Aurora Cannabis Inc ACB is trading higher Friday in sympathy with Sundial Growers Inc SNDL, which reported its third-quarter financial results and announced a share repurchase program.
Sundial reported quarterly net earnings of $11.3 million Canadian dollars ($8.99 million), which is up from a loss of CAD$71.4 million year-over-year. The company reported quarterly adjusted EBITDA of CAD$10.5 million, which is up from an adjusted EBITDA loss of CAD$4.4 million year-over-year.
Sundial reported quarterly net revenue from cannabis segments of CAD$14.4 million, representing a 12% increase year-over-year.
Sundial Growers also announced a share repurchase program authorizing the company to repurchase up to CAD$100 million of its shares "from time to time at prevailing market prices."
See Also: Tilray Vs. Aurora: Cannabis Stock Wars Heat Up
Shares of cannabis companies are also trading higher on continued legalization hopes amid a Republican-leg marijuana legalization bill.
Aurora Cannabis, headquartered in Edmonton, Canada, cultivates and sells medicinal and recreational cannabis through a portfolio of brands.
ACB Price Action: Aurora Cannabis has traded as high as $18.98 and as low as $5.85 over a 52-week period.
The stock was up 8.32% at $8.20 at time of publication.
Photo: gjbmiller from Pixabay.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Date | ticker | name | Actual EPS | EPS Surprise | Actual Rev | Rev Surprise |
|---|
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
The Top Cannabis Event In New Jersey
Join the Benzinga Cannabis Market Spotlight in New Jersey on June 17th! Grow your business, raise money and capitalize on the booming NJ recreational market. Don’t miss this must-attend event in New Brunswick. Secure your tickets now. Very few spots are left. Use the code "JAVIER20" for 20% off!