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MarketScreener Homepage  >  Equities  >  Toronto Stock Exchange  >  Aurora Cannabis Inc    ACB   CA05156X1087

AURORA CANNABIS INC (ACB)
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Canadian pot stocks surge on new U.S. fund, California legalization

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01/03/2018 | 10:45pm CEST
FILE PHOTO: Customers queue for recreational marijuana outside the MedMen store in West Hollywood

TORONTO (Reuters) - Canadian cannabis stocks surged to new records on Wednesday as investors enthused over early growth of the first U.S.-listed exchange-traded fund focused on the pot industry and the Jan. 1 legalization of recreational marijuana in California.

Cannabis producers Canopy Growth Corp (>> Canopy Growth Corp) and Aphria Inc (>> Aphria Inc) were among the biggest gainers on the Toronto Stock Exchange's S&P/TSX composite index <.GSPTSE>, surging as much as 11.9 percent and 8.8 percent respectively, although they later pared some of those gains. Aurora Cannabis (>> Aurora Cannabis Inc), Canada's second-biggest listed producer, closed up 20 percent. All hit record highs.

MJIC Inc's equal-weighted Canadian Marijuana Index, which tracks stocks of major cannabis companies, also hit a record and rose more than 14 percent. [https://marijuanaindex.com/stock-quotes/canadian-marijuana-index/].

Canada's Horizons Marijuana Life Sciences ETF <HMMJ.TO> gained 10 percent. The U.S.-listed ETFMG Alternative Harvest ETF <MJX.P>, which began trading on Dec. 26, has risen to $164 million in net assets from $6 million in one week, according to Vahan Ajamian, an analyst at Beacon Securities in Toronto. Top Alternative Harvest holdings include Canadian weed producers Cronos Group Inc (>> Cronos Group Inc) and Canopy.

"If Americans want to buy Canadian stocks in an easy way, this is the first ETF that provides that ability in the U.S.," Chris Damas, editor of the BCMI Cannabis Report, said in an interview.

Still, he cautioned that in his view the sector was in a bubble as foreigners were rushing to invest in the Canadian cannabis sector, causing demand to far outstrip supply.

Reports of long lines and product shortages in California, which legalized pot sales on Jan. 1, also helped the rally. Some investors see the launch of sales in Canada as a harbinger of what can be expected when Canada launches recreational sales in mid-2018.

To be sure, the only Canadian company with significant exposure to the California market is CannaRoyalty Corp (>> CannaRoyalty Corp), Ajamian said by email.

MJIC Vice-President Dan Nicholls said he expects a correction in the sector, given the steep gains.

"We saw a dramatic rise in trading volumes in the U.S. and Canada over the last week," he said. "This ... was likely tied directly to the California legalization as there has been little news of significance out of Canada during this time period."

"Many investors likely invest in Canadian stocks given its better cannabis regulatory climate compared to the U.S. and expanding international opportunities," Nicholls added.

(Reporting By Nichola Saminather, Editing by Rosalba O'Brien)

By Nichola Saminather

Stocks mentioned in the article
ChangeLast1st jan.
APHRIA INC -6.08% 18.69 End-of-day quote.-23.28%
AURORA CANNABIS INC -13.52% 11.95 Delayed Quote.56.98%
CANNAROYALTY CORP -2.88% 8.09 Delayed Quote.121.18%
CANOPY GROWTH CORP -7.16% 63.3 Delayed Quote.147.98%
CRONOS GROUP INC --End-of-day quote.
S&P/TSX COMPOSITE INDEX -0.45% 15515.39 Delayed Quote.-4.90%
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Financials (CAD)
Sales 2019 408 M
EBIT 2019 -24,9 M
Net income 2019 6,59 M
Finance 2019 110 M
Yield 2019 -
P/E ratio 2019 2 796,00
P/E ratio 2020 139,80
EV / Sales 2019 31,8x
EV / Sales 2020 14,5x
Capitalization 13 057 M
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Mean consensus BUY
Number of Analysts 4
Average target price 10,9  CAD
Spread / Average Target -22%
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Managers
NameTitle
Terry Booth Chief Executive Officer & Director
Steve Dobler President & Director
Michael Singer Chairman
Allan Cleiren Chief Operating Officer
Glen W. Ibbott Chief Financial Officer
Sector and Competitors
1st jan.Capitalization (M$)
AURORA CANNABIS INC56.98%10 070
CANOPY GROWTH CORP147.98%11 438
BEIJING TONGRENTANG CO., LTD.-8.87%5 817
DONG-E-E-JIAO CO LTD--.--%4 125
HUTCHISON CHINA MEDITECH LIMITED-21.43%3 851
APHRIA INC6.42%3 634