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Buds & Duds: Cannabis stocks down across the board after Aurora Cannabis misses own guidance

The Edmonton-based company reported C$98.9 million in net revenues for the quarter, missing its over $100 million estimate

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But Empower Clinics was up over 7% after it announced participation in a key investor conference

Cannabis indices sank across the board on Thursday as pot giant Aurora Cannabis missed its own guidance in the quarter.

The North American Marijuana Index, which tracks the top cannabis stocks in the US and Canada, was down 1.6% at 185.9 points. Elsewhere, the Horizons Marijuana Life Sciences Index ETF fell 2.3% at C$15.01, while the OTCQX Cannabis Index sank 1.5% at 672.3 points.

Buds

A few cannabis stocks shone brightly on an otherwise gloomy trading day.

Shares of Empower Clinics Inc (CSE:CBDT) (OTCMKTS:EPWCF) rose 7.1% in Thursday morning trading after the Vancouver-based company announced its participation at a key investor conference.

Empower’s subsidiary Sun Valley Health is participating as a marquee exhibitor at the Franchise Expo in Chicago where it will highlight double-digit patient growth this year.

Cannabis One Holdings Inc (CSE:CBIS) shares also ran 1.3% higher after it closed a C$1.8 million financing to fund new acquisitions and expansion opportunities.

Elsewhere, Sunniva Inc (CSE:SNN) (OTCMKTS:SNNVF) was a big gainer, up nearly 12% to C$1.97 after it announced it sold Natural Health Services Ltd to The Clinic Network Canada Inc for C$9 million.

Duds

Aurora Cannabis Inc (TSE:ACB) shares dropped over 9% on Thursday in Toronto after the cannabis giant reported fourth quarter results that saw the licensed producer post a C$2.2 million loss.

The Edmonton-based company reported C$98.9 million in net revenues for the quarter ended June 30, up from C$19.1 million a year ago but lower than the range of between $100 million and $107 million predicted in company estimates released last month.

Its shares also fell sharply in New York, down 9.4% at US$5.87.

Other stocks lagging on Thursday included Origin House (CSE:OH), which fell 4.4%, and Westleaf Inc (CVE:WL), which was down 8.2%, both on no new news.

Contact Angela at [email protected]

Follow her on Twitter @AHarmantas

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