The Concerning Number in Aphria's Fourth-Quarter Report

Over the past year, we've seen a pretty big, but important, shift in the marijuana industry. No longer are promises good enough for investors to send cannabis stocks higher. Nowadays, with Canada having legalized adult-use marijuana, and two-thirds of U.S. states giving the green light to medical cannabis, earnings actually matter.

In recent quarters, operating results have been more of a hindrance than help for pot stocks. That's because supply issues in Canada, and high tax rates in the U.S., have constrained sales and pushed most marijuana stocks to a loss. But major Canadian grower Aphria (NYSE: APHA) aimed to change that perception with its after-the-bell fourth-quarter report on Thursday, Aug. 1.

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