At the close of trading Monday, Aurora Cannabis (ACB) - Get Free Report reported total net revenue of C$54.8 million ($43.4 million), which was flat sequentially and down 19% year over year. The cannabis company was expected to report revenue of C$56.4 million, according to analysts polled by FactSet.
The company cited ongoing challenges in the recreational Canadian market for sales that decreased more than expected. "Given ongoing challenges in the Canadian adult recreational market, our broad diversification across domestic medical, international medical, and adult recreational segments provides us with underlying strength, stability, and growth opportunities in an evolving industry for global cannabinoids," CEO Miguel Martin said in a statement."
In the video above, Jim Cramer reacted to the disappointing earnings report and explained why he believes the legal cannabis sector is worth a "fraction of what it was."
Recap TheStreet Live: Everything Jim Cramer Is Watching 9/28/21