A day after Canopy Growth Corporation (NYSE:CGC) quarterly results rocked the sector, cannabis stocks stabilized on Friday heading into the weekend.
The North American Marijuana Index, which tracks the top cannabis stocks in the US and Canada slipped 0.5% at 115.4 points. Elsewhere, the Horizons Marijuana Life Sciences Index ETF fell 1.6% to C$9.07, while the OTCQX Cannabis was off 0.9% at 435.3 points.
The Denver-based company saw revenue jump 20% to $3.74 million in the quarter and earned a profit of $1.5 million. Its blended gross margin for the quarter was 41%, and its software gross margin in particular was more than 62%.
Investors sent shares of Helix up nearly 8% on Friday morning to trade at US$0.62 in the US.
Harvest Health & Recreation Inc (CSE:HARV) (OTCMKTS:HRVSF) inched 1% higher in Canada at C$3.53 and 1.5% higher in the US at US$2.70 after its shareholders agreed to a six-month extension to the lockup period for a tranche of nearly 19.5 million shares.
The shares represented in the lockup will be deferred until May 14, 2020.
Trulieve Cannabis Corp (CSE:TRUL) (OTCMKTS:TCNNF) was also up 3.2% in Canada at C$14 and 4.3% on the OTC Markets at US$10.67 on no new news. Earlier in the week the cannabis company’s CEO Kim Rivers was named as one of the most influential women in the sector by High Times magazine.
The company’s net revenue came in at C$75.2 million and a loss of nearly C$40 million, below analyst expectations of around C$90 million in revenue on a loss of C$21 million.
The firm’s Canadian recreational sales also tumbled 33% lower, to C$30 million.
Shares of Aurora fell 5.1% by Friday midmorning in Toronto and 4.9% in New York at US$3.13.
The Supreme Cannabis Company (TSE:FIRE) also filed its quarterly results after the bell on Thursday that showed the company’s revenues decreasing by nearly 40% on a quarter over quarter basis. Its net loss came in at C$16.5 million.
The firm also announced it had secured a $90 million credit facility.
Supreme’s shares dropped 10.6% in Toronto at C$0.67 and 12.4% on OTC markets at US$0.51.
And, capping off a terrible week for the pot giant, Canopy Growth Corporation (TSE:WEED) (NYSE:CGC) stemmed the bleeding but couldn’t fully contain the wound caused by its quarterly results on Thursday. Shares of Canopy were down 1.4% in Toronto at C$20.67 and 1.1% in New York at US$15.67 on Friday.
Contact Angela at [email protected]
Follow her on Twitter @AHarmantas