APARNA NARAYANAN, Investor’s Business Daily

Net losses widened to 1.52 Canadian dollars a share from 0.01 a share a year ago. Revenue rose 33% to 23.3 million Canadian dollars. Sales and marketing expenses soared 413% to 39 million Canadian dollars.

The company sold 2,197 kilograms and kilogram equivalents, up 9% from a year ago, at an average sale price of 9.87 Canadian dollars, up 24%. The higher average price was due to changes in the mix of product sold, principally a higher percentage of Softgel sales and sales to Germany. Active registered patients climbed 34% to 84,400.

“The Company remains confident that current inventory levels and the planned production ramp, including approximately 2.0 million square feet of licensed production space since August 2018, are sufficient to meet annual supply commitments to provinces and territories,” Canopy Growth said in a statement.

Shares sank 11.1% to 34.22 on the stock market today. Canopy Growth stock has a mediocre IBD Composite Rating of 56.

As for other U.S.-listed marijuana stocks: Aurora Cannabis (ACB) stock fell 8.1%, Cronos Group (CRON) stock sold off 2.3% and Tilray (TLRY) stock sank 8.3% after reporting earnings late Tuesday. Aphria (APHA) tumbled 7.3%.

On Wednesday, Andrew Left of short-seller Citron Research reiterated his bearish stance on Canopy, Cronos and Tilray, while on CNBC.

Aurora Cannabis, Cronos Group and Tilray all reported strong sales. But Aurora cannabis is struggling to keep up with marijuana demand, while Cronos and Tilray have seen average selling prices decline.

Canopy Growth and Cronos Group, two pure-play Canadian cannabis companies, debuted on U.S. exchanges this year after previously listing in Canada. Aurora Cannabis and Aphria recently did the same. Canada-based Tilray is the first marijuana producer to have a true U.S. IPO.

Canada legalized recreational pot sales in October. The recent U.S. midterm elections also saw more states move to legalize marijuana, at least for medical use. This week’s Canopy Growth earnings, Tilray earnings and Aurora earnings also coincided with a major marijuana conference in Las Vegas, through Friday.

As weed firms gain legitimacy, investors have rushed to invest in marijuana stocks.

Meanwhile, Constellation Brands (STZ), whose beer brands include Corona, has taken a big stake in Canopy Growth.