Curaleaf and Canopy Growth miss third-quarter analyst marks, whereas Green Thumb, Ascend Wellness and Trulieve beat forecasts

Curaleaf’s third-quarter income rose to $333.17 million from $324.64 million however missed the analyst estimate of $340.2 million.

One contributor to Curaleaf’s loss was its elevated price of products offered, which rose to $183.12 million within the third quarter, from $158.12 million within the year-ago quarter.

On the plus facet, the corporate additionally booked $33 million in free money circulate from persevering with operations.

Curaleaf’s inventory fell by 0.7% on Friday. The inventory is down 29.7% in 2023, in contrast with a 13.5% drop by the AdvisorShares Pure U.S. Cannabis exchange-traded fund
MSOS
and a achieve of 31.1% by the Nasdaq
COMP.

Canopy Growth Corp.
CGC,
-2.35%,
the Canadian hashish firm backed by Constellation Brands Inc.
STZ,
+0.44%,
reported a second-quarter lack of 31 cents a share, whereas analysts have been on the lookout for a lack of 11 cents a share, in line with FactSet information.

The firm’s income of $50.6 million additionally missed the analyst estimate of $53.5 million.

On the plus facet, Canopy Growth stated its Canadian hashish enterprise booked its third straight quarter of natural income progress whereas “significantly” slicing prices.

Canopy Growth’s inventory was down by 4.9%. The firm’s share value is now down 78.5% in 2023.

Ascend Wellness
AAWH,

stated its third-quarter lack of 5 cents a share beat the consensus estimate for a lack of 8 cents a share.

Revenue rose by 27% to $141.3 million, forward of the consensus estimate of $135.2 million.

Ascend Wellness Executive Chair Abner Kurtin stated the outcomes beat inside forecasts, as John Hartmann wrapped up his first full quarter as chief government.

“We’ve been diligently optimizing operations and fortifying our team,” Hartmann stated. “Early 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.”

The firm’s wholesale enterprise grew 21% from the earlier quarter, with progress in New Jersey, Illinois and Massachusetts, he stated.

Ascend Wellness’s inventory was up 1.8% on Friday.

In a busy week for hashish earnings, Green Thumb Industries
GTBIF,
+4.31%
continued its run as one of many solely worthwhile hashish corporations.

Green Thumb on Wednesday stated its third-quarter revenue elevated to $10.51 million, or 5 cents a share, from $9.83 million, or 4 cents a share, within the year-ago quarter.

Third-quarter income of $275.4 million rose from $261.19 million within the year-ago quarter and was forward of the analyst estimate of $257.3 million.

The firm cited its enterprise in Maryland for its sturdy efficiency. Its inventory rose by 2.6% on Friday and is now up 10.2% for 2023.

Also on the rise was Trulieve
TMahaz NewsF,
+5.42%,
which rose 3.2%. On Thursday, the corporate stated its third-quarter loss narrowed to $25 million, or 13 cents a share, from a lack of $114.6 million, or 61 cents a share, within the year-ago quarter. The results of a 13-cent loss beat the FactSet consensus estimate for a lack of 17 cents a share.

Trulieve’s third quarter income fell to $257.2 million from $295.4 million within the year-ago quarter and beat the analyst forecast of $269.2 million.

Verano shares
VRNOF,
+3.26%
have been up by 3.5%. Earlier this week, the corporate reported a 5% improve in third-quarter income to $240 million and a lack of $17.84 million, down from $43 million in the identical interval a 12 months earlier.

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