Why Aurora Cannabis Stock Plunged Today
Multiple factors could weigh on marijuana sales and make it harder for Aurora to achieve near-term profitability.
Shares of Aurora Cannabis (NYSE:ACB) sank more than 12% on Tuesday, following a worrisome earnings release from a rival marijuana producer.
Pot company Tilray (NASDAQ:TLRY) reported first-quarter losses that were far larger than Wall Street’s forecasts. Revenue climbed 126% year over year to $52.1 million, driven by a 165% rise in adult-use cannabis sales and a 221% surge in medical cannabis sales in international markets. But its net loss ballooned to $184.1 million, or $1.73 per share, versus a loss of $29.4 million, or $0.31 per share, in the year-ago period. Analysts had expected a net loss of only $0.44 per share.
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