This was a tough week for cannabis stocks, with all ETFs down driven by disappointing earnings reports.
Over the five trading days of the week:
The ETFMG Alternative Harvest ETF (NYSE: MJ): lost 6.8% The AdvisorShares Pure Cannabis ETF (NYSE: YOLO): was down 7% The Cannabis ETF (NYSE: THCX): was down 9% The Amplify Seymour Cannabis ETF (NYSE: CNBS): tumbled 3.8% The SPDR S&P 500 ETF Trust (NYSE: SPY) was down 0.4%.
The news was dominated by Aurora Cannabis Inc. (NYSE: ACB)’s fourth-quarter earnings report. The Edmonton, Canada-based company said it lost more than CA$3.3 billion ($2.5 billion) in the fiscal year closing Tuesday.
Total net revenue of CA$72.1 million ($54.1 million) signified a 5% drop from the previous quarter. Net revenue for consumer cannabis in the recreational market was CA$35.3 million ($26.7 million) dropping 9% from the previous quarter. Medical cannabis net revenue