https://nighthawkrottweilers.com/

https://www.chance-encounter.org/

Business

Cannabis shares melted as Aphria's quarterly loss paths on the sector




Cannabis shares were a sea of ​​red on Monday, weighed by Aphria Inc. after it fluctuated to a big loss in the third quarter which offset an increase in revenue.

Aphria shares

APHA, -13.07%

APHA, -12.53%

fell 15% in early trading, after Leamington, Ontario-based company posted a loss of 1[ads1]08 , $ 2 million for the third quarter, or 43 cents per share, after a profit of $ 12.9 million or 8 cents per share over the same period a year ago.

Exclusive one-off items, such as non-write-downs and extra non-operating expenses, were adjusted gross profit of $ 13.4 million. FactSet does not provide consensus estimates for Aphria.

Revenues rose to $ 73.6 million from $ 10.3 million in the first full quarter of Canadian legal cannabis. But the company sold less cannabis than a year ago – sold kilos fell to 2.636.5 from 3.408.9, while the average retail cannabis retail price increased to C $ 8.03 per gram from C $ 7.51, mainly due to higher oil sales . The average adult cannabis price dropped to C $ 5.14 from C $ 6.32 due to a shift to smaller pack sizes.

The company said it took a C $ 50 million non-cash write-down on its Latam assets acquired in September and later became the subject of a special committee review. This review was triggered by a report by short-selling Quintessential Capital Management and Hindenburg Research, which said the $ 280 million deal with companies in Argentina, Colombia and Jamaica claimed red flags, as their research suggested that the assets were worthless.

The committee found conflicts of interest for some board members who were not invited to the board, as MarketWatch reported in February.

"Aphria's earnings show quarterly losses of over $ 100 million, negative margins, reduced production volume, regulatory control, and a major write-down for its Latin American acquisitions, which we believe will be the first of many," Gabriel Grego of Quintessential MarketWatch at Monday.

"As our research showed, the company's actual performance was not what they told the market. We respect the new management team, which commits the challenging job of fixing the difficult situation left by its predecessors."

Separat sa Aphria that it has entered into a number of agreements to accelerate the expiration date of the unwanted offer launched by Green Growth Brands Inc.

GGBXF, -2.89%

If you missed it: The "hostile" takeover offer for the cannabis company Aphria is full of red flags

Organigram Holdings Inc shares

OGRMF, -6.96% fell 4.5%. As Aphria and other rivals, Organigram created a loss for its fiscal second quarter, while revenue peaked at estimates. The company reported a net loss of $ 6.4 million, or 5 cents per share, after earnings of NOK 1,076 million, or 1 percent per share in the previous period.

See also: Cannabis shares fall after the Advocate General offers subdued support to state law

Net sales (excluding fees) came to $ 26.9 million. The consensus of four analysts asked by FactSet was for EPS of 2 cents and revenue of $ 24.2 million.

The company said that "all-in" the cost of cultivation came to 85 cents per gram of dried flower cut, down from $ 1.48 a year ago, mainly due to higher yields per plant. It now focuses on vaporizable pen technology and a number of edibles prior to the launch of derivatives in Canada in the fall of 2019.

U.S. cannabis dealer MedMen Enterprises Inc.

MMNFF, + 0.45%

offered unaudited third quarter revenue numbers to $ 36.6 million, an increase of 22% during the second quarter. Growth was driven by the company's sales expansion in Nevada and Arizona, where sales increased by 34% and 513% respectively from the second quarter.

In Nevada, the company's Paradise location is closest to McCarran Airport, the company's second highest performer, with a 39% increase in the second quarter.

The company said that pro forma revenue, including for acquisitions not yet completed, came to $ 54.9 million, an increase of 11% from the second quarter. The company announced plans to buy PharmaCann LLC in October, in a $ 682 million corporation agreement. Stocks rose 0.7%.

In regulatory news, the US Hemp Authority revises guidelines for CBD manufacturers seeking a seal that secures the safety of their products and set a deadline of April 15 for manufacturers to comment on how the industry should self-regulate, Marijuana Business Daily reported.

The US Food and Drug Administration has undertaken to hold a public hearing on May 31 for stakeholders to share their experience and provide information and views on how the CBD market should be regulated. While hemp was fully legitimized in December, Farm Bill, the CBD was moved under the FDA's supervision by the DEA, and the former has said the companies cannot add it to food or beverages without authorization.

At the same time, investors are rooted for the first public offer later this week of what is going to be the closest to an American cannabis company available for trading on a major US exchange. Greenlane Holdings Inc.



Source link

Back to top button

mahjong slot

https://covecasualrestaurant.com/

sbobet

https://mascotasipasa.com/

https://americanturfgrass.com/

https://www.revivalpedia.com/

https://clubarribamidland.com/

https://fishkinggrill.com/