{"id":83222,"date":"2023-11-10T22:15:57","date_gmt":"2023-11-11T03:15:57","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/curaleaf-and-canopy-growth-miss-third-quarter-analyst-marks-while-green-thumb-ascend-wellness-terrascend-and-trulieve-beat-forecasts\/"},"modified":"2023-11-10T22:16:00","modified_gmt":"2023-11-11T03:16:00","slug":"curaleaf-and-canopy-growth-miss-third-quarter-analyst-marks-while-green-thumb-ascend-wellness-terrascend-and-trulieve-beat-forecasts","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=83222","title":{"rendered":"Curaleaf and Canopy Growth miss third-quarter analyst marks while Green Thumb, Ascend Wellness, TerrAscend and Trulieve beat forecasts"},"content":{"rendered":"
\n

Quarterly results from the United States\u2019 largest cannabis company, Curaleaf Holdings Inc., and from Canada\u2019s Canopy Growth Corp. missed analyst estimates, while shares of Trulieve Cannabis Corp., Green Thumb Industries Inc., and TerrAscend Corp. rose on the heels of their financial updates.<\/p>\n

Curaleaf
\n CURLF,
\n +7.89%<\/bg-quote>
\n said its third-quarter net loss widened to $92.23 million, or 13 cents a share, from a loss of $51.39 million, or 8 cents a share, in the same quarter a year earlier. The company\u2019s adjusted loss in the latest quarter was 9 cents a share, wider than the FactSet consensus estimate for a loss of 6 cents a share. <\/p>\n

\n

Curaleaf\u2019s third-quarter revenue rose to $333.17 million from $324.64 million but missed the analyst estimate of $340.2 million.<\/p>\n

One contributor to Curaleaf\u2019s loss was its increased cost of goods sold, which rose to $183.12 million in the third quarter, from $158.12 million in the same quarter a year earlier.<\/p>\n

On the plus side, the company also booked $33 million in free cash flow from continuing operations. <\/p>\n

Curaleaf\u2019s stock rose by 1.5% on Friday. The stock is down 29.7% in 2023, compared with a 13.5% drop by the AdvisorShares Pure U.S. Cannabis exchange-traded fund
\n MSOS
\n and a gain of 31.1% by the Nasdaq Composite
\n COMP.<\/span>\n <\/p>\n

Ascend Wellness
\n AAWH,
\n <\/bg-quote>
\n said its third-quarter loss of 5 cents a share beat the consensus estimate for a loss of 8 cents a share. <\/p>\n

Revenue rose by 27% to $141.3 million, ahead of the consensus estimate of $135.2 million. <\/p>\n

Ascend Wellness Executive Chair Abner Kurtin said the results beat internal forecasts, as John Hartmann wrapped up his first full quarter as chief executive.<\/p>\n

\u201cWe\u2019ve been diligently optimizing operations and fortifying our team,\u201d Hartmann said. \u201cEarly signs of results are encouraging, with a noteworthy 13% sequential surge in retail revenue, chiefly propelled by the successful launch of adult-use sales in Maryland.\u201d<\/p>\n

The company\u2019s wholesale business grew 21% from the previous quarter, with growth in New Jersey, Illinois and Massachusetts, he said.<\/p>\n

Ascend Wellness\u2019s stock fell 6% despite the results.<\/p>\n

In a busy week for cannabis earnings, Green Thumb Industries
\n GTBIF,
\n +5.50%<\/bg-quote>
\n continued its run as one of the only profitable cannabis companies.<\/p>\n

Green Thumb on Wednesday said its third-quarter profit increased to $10.51 million, or 5 cents a share, from $9.83 million, or 4 cents a share, in the same quarter a year earlier.<\/p>\n

Third-quarter revenue of $275.4 million rose from $261.19 million in the same quarter a year ago and was ahead of the analyst estimate of $257.3 million. <\/p>\n

The company cited its business in Maryland for its strong performance. Its stock rose by 2.6% on Friday and is now up 10.2% for 2023.<\/p>\n

Green Thumb Industries\u2019 stock rose 3% on Friday.<\/p>\n

Also on the rise was Trulieve
\n TCNNF,
\n +8.43%<\/bg-quote>,<\/span>
\n which advanced by 4.8%. On Thursday, the company said its third-quarter loss narrowed to $25 million, or 13 cents a share, from a loss of $114.6 million, or 61 cents a share, in the same quarter a year earlier. The result of a 13-cent loss beat the FactSet consensus estimate for a loss of 17 cents a share.<\/p>\n

Trulieve\u2019s third-quarter revenue fell to $257.2 million from $295.4 million in the same quarter a year earlier and beat the analyst forecast of $269.2 million.<\/p>\n

TerrAscend Corp.\u2019s
\n TSNDF,
\n +7.50%<\/bg-quote>
\n stock rose 4.4% after the cannabis company\u2019s third-quarter revenue of $89.2 million beat the FactSet consensus estimate of $83.4 million. TerrAscend\u2019s third-quarter loss of 4 cents a share came in wider than the FactSet consensus estimate for a loss of 2 cents a share. <\/p>\n

Needham analyst Matt McGinley reiterated a hold rating on TerrAscend and said the company turned a \u201cvery strong\u201d quarter, with a boost from its Maryland operations. TerrAscend also modestly raised its full-year sales outlook to imply steady revenue from the third quarter to the fourth quarter, he said.<\/p>\n

Verano\u00a0shares
\n VRNOF,
\n +3.62%<\/bg-quote>
\n were up by 2.3%. Earlier this week, the company reported a 5% increase in third-quarter revenue to $240 million and a loss of $17.84 million, down from $43 million in the same period a year earlier. <\/p>\n

In Canada, Canopy Growth Corp.
\n CGC,
\n -0.38%<\/bg-quote>
\n reported a second-quarter loss of 31 cents a share, while analysts were looking for a loss of 11 cents a share, according to FactSet data.<\/p>\n

Canopy Growth\u2019s revenue of $50.6 million also missed the analyst estimate of $53.5 million.<\/p>\n

On the plus side, Canopy Growth said its Canadian cannabis business booked its third straight quarter of organic revenue growth while \u201csignificantly\u201d cutting costs.<\/p>\n

Canopy Growth\u2019s stock was down by 4.9%. The company\u2019s share price is now down 78.5% in 2023. Canopy Growth is backed by spirits giant Constellation Brands Inc.
\n STZ,
\n +0.15%<\/bg-quote>\n <\/p>\n

Also read:<\/strong> Americans\u2019 support for legalizing cannabis edges up to 70% and Ohio voters OK pot referendum, as cannabis stocks rise<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Quarterly results from the United States\u2019 largest cannabis company, Curaleaf Holdings Inc., and from Canada\u2019s Canopy Growth Corp. missed analyst estimates, while shares of Trulieve Cannabis Corp., Green Thumb Industries Inc., and TerrAscend Corp. rose on the heels of their financial updates. Curaleaf CURLF, +7.89% said its third-quarter net loss widened to $92.23 million, or […]<\/p>\n","protected":false},"author":1,"featured_media":83223,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-83222","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-investing","tag-featured","post_format-post-format-video"],"yoast_head":"\nCuraleaf and Canopy Growth miss third-quarter analyst marks while Green Thumb, Ascend Wellness, TerrAscend and Trulieve beat forecasts | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Quarterly results from the United States\u2019 largest cannabis company, Curaleaf Holdings Inc., and from Canada\u2019s Canopy Growth Corp. missed analyst\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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