Canadian marijuana company Aurora Cannabis (NYSE:ACB) had a dreadful 2019; its stock lost 56% of its value over the year, compared with a 36% decline in the industry benchmark Horizons Marijuana Life Sciences ETF. External headwinds in Canada, along with Aurora’s own haphazard acquisitions, dragged down revenue and made profit challenging, while expenses kept piling up. All these factors led to its decline, and hopes of the company recovering anytime soon were minimal.
Hence, its third-quarter results at the end of March came as a pleasant surprise. The company reported a surge in revenue — to be precise, a year-over-year jump of 35% to 75.5 million Canadian dollars. Aurora gave a sneak peek into its fourth-quarter results on Sept. 8 when it discussed some impairment charges and a decline in revenue. But investors hoped to get some good news from the actual results, and the stock was up 16%