After the first nearly full quarter of recreational cannabis sales, the world’s largest pot producers had a shot to prove they belonged among blue-chip stocks.For a sector crawling toward legitimacy, the first crop of recreational cannabis earnings did little to dispel longstanding clichés about those involved in the industry.
• Acreage Holdings Inc. ACRGF, +0.60% the company Canopy Growth purchased the right to buy pending U.S. marijuana legalization, issued a press release containing “highlights from statements of financial position,” but did not release the dozens of pages of documents outlining underlying assumptions or details for the figures. It took several weeks for Acreage to release the full financial tables and management discussion and analysis. Acreage, however, is in good company: Aurora Cannabis Inc.
What to expect next week March-quarter marijuana earnings kicked off in earnest this week, with reports from Altria Group Inc. MO, +0.09% -backed Cronos Group Inc. CRON, +9.23% , CRON, +6.82% GW Pharmaceuticals GWPH, -2.30% which makes a drug from cannabidiol, or CBD, called Epidiolex that’s designed to treat epilepsy — and Canadian cannabis and alcohol retailer Alcanna Inc. CLIQ, -1.95% LQSIF, -0.
Aurora earnings are set to hit late Tuesday, though they usually don’t publish the documents for a couple of hours after the closing bell. The company will host its conference call before the opening bell Wednesday. According to GMP Securities analyst Martin Landry, investors should expect third-quarter sales of C$74 million , limited in large part by provincial caps on retail stores around the country.
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