Marijuana Stocks Are Sinking After Canada’s Hexo Issues a Bleak Outlook
By Connor Smith
Oct. 10, 2019 12:34 pm ET
[Blocked Image: https://images.barrons.com/im-115688?width=620&size=1.5]
Jay Stonne
Canadian marijuana stocks were getting slammed on Thursday, few more so than Hexo Corp. , which had lost nearly a quarter of its value by midday.
Hexo stock (ticker: HEXO) fell after the company said it expects fiscal fourth-quarter net revenue of between C$14.5 million (US$10.9 million) and C$16.5 million—well below previous estimates of about C$26 million. The company also withdrew its outlook for the new fiscal year.
The company chalked up the disappointing performance to slower than expected store rollouts in major markets, as well as a delay in government approval for cannabis derivative products such as vapes and edibles—both industrywide concerns.
“While we are disappointed with these results, we are making significant changes to our sales and operations strategy to drive future results,” CEO Sebastien St-Louis said in a statement. He said the company has begun refocusing on high-selling strains of pot. The company is also placing a “greater focus on profitability” and evaluating ways to be more efficient....
.....Hexo shares were down 21% to $2.90 Thursday afternoon. Rival Canopy Growth (CGC) was down 8% to $20.98. Tilray (TLRY) stock fell 9.9% to $21.50, while Aphria (APHA) stock was down 8% to $4.96. Aurora Cannabis (ACB) was down 4.9% to $3.91. The S&P 500 was up 0.6%....
https://finance.yahoo.com/m/ea…a-stocks-are-sinking.html
....hätte nie gedacht, dass ich mit diesen Aktien meine grössten Verluste habe....