Home / Business / Aurora cannabis stocks fall by nearly 10% in late trading after quarterly results

Aurora cannabis stocks fall by nearly 10% in late trading after quarterly results

Shares of Aurora Cannabis Inc. (ACB – Get Report) fell after hours on Wednesday after the Canadian cannabis supplier reported net income that did not meet previously lowered expectations and did not offer any figures per share for its results.

Aurora shares fell 61 cents, or 9.4% to $5.88 in after-hours trading. The title had gained 3% in the regular session.

Aurora said in a statement that its consolidated net fourth quarter fiscal year-end revenue grew 52 percent from the previous quarter to reach 98.9 million Canadian dollars. That was far from the forecast of $ 100 million to $ 107 million that the company had proposed last month.

The company stated that its adjusted EBITDA loss was C $ 11.7 million, compared to C $ 36.6 million in the previous quarter.

In its news release, the company said, "The Canadian mainstream television channel continues to face retail challenges in key markets and the resolution of this problem is beyond the control of the company. Aurora is working closely with all of its regulatory and distribution partners to streamline distribution and the company continues to achieve positive adjusted EBITDA on a consolidated basis. "

Elsewhere, stocks of cannabis were mixed during Wednesday's regular session

Shares of cbd® (YCBD) rose 44 cents, or 10.73%, to $ 4.54. Shares of Tera Tech (TRTC) fell 1.42 cents, or 3.72%, to 36.59 cents.

The Alternative Harvest ETF (MJ – Get Report) rose 22 cents, or 0.86%, to $ 25.71. The AdvisorShares Pure Cannabis (YOLO) ETF rose 14.49 cents, or 0.77%, to $ 18.92. The Horizons Marijuana Life Sciences ETF (HMLSF) dropped 0.79 cents, or 0.07%, to $ 11.39.

Large cap stocks with notable cannabis initiatives have been mixed. AbbVie shares (ABBV – Get Report) rose 1.31 USD, or 1.92%, to 69.49 USD. The company manufactures Marinol, a synthetic THC drug used to treat nausea caused by chemotherapy.

Scotts Miracle-Gro shares (SMG – Get Report) fell $ 3.70, or 3.46%, to $ 103.09. The Hawthorne Gardening subsidiary of the company supplies hydroponics equipment to cannabis growers.

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