|Bid||18.52 x 0|
|Ask||18.61 x 0|
|Day's Range||18.42 - 19.01|
|52 Week Range||12.83 - 27.00|
|PE Ratio (TTM)||N/A|
|Beta (3Y Monthly)||N/A|
|Expense Ratio (net)||0.94%|
Trulieve Cannabis Corp (TCNNF) is a licensed medical cannabis company set to release its Q3 2018 earnings on November 19 at 10:00 AM ET. Analysts expect Trulieve to report revenues of 35.1 million Canadian dollars for the third quarter of 2018. Trulieve is a vertically integrated cannabis company involved in the cultivation, production, and commercialization of cannabis products in the State of Florida.
MedMen’s (MMNFF) reported revenues are generated from direct sales through its retail stores. The company has reported no material revenues from cultivation or production wholesale operations in the fiscal year ended June 30.
On November 15, the widely followed host of Mad Money on CNBC, Jim Cramer, gave his opinions on the cannabis industry. Cramer pointed investors to Canopy Growth (WEED) (CGC), the Canadian cannabis (HMMJ) giant, because of its backing from Constellation Brands as a result of the latter’s $4 billion investment.
During the second quarter, Canopy Growth’s (WEED) (CGC) operating losses widened from ~$1 million to almost $214 million. The company reported a net loss of $330 million, which widened from losses of $1.6 million a year ago in 2017.
On November 14, Canopy Growth (WEED) (CGC) reported its second-quarter earnings, which largely disappointed the market. As a result, the stock took a beating with an 11% decline to $34.3. The company reported revenues of 23.3 million Canadian dollars, which missed analysts’ estimate of 61.7 million Canadian dollars.
In its earnings call, Tilray (TLRY) stated that its Canadian entity will serve as a production hub to meet global cannabis demand and that its Portugal entity will primarily serve as a distribution hub for global markets, specifically focusing on the European Union. The company hopes to create a strong presence in Latin America with its medical cannabis products in Chile and Brazil.
WeedMD (WMD) is a Canada-based licensed producer of medical marijuana. On November 13, the company announced that Health Canada approved its cannabis sales license for cannabis cultivated at its greenhouse in Ontario. The below chart lists some key highlights of WeedMD’s greenhouse. According to the company’s press release, the original license, which was issued under the Access to Cannabis for Medical Purposes regulations, was migrated to the license issued under the Cannabis Act regulations.
Yesterday, Tilray (TLRY) reported earnings for its third quarter, which ended on September 2018. The company missed both top-line and bottom-line consensus estimates. The stock declined about 3.1% to $108 in the after-market trading session. However, the company’s CEO, Brendan Kennedy, stated, “the cannabis industry remains very robust.” Cronos Group (CRON) also reported its earnings early yesterday. Read Key Updates on Cronos Group’s Third-Quarter Earnings for more information.
Aurora Cannabis (ACB)(ACBFF) showed continued momentum in the first quarter in international markets with acquisitions and the development of distribution channels to serve the medical cannabis market outside of Canada. Aurora Cannabis recently acquired ICC Labs in Latin America. Further, the company stated that its developments in Canada will support scale in product availability for the international markets as well.
Tilray (TLRY) reported its quarterly earnings today after the market closed. Tilray reported a net loss of $18.7 million, which expanded from a net loss of $1.7 million in the corresponding quarter a year ago. On a per-share basis, Tilray’s EPS came in at -$0.2, down from $0.02.
One of the most anticipated aspects of Aurora Cannabis’s (ACB) (ACBFF) earnings results was an update on the recreational cannabis (HMMJ) market demand. In its press release, Aurora Cannabis stated that the company had a “strong performance” in the recreational cannabis segment during the quarter, which ended in September 2018. During the first quarter, the company stated that its brands accounted for nearly 30% of the total cannabis supplied through the OCS (Ontario Cannabis Store) with San Rafael being Aurora’s top brand sold in Ontario.
Aurora Cannabis’s (ACB) (ACBFF) revenue rose by 260% year-over-year to 29.6 million Canadian dollars in the first quarter, which ended on September 2018. It’s important to note that the revenue included sales from recreational cannabis for the first time along with medical cannabis.
Aurora Cannabis (ACB) is estimated to report a loss per share of 0.07 Canadian dollars, which would be lower than the profit per share of 0.01 Canadian dollars in the corresponding quarter of 2017. Cronos (CRON) is expected to report a loss per share of 0.02 Canadian dollars, which is flat compared to the corresponding quarter a year ago. Tilray (TLRY) is expected to report a loss per share of 0.13 Canadian dollars for the quarter.
Cronos Group (CRON) reported its quarterly earnings early this morning. The company reported sales of 3.7 million Canadian dollars, which beat analysts’ consensus estimate of 3.6 million Canadian dollars. Its sales for the quarter rose almost 186% YoY from 1.3 million Canadian dollars in the corresponding quarter of 2017.
Yesterday, we took a brief look at Aurora Cannabis’s (ACB) (ACBFF) first-quarter earnings for fiscal 2019 in How Aurora Cannabis Fared in the First Quarter. Aurora Cannabis stock fell ~4.5% during the regular market session after the company released its earnings. When stocks decline after an earnings release, it usually means that the earnings didn’t live up to the expectations priced into the stock and that the market corrected the stock price to realign its expectations with the latest information.
Aurora Cannabis (ACB) (ACB-NYSE) reported its Q1 2019 earnings early today. The company reported revenue of 29.6 million Canadian dollars, which missed the consensus analyst estimate of 39.52 million Canadian dollars. However, its revenues grew by about 260% YoY from 8.3 million Canadian dollars in the corresponding quarter last year. The below chart shows analysts’ estimates for companies expected to report later this week.
Cannabis companies (HMMJ) are expected to report impressive YoY revenue growth in the most recent quarter. Aurora Cannabis (ACB) and Canopy Growth (WEED) are expected to record sales growth in excess of 330% each. But how does this translate into margins?
Early on Monday, Aurora Cannabis (ACB)(ACB-NYSE) is estimated to report 39.5 million Canadian dollars in revenue. If the company meets the consensus estimates, it would be YoY growth of 379%. Cronos Group (CRON), which is expected to report its earnings on November 13, is estimated to report revenue of 3.6 million Canadian dollars, which would be YoY growth of 171% from the corresponding quarter in 2017.
Several major cannabis companies are set to release their quarterly earnings this week. Aurora Cannabis (ACB) (ACB-NYSE) is scheduled to be the first one in the group to report earnings on November 12 before the market opens. Tilray (TLRY), Cronos Group (CRON), Canopy Growth (WEED) (CGC), and CannTrust (CNTTF) also plan to release their earnings later this week.
Last week, the overall cannabis sector managed to remain in positive territory. The Horizons Marijuana Life Sciences ETF (HMMJ) gained nearly 3.5% between its close on November 2 and its close on November 9. The ETFMG Alternative Harvest ETF (MJ) also ended in positive territory with a 65-basis-point gain, and the Emerging Marijuana Growers Index ETF (HMJR) gained about 1.9% over the same period.
On November 7, Michigan voted in favor of legalizing recreational marijuana. Michigan became the tenth state to legalize recreational marijuana. With the growing momentum toward legalization, the possibility of nationwide legalization of recreational cannabis may be closer than expected.
In Aurora Cannabis Inches Closer to Acquiring ICC Labs, which was published on November 2, we left off the series stating, “The deal hasn’t been approved yet by ICC Labs’ shareholders. A special meeting will be held on November 6 to urge shareholders to approve the arrangement between Aurora Cannabis and ICC Labs.” ICC Labs’ board and lenders approved the acquisition for the deal at the meeting.
Buyers Gorge On Stocks On Election Outcome That Surprised No One, Bonds Not So Much Excepting those who expected to be surprised, nobody was surprised by the lack of surprise in the midterm elections. The midterms went exactly as predicted by most mainstream polls and the Dow shot up 545 points, the Nasdaq (NASDAQ:QQQ) nearly […] The post Market Morning: Buyers Gorge On Stocks, Tariffs Failing, Rate Decision, Pot Stocks Rally appeared first on Market Exclusive.
On November 5, Aurora Cannabis (ACB) (ACBFF) increased its stake in Choom Holdings, a cannabis product retailer, through a private placement in the amount of 20 million Canadian dollars. While this investment increases Aurora Cannabis’s share of holdings in Choom Holdings, the company has the right to acquire additional ownership of up to 40% of Choom Holdings.