Cannabis Stocks Watchlist: Aphria Earnings Disappoints

© TheStreet Cannabis Stocks Watchlist: Aphria Earnings Disappoints

Cannabis legislation moved forward last week with the state of Virginia passing a law that will permit adults to possess up to one ounce of marijuana and to cultivate up to four cannabis plants per household without penalty.

In New Mexico, Governor Lujan Grisham signed a bill legalizing adult-use recreational marijuana Monday and the city of Philadelphia approved a bill to ban pre-employment drug testing for marijuana.

However, Aphria’s earnings put a dent in pot stocks to start the week, sending the benchmark ETFMG Alternative Harvest ETF tumbling Monday.

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Here’s a look at how pot stocks are doing over the past week at the closing of the market Monday.

Aphria Inc | Decreased -14.3%

Aphria is down another 5.5% premarket Tuesday after the company reported a third-quarter loss of 15 cents a share, compared with expectations for a loss of 5 cents. The company reported net cannabis revenue of C$153.6 million, also below consensus estimates of C$161.5 million. Net cannabis revenue fell nearly 8% year over year.

Tilray Inc. | Decreased -13%

Tilray shares were down another 6% premarket, falling in tandem with Aphria due to its disappointing earnings. The company’s are still scheduled to merge. Tilray was able to top fourth-quarter estimates when it reported in February.

Canopy Growth Corp. | Decreased -4.7%

Canopy Growth was down more than 1% premarket Tuesday. Last week, the Canadian company announced that it will acquire Supreme Cannabis in a transaction valued at about $435 million. Canopy will take over 7ACRES, one of Canada’s leading premium brands as part of the transaction.

Hexo Corp. | Decreased -9%

Hexo shares were down 2% Tuesday, a week after the company announced the launch of its latest brand, Bake Sale, which it says has one of the lowest prices per gram of any cannabis product in Canada. It is the cheap, low-end pot that will “offer consumers convenience and the ability to blend with and extend their potency product and extend their current stash.”

Truelieve Cannabis Corp. | Down -3.4%

Truelieve announced Tuesday that it is acquiring three West Virginia dispensary permits as it looks to solidify its position in the state. This comes on top of the company’s recent agreement to acquire Mountaineer Holdings and its cultivation and dispensary permits in the state.

This article was originally published by TheStreet.