Aurora Cannabis Inc (NASDAQ: ACB) is trading higher Friday in sympathy with Sundial Growers Inc (NASDAQ: SNDL), which reported its third-quarter financial results and announced a share repurchase program.
Sundial reported quarterly net earnings of $11.3 million Canadian dollars ($8.99 million), which is up from a loss of CAD$71.4 million year-over-year. The company reported quarterly adjusted EBITDA of CAD$10.5 million, which is up from an adjusted EBITDA loss of CAD$4.4 million year-over-year.
Sundial reported quarterly net revenue from cannabis segments of CAD$14.4 million, representing a 12% increase year-over-year.
Sundial Growers also announced a share repurchase program authorizing the company to repurchase up to CAD$100 million of its shares “from time to time at prevailing market prices.”
Shares of cannabis companies are also trading higher on continued legalization hopes amid a Republican-leg marijuana legalization bill.
Aurora Cannabis, headquartered in Edmonton, Canada, cultivates and sells medicinal and recreational cannabis through a portfolio of brands.
ACB Price Action: Aurora Cannabis has traded as high as $18.98 and as low as $5.85 over a 52-week period.
The stock was up 8.32% at $8.20 at time of publication.
Photo: gjbmiller from Pixabay.
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