It was a tough Friday for several of Canada’s publicly traded cannabis brands with Vancouver-based Zenabis Global falling 18.25 per cent after reporting a net loss of $15.7 million in its second-quarter.
Alberta-based Sundial Growers fared even worse as investors drove down the price of its stock by 35 per cent on Friday, pushing it down $0.25 US to 0.45 US. Sundial released results late Thursday showing$20.2 million in net revenue in the quarter, while posting a $31.5-million net loss.
“While we are pleased to be one of a small group of Canadian LP’s able to post quarterly revenues greater than $20 million, we remain focused on the intense competitive landscape and the need to gain greater scale to reach sustainable profitability,” Sundial CEO Zach George said in a news release.
Meanwhile, Zenabis reported it $27.4 million in revenue in last quarter.
Hexo Corp also fell Friday, slipping $0.06 to $1.01, a decline of 5.61 percent.
— Paul Bucci, West Coast Evergreen