Why Aurora Cannabis Stock Couldn't Catch Fire Today
In the habitually money-losing marijuana industry, new stock issues are a way of life for companies constantly hungry for fresh capital. While investors are accustomed to this, they don't particularly like it. Case in point: On Tuesday, Aurora Cannabis (NASDAQ: ACB) declined 5%-plus after it announced the closing of its latest issue.
Aurora said that morning that it has raised gross proceeds of roughly $172.5 million from the issue, which technically isn't a stock flotation.
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Source Fool.com
