Aurora Cannabis is weighing on the cannabis sector, after wider-than-expected losses
Aurora Cannabis Inc. shares weighed on the broader cannabis sector Wednesday, after the company’s fiscal third-quarter results showed losses growing at a faster-than-expected clip.
Chief Executive Brendan Kennedy told MarketWatch in a phone interview that while there was a widespread prediction of a supply glut of cannabis in Canada, that has not turned out to be the case. In fact, Tilray continues to have difficulty sourcing an adequate amount of high-quality marijuana, and Kennedy expects supply issues to remain a problem in Canada for the next 18 to 24 months.
CannTrust Holdings Inc. CTST, +2.96% TRST, +3.54% shares rose 2.5%, as analysts weighed in on earnings reported Monday. GMP analyst Martin Landry said the numbers were in line with expectations, but that his forecasts could prove conservative given the additional production the company is expecting to come on line later this year.
In regulatory news, Michigan has granted licenses to three dispensaries to deliver medical cannabis to patients homes, as news site Marijuana Business Daily reported. The move may offer entrepreneurs in the state a new business opportunity. Delivery is allowed in municipalities with retail stores as well as those that banned them
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