What's Going On With Weed Stocks Aurora Cannabis And Canopy Growth?
Portfolio Pulse from Erica Kollmann
Aurora Cannabis, Inc. (NASDAQ:ACB) and Canopy Growth Corporation (NASDAQ:CGC) shares are trading lower in response to Tilray Brands, Inc. (NASDAQ:TLRY) reporting worse-than-expected third-quarter results and revising its fiscal year 2024 outlook to no longer expect positive adjusted free cash flow. This downturn occurs despite recent optimism in the cannabis sector due to legalization in Germany and potential rescheduling in the U.S.
April 09, 2024 | 5:30 pm
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NEGATIVE IMPACT
Aurora Cannabis shares are down 7.63% at $6.48, reacting negatively to Tilray's poor quarterly performance and outlook revision.
Aurora Cannabis's stock price decline is directly linked to the negative sentiment surrounding Tilray's earnings miss and the subsequent impact on the cannabis sector's outlook.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
Canopy Growth shares are down 7.79% at $9.34, following the trend set by Tilray's disappointing earnings report and adjusted free cash flow outlook.
Canopy Growth's stock price is negatively affected by the broader market reaction to Tilray's worse-than-expected financial results and the pessimistic forecast for the cannabis industry.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80