Cannabis stocks, and overall markets, closed the week in the green, as cannabis companies got into their earnings season.
“Earnings season is just starting to come to life as Scotts Miracle Gro (NYSE: SMG)’s Hawthorne group just crushed it,” Debra Borchardt, Editor-In-Chief of Green Market Report told Benzinga. “Things are going so well over at Scotts that even the non-bonus employees received bonuses. How rare is that in this pandemic economy and how nice of a company to share the wealth with everyone.”
Also reporting earnings this week was Aphria Inc. (TSX: APHA) (NASDAQ: APHA), which achieved its fifth consecutive quarter of growth. The Leamington, Canada-based company reported a year-over-year revenue spike of81% to CA$53.1 million (US$39.7 million).
Adult-use cannabis revenue amounted to CA$56.7 million, up by 27% sequentially, according to its fourth-quarter earnings report. Aphria generated CA$152.2 million in overall net revenue, seeing a sequential and year-over-year increase of 5% and 18%, respectively.
“Our strong finish to fiscal year 2020 demonstrates that this was a transformative year for Aphria, as our net revenue increased 129% from fiscal year 2019,” noted Chairman and CEO Irwin Simon.
Body and Mind Inc. (CSE: BAMM) (OTC: BMMJ) released its third-quarter financial results, including a 33% sequential decline in revenue to a little bit more than $1 million.
More on this week’s results, including those from Ventura Cannabis and Wellness Corp. (CSE: VCAN), at Benzinga Cannabis’ Earnings Center.
ETFs faired mostly well. Over the five trading days of the week:
• The ETFMG Alternative Harvest ETF (NYSE: MJ): closed the week flat.
• The AdvisorShares Pure Cannabis ETF (NYSE: YOLO): was up 5.4%
• The Cannabis ETF (NYSE: THCX): gained 2.6%.
• The Amplify Seymour Cannabis ETF (NYSE: CNBS): rose 3.2%.
• The SPDR S&P 500 ETF Trust (NYSE: SPY) was up 1.7%.
In other news, Red White & Bloom Brands Inc. (CSE: RWB) (OTC: RWBYF) disclosed its intention to exercise an option to take over investee PharmaCo. Inc.
Canopy Growth Corp (TSX: WEED) (NYSE: CGC) launched a new U.S.-focused e-commerce website under the domain ShopCanopy.com. The site will supplement the offerings of popular distributors such as Direct CBD Online and Vitamin Shoppe, which currently carry a long list of Canopy Products.
Schultze Special Purpose Acquisition Corp. (NASDAQ: SAMA) and Clever Leaves International Inc., partnered to form Clever Leaves Holdings Inc.
Tim Seymour spoke on CNBC’s “Fast Money” about cannabis stocks. He said the Canadian names were up big on Tuesday on an upgrade in the sector and the biggest company, Canopy Growth Corp (NYSE: CGC), reports earnings on Wednesday. Others are due to…