|Bid||6.98 x 0|
|Ask||6.98 x 0|
|Day's Range||6.81 - 7.35|
|52 Week Range||6.21 - 16.24|
|Beta (3Y Monthly)||2.76|
|PE Ratio (TTM)||N/A|
|Earnings Date||Nov 11, 2019 - Nov 15, 2019|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||10.72|
The markets were flat today as the Fed started its two-day meeting. Cannabis ETFs reported mixed performance, and cannabis stocks traded mostly in the red.
TORONTO — Some of the most active companies traded Tuesday on the Toronto Stock Exchange:Toronto Stock Exchange (16,834.75, up 83.44 points.)Encana Corp. (TSX:ECA). Energy. Down 48 cents, or 6.53 per cent, to $6.87 on 15.8 million shares.Baytex Energy Corp. (TSX:BTE). Energy. Down four cents, or 1.78 per cent, to $2.21 on 13 million shares.Crescent Point Energy Corp. (TSX:CPG). Energy. Down 22 cents, or 3.51 per cent, to $6.05 on 8.4 million shares.Aurora Cannabis Inc. (TSX:ACB). Health care. Down 27 cents, or 3.72 per cent, to $6.99 on 8.1 million shares.Canadian Natural Resources Ltd. (TSX:CNQ). Energy. Down $1.12, or 2.95 per cent, to $36.85 on 8 million shares.Kinross Gold Corp. (TSX:K). Materials. Up 35 cents, or 5.38 per cent, to $6.86 on 5.8 million shares.Companies in the news:CannTrust Holdings Inc. (TSX:TRST). Down 29 cents or 14.6 per cent to $1.70. CannTrust Holdings Inc. says it received a notice of licence suspension from Health Canada, which has been investigating the cannabis company for allegedly cultivating pot in unlicensed rooms. The Vaughan, Ont.-based company says Health Canada has suspended its authority to sell cannabis or to produce cannabis, other than cultivating and harvesting.Magna International. (TSX:MG). Unchanged at $71.32. Canadian manufacturers say they are keeping a close eye on the strike at General Motors in the U.S. as workers picket for a second day. More than 48,000 unionized workers in the U.S. walked off the job Monday over issues such as wages, health care and job security in the first strike at the U.S. manufacturer in more than a decade. Magna International spokesman Scott Worden said in a statement that the auto parts maker was in a "wait-and-see" mode and declined to outline impacts so far.Canopy Growth Corp. (TSX:WEED). Up 59 cents or 1.6 per cent to $37.50. Canopy Growth Corp. expects to complete its search for a new chief executive officer by the end of the calendar year, its chairman said Tuesday during its first annual meeting without co-founder Bruce Linton at the helm. Chairman John Bell commended Linton on his hefty contributions to the Smiths Falls, Ont.-based cannabis producer. Meanwhile, Linton also on Tuesday, announced his next moves will include advisory roles including at U.S.-based dispensary company Gage Cannabis Co. and Toronto-based Mind Medicine Inc., which is focused on psychedelic-based medicines.Imperial Oil Ltd. (TSX:IMO). Up 26 cents to $36.57. Imperial Oil Ltd. announced Tuesday that chairman and chief executive Rich Kruger will step down after leading the Calgary-based company, which is about 70 per cent owned by Texas-based Exxon Mobil Corp., since 2013. In his role, Kruger complained publicly often about red tape, focusing in recent years on how long it took to win Alberta regulatory approval for the two-phase, 150,000-barrel-per-day Aspen thermal oilsands project, first proposed in 2013. Analysts said they expect little change in direction under Brad Corson, a 36-year Exxon employee who becomes president immediately and becomes chairman and CEO on Jan. 1.Shopify Inc. (TSX:SHOP).Down $11.81 or 2.6 per cent to $435.67. Shopify Inc. says its e-commerce and retail platform has been given new features to help U.S. merchants sell hemp and hemp-derived cannabidiol products where permitted by law. The announcement follows last year's passage of U.S. federal legislation that removed hemp from the Controlled Substances Act, which still covers cannabis products. Hemp may contain CBD, a compound with potential medicinal qualities, but without significant levels of THC — a compound in cannabis that produces a high. Shopify says the new features will help its clients tap into a growing regulated industry in the U.S. by providing tools for marketing, payments and shipping products. The Canadian Press
On September 16, Aurora Cannabis was trading at 7.26 Canadian dollars. Its stock has fallen 14.7% since it reported its fiscal 2019 fourth-quarter results.
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Despite failing to deliver results on par with analysts estimates, here is why Aurora Cannabis Inc. (TSX:ACB)(NYSE:ACB) is still an interesting option.
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Weed stocks have taken a beating since April. Cronos Group Inc (TSX:CRON)(NASDAQ:CRON), Aurora Cannabis (TSX:ACB)(NYSE:ACB), and CannTrust Holdings Inc (TSX:TRST)(NYSE:CTST) are amongst those that have fallen.
London Stock Exchanges Rebuffs Hong Kong Hong Kong is in the news again, but this time not for rioting. The London Stock Exchange (OTCMKTS:LNSTY), which trades over the counter in the US, has rejected the preliminary $37 billion takeover bid from Hong Kong Exchanges and Clearing (OTCMKTS:HKXCY), and has also said that it has no interest […]The post Market Morning: LSE Rebuffs Hong Kong, China US Ceasefire, Secret Cannabis Formula, ECB Printing Resumes appeared first on Market Exclusive.
Legalizing medical marijuana has been a challenge in Florida. Looking at the initiatives, recreational legalization might see daylight in Florida by 2020.
Aurora Cannabis posted its fourth-quarter earnings after the market closed on Wednesday. The company posted revenues of 98.9 million Canadian dollars.
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Shares of Aurora Cannabis tumbled by nearly nine per cent after the pot producer's fourth-quarter revenues fell short of its own guidance and signalled a longer pathway to profitability, pointing to the slow rollout of brick-and-mortar retail cannabis stores.Chief corporate officer Cam Battley said the revenue miss "shouldn't have happened," but noted that it stemmed from some of the company's non-core cannabis revenues, such as analytical testing and patient counselling.He added that while the company had earlier anticipated it would reach positive EBITDA in the latest quarter, it will likely be in the fiscal 2020 year given that fewer than expected retail outlets have opened their doors."If there were a broader retail infrastructure, and more stores available in Canada and open, that pretty likely would have made the difference toward us reaching that milestone," he said in an interview.The Edmonton-based company's stock slipped as low as $7.72 in morning trading on the Toronto Stock Exchange on Thursday, down 9.2 per cent from its previous close of $8.51, but had recovered slightly to close at $7.75.Aurora reported $98.9 million in net revenues for the quarter ended June 30, up from $19.1 million a year ago but lower than the range of between $100 million and $107 million predicted in company estimates released last month. Analysts had expected revenues of $108.25 million, according to financial markets data firm Refinitiv.The cannabis company also reported an adjusted loss before interest, taxes and depreciation of $11.7 million, an improvement from a loss of $36.6 million in the third quarter but not positive EBITDA, as the company previously said it would like to reach at this stage.Chief financial officer Glen Ibbott pointed to the slow growth of cannabis retail stores, particularly in Ontario — Canada's biggest market for pot."We are still at the mercy, I think, of the timing of the retail footprint rollout," Ibbott said on a call with analysts on Thursday."We're excited that Ontario has licensed a number of new stores, but you know they should be licensing hundreds of new stores. So there is still a lot of room to go, and the timing of that will dictate how exactly how large the market grows."It's been nearly one year since Canada legalized cannabis for recreational use, starting with flower, seeds, plants and oils, in October. However, the footprint of legal pot stores has been slower to develop in some provinces than others. For example, while Alberta already hundreds of licensed retailers, Ontario will have 75 retail outlets by October of this year, after the latest lottery process for the opportunity to apply for the 50 new licences.Ibbott added that it is unclear when provincial and territorial governments will start taking products for the legalization of edibles, vapes and topicals later this year. These new categories of products are due to hit retail shelves in mid-December at the earliest.Tamy Chen, an analyst with BMO Capital Markets, said Aurora's latest results were "mixed." While the pot producer expanded its share of the recreational market during the quarter, Aurora indicated that their sales volumes may be "volatile" from quarter to quarter, she said in a note to clients.While the currently limited number of retail stores is a temporary issue, it is unclear how quickly this bottleneck could be resolved in the quarters ahead, Chen said."In addition, we consider that potential challenges associated with the value-add product roll-out may not be fully recognized at this point," she wrote in the note. "We believe there will likely be bottlenecks in industry distribution channels that would limit the sell-in of these products to provinces and retailers in H1/20."While the initial post-legalization rollout — starting with flower, seeds, plants and oils — was fraught with supply chain issues, Battley expects the launch of so-called Cannabis 2.0 to be much better.There is more infrastructure in place now, and the distribution points already have experience, he added."It's likely to be a little bit bumpy at the beginning... But I would imagine it will likely be smoother than it was the first time around." Companies in this story: (TSX:ACB)Armina Ligaya, The Canadian Press