A Canadian-based marijuana company proved to be a bit of a unicorn last week, after making a profit at a time when so many of its peers were bleeding and surviving money from the deadly coronavirus pandemic.
Aphria (NYSE :), (TSX 🙂 reported its third quarter earnings after the closing bubble on April 14, including a net profit of C $ 5.7 million (US $ 4.025 million).
According to his financial data, the cannabis grower for the three-month period ended February 29 saw C $ 144.4 million (US $ 101.95), almost double the C $ 73.6 million (US $ 51 .96 million) in the same period in the previous year. The good news for investors was further fueled by the fact that the company showed it had just over C $ 515 million (US $ 363.59) in cash on its books.
However, Aphria chose to suspend its outlook for the rest of the year due to the uncertainty caused by the health crisis of COVID-19.
Weekly price list of Aphria
The earnings report caused the company's stock to go straight up, reaching nearly 10%. It has since reverted to those gains as it saw most of the rest of the previous week. The Aphria share was down more than 4% yesterday to close at US $ 3.44 (US $ 4.82). written about how pot stocks have been beating since the second half of 2019. Investors are battered and bruised when growers stumbled on the road to profitability. Many have yet to reach that destination and continue to struggle.
As a measure of how difficult a road has been for investors, consider this: About this time last year, 17 cannabis companies out of the more than 300 listed companies in the sector on both sides of the Canada-US border had market capitalizations. of US $ 1 billion (C $ 1.4 billion) or more. Today there are only seven.
And while still hovering above the billion dollar threshold, these companies have suffered significant losses in total value. Here is a brief overview of how they are doing:
Canopy Growth (NYSE :), (TSX 🙂 remains the largest player in the field by market capitalization. This Ontario-based grower has a market capitalization of $ 5.28 billion ($ 7.49 billion). While still the largest, it has lost more than 64% of its value in the past year.
GW Pharmaceuticals (NASDAQ 🙂 is a UK-based company traded on NASDAQ. It focuses on prescription cannabinoid drugs. It has a market capitalization of US $ 3.17 billion (C $ 4.5 billion). The stock lost about 32% in the past year.
Cronos Group (NASDAQ :), (TSX 🙂 is another Canadian-based company that trades on both the S & P / TSX Composite in Toronto and the NASDAQ. It has a market capitalization of US $ 2.07 billion (C $ 2.94 billion). It has lost just over 61% of its value in the past year.
Massachusetts-based Curaleaf Holdings (OTC :), (CSE 🙂 has a market capitalization of US $ 1.88 billion (C2.67 billion) and lost more than 62% of its value in the past year.
Green Thumb Industries (OTC :), (CSE 🙂 is a Chicago-based national retailer and packager of cannabis consumers with a market capitalization of US $ 1.21 billion (C $ 1.72 billion).
Innovative Industrial Properties Inc (NYSE 🙂 is a real estate investment fund for the medical cannabis industry based in California. It has a market capitalization of US $ 1.25 billion (C $ 1.77 billion). In the past year, its shares have lost just over 11% of their value.
Trulieve Cannabis (OTC :), (CSE 🙂 is the largest medical marijuana company in Florida, with a market capitalization of US $ 1.03 billion (C $ 1.46 billion). In the past year, his stock has lost about 35.5% of its value.
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