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There's more to the story for these Canadian marijuana stocks' gains -- or lack thereof -- in 2018.
Marijuana stocks continue their wild ride as Altria Group Inc. (TSX:MO) buys 45% stake in Cronos Group Inc. (TSX:CRON) (NYSE:CRON) and take them higher on Friday after a week of continued marijuana stock carnage.
Which stock wins in a matchup between a big marijuana producer and a top ancillary products supplier to the cannabis industry?
On its third-quarter earnings conference call, AbbVie (ABBV) raised its adjusted EPS guidance for 2018 from its previous projection of $7.76–$7.86 to $7.90–$7.92. The revised estimate implies a YoY (year-over-year) rise of 41.3% considering the midpoint of the guidance range. As per the company’s third-quarter earnings conference call, AbbVie expects its adjusted fourth-quarter EPS to be in the range of $1.89–$1.91 excluding a $0.26 impact of noncash amortization and other items.
Today, Aphria (APHA)(APHQF) resumed a sharp sell-off in its stock from early this month after surging a whopping 51% yesterday. Now, let’s find out what could be driving Aphria stock down today. Grego alleged that “Aphria had diverted funds into inflated investments held by insiders.” Since then, these allegations have taken a massive toll on investors’ confidence.
On its third-quarter earnings conference call, AbbVie (ABBV) raised its net revenue guidance for 2018 from its previous projection of $32.5 billion to $32.7 billion. The company also raised its forecast for YoY (year-over-year) operational revenue growth in 2018 from 14.5% to 15.0%. As per AbbVie’s third-quarter earnings conference call, the company expects a favorable revenue impact of less than 1% due to foreign currency fluctuations in 2018.
EDMONTON — Aurora Cannabis says it will supply medical cannabis to Mexico through a partnership with pharmaceutical manufacturer and distributor Farmacias Magistrales.
"This new exclusive partnership further expands Aurora's early mover advantage in Latin America," Chief Executive Officer Terry Booth said in a statement. Farmacias has a reach of about 80,000 retail points and 500 pharmacies and hospitals across Mexico, the company said. The announcement comes a month after Mexico's Congress website showed its plans to submit a bill to create a medical marijuana industry and allow recreational use in what would be a big step by the incoming government to shake up the country's drug war.
The company saw a rise of 17.53% in its share price from $80.21 on November 1 to $94.27 on November 30. Thereafter, AbbVie saw a 3.95% fall in its share price from November 30 to December 5. On November 30, AbbVie issued a press release announcing agreements that granted Pfizer (PFE) a nonexclusive global license related to Humira’s intellectual property.
On December 6, Aphria’s (APHQF) short seller, Hindenburg Research, released its Part 2 on what it found to be further malice in the company’s acquisition efforts. According to the research, this acquisition showed a 5 million Canadian dollar gain to Aphria’s insider in a matter of six days. Further, the report pointed out that Aphria’s CEO, Vic Neufeld, was also a part of the “discount round” in which Aphria purchased companies at overpriced valuations. Even more damning was the short seller’s observation that the SEC had alleged that the individuals that Aphria purchased companies from were involved in pump and dump schemes.
Even though the stock has come down significantly in price, Canopy Growth Corp. (TSX:WEED)(NYSE:CGC) is cheaper than it once was, but it is by no means cheap.
Aprhia (APHQF) recovered by nearly 50% on December 6 due to its further commitment to relieve investors’ fears related to its Latin America business. The company appointed a special committee that consists of independent directors who will be tasked with reviewing the legitimacy of the company’s acquisitions in Latin America. The above chart shows that Aphria (APHQF) is among the top ten holdings in the Horizons Marijuana Life Sciences ETF (HMMJ).