The Week In Cannabis: Aurora's Earnings Disappointment, Michigan's Great Week, And MorePosted by On

This was a tough week for cannabis stocks, with all ETFs down driven by disappointing earnings reports.

Over the five trading days of the week:

  • The ETFMG Alternative Harvest ETF (NYSE: MJ): lost 6.8%
  • The AdvisorShares Pure Cannabis ETF (NYSE: YOLO): was down 7%
  • The Cannabis ETF (NYSE: THCX): was down 9%
  • The Amplify Seymour Cannabis ETF (NYSE: CNBS): tumbled 3.8%
  • The SPDR S&P 500 ETF Trust (NYSE: SPY) was down 0.4%.

The news was dominated by Aurora Cannabis Inc. (NYSE: ACB)’s fourth-quarter earnings report. The Edmonton, Canada-based company said it lost more than CA$3.3 billion ($2.5 billion) in the fiscal year closing Tuesday.

Total net revenue of CA$72.1 million ($54.1 million) signified a 5% drop from the previous quarter. Net revenue for consumer cannabis in the recreational market was CA$35.3 million ($26.7 million) dropping 9% from the previous quarter. Medical cannabis net revenue was $32.2 million ($24.2 million), a 4% increase from the prior quarter,…

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