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Cannabis stocks are falling across the board Wednesday after MKM Partners said in a note that it expected the latest round of quarterly results to miss estimates. 

"[The] next reported quarter will not show meaningful net sales acceleration," analyst Bill Kirk wrote. "Increased costs, without the hoped-for sequential revenue growth," result in "profitability that is likely to disappoint."

At Aurora Cannabis (ACB) - Get Free Report  , buying trends from provinces were slowing in July and August, Kirk said. Aurora Cannabis shares were falling 3.4% to $3.98. 

Kirk expects the Canadian cannabis market leader, Canopy Growth,  (CGC) - Get Free Report  to reach profitability on an Ebitda basis by first-quarter 2021, a year behind the consensus forecast of profit based on Ebitda by 2020. 

"We think a looming weak reporting season will gradually push consensus expectations toward ours," Kirk said. 

Canopy Growth shares were falling 2.1% to $21.37.

Shares of Tilray (TLRY) - Get Free Report , which the firm estimates will be Ebitda positive by Q1 2022 vs. the consensus estimate of Q1 2021, was falling 4.4% to $23.11.

Hexo (HEXO) - Get Free Report , whose 2020 Ebitda-positive consensus date matches Kirk's estimate, was falling 5.1% to $3.64.

"We are already beginning to see the cracks in Canada: Pricing is down and consumption per federal license is contracting," Kirk said. 

"To us, this means the future presents a less profitable system than exists today."

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