Business Corpus: Aurora Cannabis Stock Falls After Sales Forecast Misses Some EstimatesMarijuana stocks were mixed Tuesday after Aurora Cannabis gave fiscal Q2 sales estimates that came up short of some forecasts. The post Aurora Cannabis Stock Falls After Sales Forecast Misses Some Estimates appeared first on Investor's Business Daily.

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Marijuana stocks were mixed Tuesday after Aurora Cannabis (ACB) predicted a sales jump for its fiscal second quarter, helped by recreational and medical demand in Canada and abroad, but the guidance came up short of some estimates.

Aurora Cannabis sees net sales of 50 million-55 million Canadian dollars for fiscal Q2. Compared to results a year ago, that would represent a gain of more than 327%. The results would be more than 68% above those of the previous quarter.

Zacks did not have sales forecasts available for the quarter. Analysts polled by FactSet expected a range of 60 million-74.8 million Canadian dollars, based on a poll of two analysts, according to MarketWatch.

Aurora Cannabis Stock, Other Marijuana Stocks

Aurora Cannabis stock slipped 2.8% in the stock market today. Among other marijuana stocks, Canopy Growth[ticker symb=CGC] dipped 0.6%, Tilray (TLRY) jumped 5.8%, Cronos Group (CRON) was up 0.3%, and Aphria (APHA) lost 2.8%.

Canada's cannabis industry and government regulators have contended with shortages since recreational marijuana sales began in October. Those shortages seem likely to persist through at least this year. Aurora Cannabis stock and other marijuana stocks have pulled back since recreational legalization took hold.

"Going forward, we see sustained strong demand from the adult usage market, as evidenced by public statements from the Canadian provinces, as well as strong patient-driven demand for medical cannabis in Canada and abroad," Aurora Cannabis CEO Terry Booth said in a statement Tuesday.

At a conference in November, he was a bit less restrained, saying then that Aurora had expected the legal recreational marijuana market to be a "sh*tshow" as it got off the ground. He also said that some provinces handled the rollout of recreational weed better than others. Ontario — Canada's most populous province — handled it the worst, he said. But he and others on a panel said the marijuana industry would eventually overcome the shortages.

Aurora Cannabis, on Tuesday, said it still expected to expand its production capacity to at least 150,000 kilograms per year within the third quarter of the calendar year. It expected sales, general and administrative costs to be "roughly consistent" with the last quarter.

Aurora Cannabis also said that higher-margin products, like softgels and Aurora Cloud, a CBD-oil vaping cartridge, would boost gross margins during the year.

Products like vaping devices and edibles are set to become available in Canada this year. The government is still working on regulations for those products.

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