By Rich Smith
Yes, unfair as it may feel, the stock to blame for Canopy’s, Aurora’s, and Hexo’s declines today is none of the above, but rather their cannabis-growing rival Aphria, which reported its fiscal Q3 2021 earnings results this morning.
Suffice it to say that the news was not good.
Sales at the Canadian cannabis company grew a respectable 6% to CA$153.6 million in Q3 2021, but that was well below the CA$166.2 million that analysts had predicted. Worse, Aphria reported a CA$1.14-per-share loss for the quarter, versus the tiny profit (calculated according to generally accepted accounting principles or GAAP) reported a year ago. In terms of U.S. dollars, Aphria lost $0.91 per share.