Earlier this week, Aphria (APHA) reported its Q3 earnings. During the earnings call, the company’s interim CEO, Irwin Simon, was very optimistic about the company’s growth prospects despite missing analysts’ estimates during the quarter. Simon stated that the company is working towards the objective of attaining one billion Canadian dollars in sales by 2020.
Ready to put your morning scrolling to use? Sign up for Bagels & Stox, our witty take on the top market and investment news straight to your inbox! Whether you’re a serious investor or just want to be informed, Bagels & Stox will be your favorite email.
After the company reported its earnings, the stock had dropped by nearly 14% as of April 16. However, the stock continued to be one of the best performers within the sector with a YTD return of 53%. The company managed to beat the benchmark index ETFs such as the Horizons Marijuana Life Sciences ETF (HMMJ), which delivered 39% gains, and the ETFMG Alternative Harvest ETF (MJ), which returned about 37% over the same period.
The company continued to strengthen its corporate governance with two new independent directors, which has become especially important to Aphria given that the recent allegations about its LATAM (Latin American) acquisitions proved to be true and the company wrote off a charge of 50 million Canadian dollars during the quarter.