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after-market  After Hours:  6.96  0.11   +1.61%

Why is Aurora Cannabis Inc. (ACB) Stock down?

We've noticed a 5.12% decline in Aurora Cannabis Inc. (ACB) stock during the 2024-05-17 trading session. While this could be attributed to normal volatility or various internal and external factors, please be aware that we are actively monitoring the situation, and we'll provide timely updates as soon as possible!
09 Apr, 2024:

Aurora Canabis Inc (ACB) stock fell by 9.08% following the bad news from canabis company Tilray Brands (TLRY),which reported a miss on sales and a $0.12 per share net loss.

  • Tilray's Performance and Industry Implications: Tilray's reported growth numbers were mixed, with 30% total sales growth but some disappointment in the marijuana sales growth, which investors were hoping for more from. Much of Tilray's marijuana sales growth came from its acquisition of Hexo, indicating that organic growth in the marijuana industry may be slower than anticipated.
  • Impact on Marijuana Stocks: Despite its position as a leading cannabis company, Tilray admitted that it is not on track to generate positive free cash flow (FCF) this year, contrary to previous assertions. This news, along with the company's history of burning cash, contributed to the negative sentiment in the marijuana sector. The negative news from Tilray had a spillover effect on other marijuana stocks, including Cronos Group (CRON), Aurora Cannabis (ACB), and Canopy Growth (CGC). These stocks were all down as a result, with declines ranging from 3.5% to 8.5%.
28 Sep, 2023:

Aurora Cannabis Inc. Stock (ACB) dropped by 10.6% from $0.6671 to $0.5966 in the trading on Thursday September 28, 2023. The reason why ACB stock down today is due to the announcement of stock sale plan. Aurora Cannabis Inc. announced to sell up to 53.19 million common shares to Canaccord Genuity at a price of C$0.73 per offered security for proceeds of up to about C$38.83 million ($28.78 million). Most of the proceeds from the deal will be used to pay outstanding convertible senior notes at or prior to maturity, representing principal outstanding of approximately about $25 million.

21 Sep, 2023:

Aurora Cannabis Inc. Stock (ACB) dropped by 7.73% from $0.80 to $0.7382 in the trading on Thursday September 21, 2023. The reason why ACB stock down today is due to concerns of the investors. Despite the potentially lucrative SAFE Banking Act, legalization advocates in the House pushing the MORE Act threaten to make the issue partisan, potentially derailing both bills and leaving ACB in legislative limbo. Investors worry legalization's ambition might outweigh its reach, leading to gridlock and hurting ACB's prospects.

14 Jun, 2023:

Aurora Cannabis Inc. Stock (ACB) dropped by 7.94% from $0.5860 to $0.5395 in the trading on Wednesday June 14, 2023. The reasons why ACB stock down today include:

  • Fiscal third-quarter 2023 earnings report: Aurora's earnings fell short of expectations, with revenue coming in at $48.1 million compared to the anticipated $48.6 million. The company also reported a net loss, though it did not specify the per-share amount. Based on the share count, it appears the loss was roughly $0.19 per share, higher than the projected $0.05 loss.
  • Disappointing outlook: Aurora Cannabis stock falls on flat revenue forecast and lack of profit in Q1 2024. Investors disappointed despite cost cuts and positive free cash flow target for later in the year.
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