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Yahoo BusinessMay 30, 2020
The Week In Cannabis: A Mixed Bag Leads Marijuana Stocks To Underperform
This week brought a mixed bag of news for the cannabis industry.Aphria Inc (NYSE: APHA) announced it will transfer its stock from the New York Stock Exchange to the Nasdaq exchange after the market close June 5, and a long list of earnings reports, some better than others.Cresco Labs Inc. (CSE: CL) (OTC: CRLBF) had a great week with numerous store-opening announcements. The company also reported first-quarter revenue of $66.4 million, up 60% from the previous quarter. "In Q1 we built, staffed, integrated, and refined our operations in the largest and most important cannabis markets in the U.S.," said the company's co-founder and CEO Charles Bachtell.TerrAscend Corp. (CSE: TER) (OTC: TRSSF) reported net sales of CA$34.8 million (US$25.2 million) for the first quarter of 2020, up 34% quarter-over-quarter and 139% year-over-year. The Toronto-based company reached a positive adjusted EBITDA of CA$4.9 million versus a loss of CA$5.5 million in the corresponding quarter last year.Amid restructuring efforts, Canopy Growth Corp. (TSX: WEED) (NYSE: CGC) reported a fourth-quarter net loss of CA$1.3 billion ($946.4 million), up from the loss of CA$347.5 million it posted for the same quarter a year ago. On the other hand, net revenue of CA$399 million was up 76% year-over-year, but down 13% quarter-over-quarter. See the full results here.Following the report, Eric Choe, founder of StockDweebs, said Canopy Growth is well-positioned to rally on the production, distribution and sale of its cannabis products des
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