Surprise quarterly earnings reports from three major Canadian operators boosted cannabis stocks after a bad Monday. Canntrust, which brought the market down as people cleared the decks before their report hit the news, reported better earnings than anticipated, but month to month sales fell. Even so, their price is still going up.
Surprises from Aurora
Aurora’s latest report showed increased quarterly revenue, which grew monthly, and the company provided positive guidance, after recently being chosen as one of three outfits to receive licenses to cultivate medical cannabis in Germany. Stock price is still advancing.
Even Tilray did better than expected with its first quarter 2019 results. Revenue was up nearly 200%. Tilray recently closed two acquisitions: Manitoba Harvest and Natura Naturals.
So it appears the bulls are returning to Canada, after a few months in the United States, where things are slowing down for the moment.
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