Cannabis stocks tumbled on Monday ahead of a big week of earnings that may set the tone for the marijuana market in North America.
The North American Marijuana Index, which tracks the top cannabis stocks in the US and Canada, slipped 1.7% at 130.3 points. Elsewhere, the Horizons Marijuana Life Sciences Index ETF fell 3.1% higher to C$10.46, while the OTCQX Cannabis Index lost 0.4% at 469.8 points.
This week, investors can expect results from the four largest Canadian cannabis companies. Canopy Growth Corp (TSE:WEED) (NYSE:CGC) and Aurora Cannabis Inc (TSE:ACB) (NYSE:ACB) report third-quarter earnings on Thursday, while Cronos Group Inc (TSE:CRON) (NASDAQ:CRON), MediPharm Labs Corp (TSE:LABS) (OTCMTKS:MEDIF), and Acreage Holdings Inc (CSE:ACRG.U) (OTCMKTS:ACRGF) will post results on Tuesday.
Canada’s Aleafia Health Inc (TSE:ALEF) (OTCMKTS:ALEAF) kicked off the week telling investors that the cultivator’s Port Perry, Ontario harvest yielded 10.300 kilograms of dried flower at a cost of C$0.08 per gram, putting it among the lowest-cost pot producers.
Shares of Aleafia grew 7.4% in Canada at C$0.87 and 7.2% on OTC markets at US$0.66.
Aleafia reports its third-quarter results on Tuesday premarket.
After reporting strong results last week, cannabis data analytics company CB2 Insights Inc (CSE:CBII) (OTCMKTS:CBIIF) continued to trade higher, up 20% on Monday morning at C$0.15 in Canada and 8% on OTC markets at US$0.11.
US cannabis operator Nabis Holdings Inc (CSE:NAB) (OTCMKTS:NABIF) also gained on Monday on no new news. The company’s stock rose 21.5% at C$0.09 in Canada and 12.3% on the OTC Pink market at US$0.07.
Cannabis investors should brace themselves for what might be a rocky week in marijuana markets as earnings will provide shareholders a clearer picture of the path towards profitability for many of the sector’s big players.
The company posted a net loss of nearly C$21 million compared to last year’s C$3 million figure.
Investors sent Neptune’s stock into the red by midmorning Monday, down 9.5% in Toronto at C$4.27 and 8.2% in the US at US$3.25.
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