Shares of Aurora Cannabis fell 10.9% in the month of August, according to data from S&P Global Market Intelligence. Aurora is one of the leading Canadian cannabis producers -- in fact, Aurora has the highest production potential of any cannabis company in the world.
Therefore, Aurora's stock feels the heat whenever the overall cannabis sector falls out of favor. That's apparently what happened in August, as Aurora's big decline came not after any company-specific news, but rather after the earnings reports of peers Canopy Growth (NYSE: CGC) and Tilray (NASDAQ: TLRY).
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In early August, Aurora actually gave preliminary revenue numbers for the quarter ended June 30, though the company won't report official earnings until Sept. 12. Aurora expects revenue between $100 million and $107 million, compared to $19.1 million a year ago and $65.1 million in the March quarter. That was enough to please analysts, which initially pushed Aurora's stock up.
However, in mid-August, Canopy Growth filed its earnings report, which missed both revenue and profit expectations by a wide margin. Tilray also delivered an earnings report that missed profit expectations, though it did beat analyst expectations for revenue. Of particular note was Tilray's reported 28% decline in average price per gram during the quarter. That may have led investors to believe that the Canadian market is oversupplied.
It was odd that Aurora's stock declined so much with its peers after it had already given quarterly revenue numbers. Nevertheless, the whole sector has been under pressure in the second half of this year. Concerns about valuation, combined with a risk-off mentality in the markets, have weighed on all cannabis producers since the spring.
Aurora officially reports fourth-quarter and full-year earnings on Sept. 12, when management will add additional color to the revenue guidance. Of note, Aurora recently won a big overseas contract in Italy in July, and also bought hemp and CBD company Hempco Food and Fiber Inc. for 63.4 million Canadian dollars in the middle of August.
Of course, the most important thing for investors to monitor is the state of supply and demand in the Canadian market, as well as the ramp-up of Aurora's industry-leading production facilities.
根据标普全球市场情报公司（S&P Global Market Intelligence）的数据，8月份极光大麻的股价下跌了10.9%。奥罗拉是加拿大领先的大麻生产商之一——事实上，奥罗拉拥有世界上所有大麻公司中最高的生产潜力。
Aurora将于9月12日正式公布第四季度和全年盈利，届时管理层将为营收指引增添额外色彩。值得注意的是，Aurora最近在7月赢得了一份在意大利的海外大合同，并在8月中旬以6340万加元收购了大麻和CBD公司Hempco Food and Fiber Inc.。