TLRY - Cannabis stocks track Aphria's plunge lower

Cannabis stocks are sliding as Aphria ([[APHA]], -19%) extended losses following its disappointing FQ1 distribution revenue.Distribution revenue of $82.2M fell from $99.1M a quarter earlier, with the company noting the pandemic as the sole reason.Looking at the Street reaction from some bulls, Stifel analyst Andrew Carter keeps his Buy, but highlights cash burn and underutilization in cultivation facilities. John Zamparo of CIBC, who has a outperform says the cannabis business results are “far more impactful” than pharmacy distribution. Cannacord’s Matt Bottomley, who has a Speculative Buy rating, liked growth in Canadian adult-use penetration, according to Bloomberg.Other stocks slumping after the results include: Aurora Cannabis ([[ACB]], -4.7%), Tilray ([[TLRY]], -5.9%), Canopy Growth ([[CGC]], -1.6%), Cronos Group ([[CRON]], -2.6%)Aphria's plunge is taking its closer to its 50- and 100-day simple moving averages.The ETFMG Alternative Harvest ETF ([[MJ]], -2.7%), which just fell through its 50-day SMA, is approaching its 10-day SMA.

For further details see:

Cannabis stocks track Aphria's plunge lower