Despite the pandemic, cannabis sales have continued to expand. Statistics Canada reported that in June, retail sales topped CA$ 201 million. This figure marks an 8% increase from May’s total sales. During the second quarter of the year, the legal Canadian market finally exceeded the black market in revenue for the first time since marijuana was legalized in Canada in 2018.
Despite the industry’s historical difficulties in generating cash, paying off debts, and avoiding massive writedowns, investors are still confident cannabis companies are in a position to come out on top.
Canada- Aurora
Until yesterday, Aurora Cannabis (NYSE: ACB) was considered as a likely winner in the industry. Its shares jumped 16% on Tuesday ahead of its fourth quarter earnings. The Canadian-based company has struggled to stay out of the red, with its stock down more than 70% this year.
The company has done some serious and much-needed balance sheet cleaning and has slashed costs significantly….
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