Last week was tough for Aphria (APHA). The company lost nearly 23.6% from the week ending April 12 to the week ending April 18. The stock fell after its earnings release, which disappointed investors. The company reported revenues of 73.6 million Canadian dollars, which grew ~617% year-over-year and ~240% from the previous quarter. Aphria reported a wider-than-expected loss of ~108 million Canadian dollars, which grew from a net profit of 12.9 million Canadian dollars a year ago.
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However, Aphria wasn’t alone. The overall sector, represented by the ETF Horizons Marijuana Life Sciences ETF (HMMJ), lost ~3% through last week. The ETFMG Alternative Harvest ETF (MJ) lost ~3.5% during the same period. The broader market index TSE 300 and the S&P 500 Index were also in the red, which represented broader market weakness.
Cronos Group (CRON) and Tilray (TLRY) saw their stocks fall 7.8% and 7.5%, respectively. The stocks continued to experience selling pressure amid valuation concerns. KushCo Holdings (KSHB) was also in the red and lost ~4.1% from the week ending April 12 to the week ending April 18.
In contrast to these stocks, Canopy Growth (WEED) (CGC) ended higher last week. The company ended the week on a positive note with a gain of 5.4%. The stock rose after the company announced the acquisition of Acreage Holdings. Aurora Cannabis (ACB) ended last week 1.7% higher.
To learn more, read Canopy Growth Stock Jumps on Acreage Holdings Acquisition.