Cannabis stocks fall after Cronos shares are downgraded to sell


2019-03-28 22:20:00 MarketWatch


By Cannabis stocks fell Wednesday, led by Cronos Group Inc., after Canaccord downgraded the stock to sell from hold following its weaker-than-expected earnings. Cronos stock CRON, -10.52%  fell 8%, after Cannacord analysts Matt Bottomley and Bobby Burleson said the company’s valuation was looking stretched after the stock’s strong gains since the December announcement of a C$2.4 billion ($1.8 billion) investment from tobacco giant Altria Inc. MO, -1.12% The stock has gained about 82% since the start of the year. The analysts were also disappointed by the company’s latest quarterly earnings released Tuesday, with revenue of C$5.6 million coming in below expectations of C$10.4 million after a first full quarter of recreational sales in Canada, which fully legalized cannabis in October. “We note that CRON’s first full quarter of recreational sales fell well behind its large-cap peer group, which reported net revenues that ranged from C$21M to C$83M for the same period,” the analysts wrote in a note to clients. Read also: New Jersey postpones legalized marijuana vote after lack of support Still, they took a positive view of some of Cronos’ recent strategic initiatives, which they said could unlock value over the longer term. They cited as examples the company’s partnership with Ginkgo Bioworks, which aims to produce targeted cultured cannabinoids, its international ventures, a supply agreement with Cura Cannabis and a joint venture with MedMen that will seek retail opportunities in Canada. In regulatory news, the House Financial Services Committee is expected to vote on a cannabis banking bill later Wednesday. The chairwoman of the committee, Maxine Walters, a California Democrat, is pushing ahead with the bill, which has run into opposition from Republicans. Read: Cronos shares weigh on cannabis sector after soft earnings fail to impress In Canada, a new report from EY (Ernst & Young) is forecasting that one in five Canadian adults will be a cannabis consumer by 2025, spending an average of C$1,652 a year, up 30% from the current spend of C$1,263. “There’s an argument that as legal cannabis prices increase so is spending in the illicit market, and that’s not completely true,” said Zachary Pendley, EY Canada Cannabis Real Estate and Valuation Leader. “The reality is that retail and distribution frameworks across Canada have been implemented much slower than anticipated, pushing many consumers to look for alternatives. As the industry matures, access to product eases and higher margin derivatives come online, we’ll see a rise in consumer spending on legal cannabis.” Don’t miss: CBD is being sold at the largest drugstore chain in the U.S. The EY analysis estimates that cannabis production will outstrip demand in less than five years if current and planned growing expansion of more than 14 million square feet are licensed and built in a timely manner. That is expected to drive the average wholesale price for dried flow to C$4 to C$5 by 2025. In company news, Tilray Inc.
由。 佳纳巴斯股价周三下跌,以克罗诺斯集团( Cronos Group Inc .)为首,此前 Canaccord 因盈利逊于预期,将该公司股票评级从持有下调至出售。 Cronos 股票 CRON ,-10.52% Cannaford 分析师 MattBotomley 和 BobbyBurleson 表示,该公司估值似乎偏低,因为该公司股价自去年12月宣布从烟草巨头奥驰亚集团( Altria Inc .)投资24亿加元(合18亿美元)以来强劲上涨。 MO ,-1.12% 该股自年初以来上涨了约82%。 分析师们也对该公司周二发布的最新季度盈利感到失望,该公司560万加元的收入低于预期的1040万加元,此前该公司第一季度在加拿大进行了娱乐销售,10月份大麻完全合法化。 “我们注意到, CRON 娱乐销售的第一个完整季度远远落后于其大型同行集团,后者报告的同期净收入在2100万加元至8300万加元之间,”分析师在给客户的报告中写道。 另外,新泽西在没有支持的情况下推迟了大麻合法化的投票 不过,他们对克罗诺斯近期的一些战略举措持积极看法,他们表示,这些举措可能在较长期内释放价值。他们举了该公司与银杏生物公司合作的例子。银杏生物公司的目标是生产有针对性的培养大麻,其国际合资企业,与库拉·坎纳比斯的供应协议,以及与 MedMen 公司的合资企业,后者将在加拿大寻找零售机会。 在监管方面,预计众议院金融服务委员会( House Financial Services Committee )将在周三晚些时候就一项大麻银行法案进行表决。委员会主席、加州民主党人马克辛·沃尔特斯正在推动这项法案,该法案遭到了共和党的反对。 阅读:在疲软的盈利没有给人留下深刻印象之后,克罗诺斯的股价对大麻行业构成了压力 在加拿大,安永( Ernst & Young )的一份新报告预测,到2025年,五分之一的加拿大成年人将成为大麻消费者,平均每年花费1652加元,比目前的1263加元增长了30%。 “有一种观点认为,随着合法大麻价格的上涨,在非法市场上的支出也在增加,这并不完全属实,” EY Canada Cannabis Real Estate and Valuation Leader Zachary Pendley 表示。“现实情况是,加拿大各地的零售和分销框架的实施速度远低于预期,促使许多消费者寻找替代方案。随着该行业的成熟,获得产品的机会变得越来越少,利润率更高的衍生品也出现在网上,我们将看到消费者在合法大麻上的支出增加。” 不要错过: CBD 正在美国最大的连锁药店销售。 安永的分析估计,如果目前和计划中的超过1400万平方英尺的扩大得到许可并及时建造,大麻生产将在不到五年的时间内超过需求。预计到2025年,干流的平均批发价格将升至4至5加元。 在公司新闻中, Tilray Inc 。 TLRY ,-3.29% 披露其在财务报告内部控制方面存在与存货成本计算和财务结算程序有关的重大缺陷。该公司在提交给美国证券交易委员会( SEC )的年度报告中表示,这一问题是由于“库存成本计算和财务结算过程中使用的电子表格模型的复杂性”,这些模型是人工进行的。 该公司表示,将通过增加经验丰富的会计和财务专家,以及实施改进的流程和内部控制来解决这个问题。股价下跌了1.6%。 在该行业的其他领域, Hexo 公司。 HEXO ,-7.07% 下降了3.5%, Aleafia Health Inc 。 ALEF ,-1.49% ALEF ,-1.49% 下降了1.2%,奥罗拉(Aurora) Cannabis Inc 。 ACB ,-3.60% ACB ,-1.96% 下跌1.9%, CannTrust Holdings Inc 。 CTST ,-2.19% TRST ,-1.45% 下降了1%。 OrganiGram 控股公司。 OGRMF ,-2.61% MedMen Enterprises Inc .下跌1.9%。 MMNFF ,-2.58% 下跌3.3%, GWPharmaceuticalPLC GWPH ,-1.86% 下跌了0.8%。 Aphria 公司。 APHA ,-3.51% APHA ,-2.70% 下跌了2.3%。Canopy Growth Corp . CGC ,-4.08% WEED ,-2.71% 下跌了1.9%。 阅读: Tilray 股价上涨后,该公司显示,它可以出售休闲壶 此外,随着新泽西州接近法律规定的“野草”, Tilray 的收益之后,坎纳比斯的股价也在攀升 Horizons Marijuana Life Sciences ETF HMMJ ,-3.25% 下跌2.9%, ETFMG 另类收获 ETF 下跌 MJ ,-3.65% 下跌了2.4%。 道琼斯工业平均指数 DJIA ,-0.46% 标普500指数上涨0.2 SPX ,-0.59% 是平的。 另见:在加州的 Weed Country ,野火燃烧现金和农作物 大麻观察: MarketWatch 对大麻公司的所有报道 Ciara Linnane 是 MarketWatch 的投资和企业新闻编辑。她在纽约。