Aphria reported this morning that they earned more than $17.6 million in their third quarter, whose net was up 240% over the prior quarter and 617% higher than the prior year. The street expected $85.2 million and a 293% quarterly increase, so this marks the latest cannabis company to miss analysts’ expectations. By 9 AM, the stock was down 11% in pre-market trading.
They also announced progress with medicinal cannabis and cultivation in three South American countries. In Europe, Aphria bought a pharmaceutical distributor that sells medical cannabis to more than 13,000 pharmacies throughout Germany and Europe.
Organigram beat expectations, but was down almost 3% in early morning trading. As the saying goes, you can’t win for losing.
Namaste reports (late) today. Later this month, earnings season continues with Cresco Labs, Khiron, and others on the way.