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Canada’s Aphria Inc reported a loss for the third quarter on Monday as it reeled from fresh coronavirus lockdowns in parts of Canada and Germany, sending its shares down 14 per cent and weighing on other pot producers.
While the pandemic has lifted demand for weed from customers staying at home, sales of cannabis producers suffered during the latest round of restrictions in key markets such as Ontario and Alberta as pot stores were forced to shut.
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By Reuters Staff
(Updates shares, adds rival stocks, comments from conf call, background)
April 12 (Reuters) - Canada’s Aphria Inc reported a loss for the third quarter on Monday as it reeled from fresh coronavirus lockdowns in parts of Canada and Germany, sending its shares down 14% and weighing on other pot producers.
While the pandemic has lifted demand for weed from customers staying at home, sales of cannabis producers suffered during the latest round of restrictions in key markets such as Ontario and Alberta as pot stores were forced to shut.
“The provincial lockdowns were more impactful, particularly in Canada, than we initially expected,” Aphria Chief Financial Officer Carl Merton said on a post-earnings call.