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Pot Stocks Gain on Surprise Earnings Beat by Aphria

Investing.com

Investing.com - Pot stocks were higher on Tuesday after upbeat earnings results from Aphria.

Aphria Inc (NYSE:APHA) stock surged 23% in midday trade after the Canadian marijuana company surprised investors by posting a profit instead of a loss during its fiscal first quarter.

The company reported a net income of C$16.4 million ($12.4 million), or $0.07 cents per share. Revenue was at C$126.1 million, below the C$131.0 million consensus. But the company reiterated full-year revenue guidance.

The results helped uplight other pot stocks, with Cronos Group (NASDAQ:CRON), Canopy Growth (NYSE:CGC) and Aurora Cannabis (NYSE:ACB) gaining 5%.

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