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<ul class="summary-list"><li><keyword id="10444761" type="UNKNOWN" weightage="60" keywordseo="aphria-stock">Aphria stock</keyword> fell as much as 15% on Monday after reporting sales and operating income that missed analyst forecasts.</li><li>The Canadian cannabis producer turned in revenue of $153.6 million and a $361 million net loss.</li><li>CEO Irwin Simon said, "The duration and impact of lockdowns...were greater than we initially anticipated."</li></ul><p>Canadian cannabis producer <a href="https://markets.businessinsider.com/stocks/apha-stock">Aphria</a> saw its stock fall as much as 15% on Monday after the company turned in a disappointing fiscal third-quarter earnings report.</p><p>Aphria said it generated revenue of $153.6 million in the quarter compared to analysts' consensus expectations for $163.3 million. Revenue was up 6.4% year-over-year, but sequentially it fell 4.3%.</p><p>Adjusted EBITDA came in at $12.7 million in the fiscal third quarter, which was below analyst consensus estimates for $14.9 million.</p><p>Aphria also turned in a record net loss of $361.0 million, or $1.14 per share, in the fiscal third quarter. The loss was partly due to increasing production costs at the firm.</p><p>The cash cost to produce dried cannabis per gram rose 13.9% quarter-over-quarter in Aphria's quarterly report and adjusted cannabis gross margin sank to 39.2% vs. 45.9% in the prior quarter.</p><p>The Leamington, Canada-based company saw its cannabis sales fall to 18,695 kgs in the fiscal third quarter as well, a decrease of 30.1% compared to the fiscal second quarter.</p><p>The company's CEO Irwin Simon pointed to the impact of lockdowns as his reasoning for the disappointing results.  </p><p>"The duration and impact of lockdowns across many of the regions we operate in, particularly in Canada, were greater than we initially anticipated for the cannabis industry and our business; however, we believe Aphria remains well-positioned with our leading brands and market share to experience a robust increase in our top-line as the market improves." the chief executive officer wrote in a <a href="https://www.prnewswire.com/news-releases/aphria-inc-announces-third-quarter-fiscal-year-2021-results-301266533.html">press release</a>.</p><p>One bright spot in the fiscal third-quarter report came from SweetWater, a cannabis brewing company Aphria acquired for $300 million in 2020. SweetWater saw sales climb from $0.9 million last quarter to nearly $15 million. </p><p>Aphria is set to merge with fellow cannabis producer <a href="https://markets.businessinsider.com/stocks/tlry-stock">Tilray</a> to make the largest cannabis company in the world in terms of revenue pending shareholder approval on Wednesday.  </p><p>The combined company has plans to continue its international expansion as the regulatory environment for cannabis producers and retailers continues to improve. </p><p>Aphria traded down 14.71% as of 11:49 a.m. ET on Monday.</p><div type="image" title="APHA chart 3" height="672" width="826" msid="82036066" hostid="261"></div>

Aphria sinks 15% after earnings and revenue fall short of estimates in fiscal third-quarter results

<ul><li><strong><a href="https://markets.businessinsider.com/stocks/tlry-stock">Tilray</a> soared as much as 27.2% on Wednesday after the firm announced it will merge with <a href="https://markets.businessinsider.com/stocks/apha-stock">Aphria</a> and form the world's biggest cannabis company.</strong></li><li><strong><keyword id="5903315" type="LOCATION" weightage="60" keywordseo="aphria">Aphria</keyword> shareholders will receive 0.8381 shares of Tilray for each Aphria share they hold, according to a <a href="https://ir.tilray.com/news-releases/news-release-details/aphria-and-tilray-combine-create-largest-global-cannabis-company">press release</a>.</strong></li><li><strong>The combined firm will boast a valuation of roughly $3.9 billion, and industry-leading revenue of $685 million over the last 12 months.</strong></li><li><strong>Aphria gained as much as 6.8% on the news.</strong></li><li><strong><a href="https://markets.businessinsider.com/stocks/tlry-stock">Watch Tilray trade live here</a>.</strong></li><li><strong><a href="https://markets.businessinsider.com/stocks/apha-stock">Watch Aphria trade live here</a>.</strong></li></ul><p><a href="https://markets.businessinsider.com/stocks/tlry-stock">Tilray</a> rallied as much as 27.2% on Wednesday after the company announced plans to merge with <a href="https://markets.businessinsider.com/stocks/apha-stock">Aphria</a> and create the world's biggest marijuana company.</p><p>The two firms announced Wednesday they agreed to combine as a $3.9 billion firm focused on the global production and distribution of cannabis. Aphria shareholders will receive 0.8381 shares of Tilray for each Aphria share they hold, representing a 23% premium to Tilray's Tuesday closing price.</p><p>Shares of the combined company will operate under Tilray's name and trade under its ticker on the Nasdaq exchange, according to a <a href="https://ir.tilray.com/news-releases/news-release-details/aphria-and-tilray-combine-create-largest-global-cannabis-company">press release</a>.</p><p><em><strong>Read more:</strong> <a href="https://www.businessinsider.com/how-to-invest-esg-simple-2021-uk-app-big-exchange-2020-12">Ready to invest in 2021? A new platform backed by investing heavyweights that oversee over $2 trillion cuts through the jargon, demystifies the investing process and aims for positive change - Here's how it works</a></em></p><p>Aphria gained as much as 6.8%. Its shareholders will own 62% of Tilray stock once the deal is completed. The companies characterized the arrangement as a "reverse acquisition of Tilray."</p><p>The combined company boasts revenue of $685 million over the last 12 months, the highest in the global <keyword id="8758179" type="UNKNOWN" weightage="60" keywordseo="cannabis-industry">cannabis industry</keyword>, according to the press release. Canada alone counted for roughly $232 million of the combined firm's sales. Synergies between the companies are expected to form "a robust platform for future profitability and cash flow" for the merged entity.</p><p>The deal adds to an already positive end of the year for <keyword id="10234870" type="UNKNOWN" weightage="60" keywordseo="pot-stocks">pot stocks</keyword>. Cannabis producers rallied in November as President-elect Joe Biden's victory sparked hopes for the federal decriminalization of marijuana. New Jersey, Arizona, South Dakota, and Montana legalized marijuana in November as well, further opening up the US market to growing producers.</p><p>Separately, the House passed a bill to decriminalize cannabis earlier in December in a 228 to 164 vote. The bill is almost certainly set to die in the Republican-controlled Senate, but the outcome of two run-off Senate races in Georgia could swing the odds on the legislation reaching President-elect Biden's desk.</p><p>Tilray closed at $7.87 on Tuesday, down 50% year-to-date.</p><p>Aphria closed at $8.12, up 72% year-to-date.</p><p><em><strong>Now read more <keyword id="31671" type="CITY" weightage="100" keywordseo="markets">markets</keyword> coverage from Markets Insider and Business Insider:</strong></em></p><p><em><strong><a href="https://www.businessinsider.com/us-manufacturing-output-beats-november-forecasts-auto-production-economic-recovery-2020-12">US manufacturing output beats November estimates as car factories continue to shine through the pandemic</a></strong></em></p><p><em><strong><a href="https://www.businessinsider.com/fed-fomc-december-meeting-preview-asset-purchase-policy-guidance-jpmorgan-2020-12">The upcoming Fed meeting could shed light on when policymakers will unwind key relief measures</a></strong><strong><br /></strong></em></p><p><em><strong><a href="https://www.businessinsider.com/stocks-to-buy-high-dividend-picks-cyclical-recovery-jp-morgan-2020-12">A JPMorgan income fund manager shares 12 high-dividend stocks set to gain from a broad cyclical recovery - and unpacks the strategy he uses to beat 93% of his peers</a></strong></em></p><p><a href="https://markets.businessinsider.com/stocks/tlry-stock"><div type="image" title="TLRY" height="1186" width="1422" msid="79763098" hostid="261"></div></a></p>

Tilray surges 27% after $4 billion merger with Aphria creates the world's biggest cannabis company

<ul class="summary-list"><li>The “sin stocks” label traditionally refers to <keyword id="6366684" type="UNKNOWN" weightage="60" keywordseo="gambling">gambling</keyword>, alcohol, tobacco, and weapons companies.</li><li><keyword id="4461046" type="PERSON" weightage="60" keywordseo="Sin-stocks">Sin stocks</keyword> are considered <keyword id="597098" type="PERSON" weightage="60" keywordseo="defensive-stocks">defensive stocks</keyword>, meaning they tend to perform well even during an economic downturn.</li><li>Though relatively stable, sin stocks carry some special risks, such as being vulnerable to changes in regulations or taxes. </li></ul><p>Sin stocks refer to shares of public companies engaged in a business or industry that's considered unethical, immoral, or unsavory. Traditionally, the term's been applied to the weapons, alcohol, gambling, or tobacco sectors. But, with the growth of <keyword id="6617678" type="UNKNOWN" weightage="60" keywordseo="Socially-responsible-investing">socially responsible investing</keyword> and <keyword id="9884660" type="UNKNOWN" weightage="60" keywordseo="ethical-investing">ethical investing</keyword>, sin stocks now often encompass other companies and industries people find objectionable in some way.</p><p>Some investors shun sin stocks and try to own only investments they consider virtuous or ethical. Other investors favor sin stocks because they tend to perform well in both <a href="https://www.businessinsider.com/what-is-a-bull-market" target="_blank" rel="noopener">bull</a> and bear stock markets, and no matter what <a href="https://www.businessinsider.com/what-is-business-cycle" target="_blank" rel="noopener">phase</a> the economy is in. </p><p>Let's fall more deeply into sin stocks. </p><h2>What is a sin stock?</h2><p>No single standard industry definition exists for sin stocks. But most of the categories could be said to tie into any of the seven deadly sins laid out centuries ago by Pope Gregory I: </p><ol><li>Pride</li><li>Greed</li><li>Lust</li><li>Envy</li><li>Gluttony</li><li>Wrath</li><li>Sloth</li></ol><p>It's easy enough to plug most of the sin stock categories into this ancient list: Gluttony could refer to alcohol and <keyword id="2433809" type="PERSON" weightage="60" keywordseo="Tobacco-stocks">tobacco stocks</keyword>, wrath could refer to weapons stocks, and greed could refer to gambling stocks. Adult entertainment companies can also fall under the umbrella of sin stocks, and they fit nicely into the lust category.</p><h2>Is sin in the eye of the beholder?</h2><p>Other stocks and sectors can be considered sinful too — depending on your religion, your politics, and your personal moral and ethical values. </p><p>For example, Islamic investors, following their faith's Shariah law, might shun conventional financial institutions because they charge interest. Shariah principles also prohibit investments in alcohol, tobacco, pork, gambling, media, and pornography and disallow short selling, speculation, and derivatives.</p><p>Environmentalists might classify oil and coal stocks as sin stocks, considering the companies behind them to be "polluters." Vegans might consider shares of any company that raises animals, sells animal products, or tests on animals to be a sin stock. Some analysts even make a solid argument for Netflix as a sin stock: to binge-watch a show is to indulge in sloth. </p><p>And if alcohol is sinful, maybe marijuana is, too, if it's being used for recreational and not medicinal purposes. The stock of a company that produces opiates could be considered a sin stock because of all the people who have died or become addicted — though of course, these drugs have enormous benefits too. </p><p>Even the generally agreed-upon categories can be open to debate. What one person calls a weapons company (unethical) another person might deem a defense company (ethical). Such is the double-edged sword of trying to define what makes a stock sinful.</p><h2>Sin stock categories and companies</h2><p>A variety of corporations could be called sin players.  The categories include the traditional Big Four of the sin stock sector, along with some newer but commonly cited fields.  </p><ul><li><strong>Alcohol:</strong> Anheuser-Busch InBev (BUD), Molson Coors Brewing Company (MCBC), Boston Beer Company (SAM), Constellation Brands (STZ), Diageo (DGEAF), Brown-Forman (BF)</li><li><strong>Defense/Weapons:</strong> Boeing (BA), Northrup Gruman (NOC), Aerojet Rocketdyne (AJRD), Raytheon (RTX), Lockheed Martin (LMT), American Outdoor Brands (AOBC), Olin (OLN), Vista Outdoor (VSTO), Sturm, Ruger (RGR)</li><li><strong>Tobacco: </strong>Altria (MO), British American Tobacco (BTAFF), Philip Morris (PM)</li><li><strong>Gambling/Adult Entertainment:</strong> Las Vegas Sands (LVS), MGM Resorts (MGM), Wynn Resorts (WYNN), Penn National Gaming (PENN), Caesars Entertainment (CZR), Boyd Gaming (BYD), Scientific Games (SGMS), DraftKings (DKNG), RCI Hospitality Holdings (RICK)</li><li><strong>Marijuana/Cannabis: </strong>Cronos (CRON), Canopy Growth (CGC), Aurora Cannabis (ACB), Aphria (APHA), Tilray (TLRY), GrowGeneration (GRWG)</li><li><strong>Corrections/Prisons:</strong> CoreCivic (CXW), The GEO Group (GEO)</li><li><strong>Payday Lenders:</strong> World Acceptance Corp. (WRLD), Enova International (ENVA)</li><li><strong>Energy:</strong> Energy Transfer LP (ETP), ExxonMobil (XOM), Kinder Morgan (KMI)</li><li><strong>Meat:</strong> Hormel Foods (HRL), Sanderson Farms (SAFM), Tyson Foods (TSN)</li><li><strong>Snacks/Junk Food:</strong> Coca-Cola (KO), Mondelez International (MDLZ), Hershey (HSY), PepsiCo (PEP), McDonald's (MCD)</li></ul><h2>What makes sin stocks enticing?</h2><p>You don't invest in sin stocks just for the thrill of being naughty. Owning them can be an attractive financial strategy. </p><h3>They're steady performers</h3><p>Sin stocks are considered "defensive" stocks, meaning they tend to perform well even during an economic downturn or <a href="https://www.businessinsider.com/what-is-a-recession" target="_blank" rel="noopener">recession</a>. People who regularly smoke, drink, or gamble don't stop doing these things when times are bad, whether because they're physically addicted or because they enjoy these activities as a way to escape and unwind, however un healthfully. </p><p>And of course, they might indulge even more when times are good. </p><h3>They're cash cows</h3><p>As a result, sin stocks are known for their stable earnings and income streams. Many companies in sin industries are well-established, have sound financials, and have consistently paid dividends for years. </p><h3>They've got little competition</h3><p>The goods and services that sinful companies produce tend to be highly subject to law. Potential competitors may be loath to enter such enterprises, creating more room for the existing players.</p><p>Even sin stocks' negative connotations can work to their advantage. Certain institutional investors — especially those handling funds for religious or academic groups — often shy away from notorious or controversial businesses. That can lead to a particular sin stock being undervalued and a good bargain.</p><h2>What are the downsides of sin stocks?</h2><p>Even if you have no moral or ethical qualms about investing in sin stocks, you should consider their potential financial drawbacks before adding them to your portfolio.</p><h3>There's high regulatory risk</h3><p>All companies' fortunes can be contingent on laws, but regulatory risk is a particular concern with sin stocks. </p><p>Marijuana might become legal at the federal level, but what happens if, instead, U.S. states reverse the legality of medical or recreational marijuana? Defense spending and gun control regulations can change depending on who rules a country, international relations, and terrorist activity.</p><h3>Taxes can be a problem</h3><p>All companies have to deal with taxation, but sin stocks often have a fiscal target on their backs. Regulators and voters could decide to increase taxes on the "sinful" items these companies produce; they're often the go-to source when states need money. Higher taxes could reduce demand, dampen profits, and push stock prices down.</p><h3>Consumer habits can change</h3><p>You'll also want to consider the effect of changing consumer tastes, like declining alcohol and tobacco consumption. Black swan events can force habits to change, such as a pandemic shutting down casinos and the sporting events people like to bet on.</p><p>Finally, devoting too much of your portfolio to a single industry or company is always risky, no matter whether that company produces organic vegetables or nuclear warheads.</p><h2>How to invest in sin stocks </h2><p>The unique consideration for sin stocks is whether you oppose the product or service a company manufactures or purveyors. Otherwise, whether you should invest in sin stocks boils down to the same questions you would ask yourself with any investment: </p><ul><li>What is the unique benefit of putting my money in this investment versus a different investment? </li><li>Is the potential reward high enough to choose this investment over the alternatives?</li><li>How does this investment fit into my portfolio and my overall investment strategy?</li><li>How much money do I stand to lose? Can I afford that loss?</li></ul><p>Of course, as with any investment, you'll have to do the research on any possible sin stock you're considering to make sure the conventional wisdom about it holds true.</p><h2>The financial takeaway</h2><p>In a sense, the decision to invest in stocks question touches on the general issue of socially responsible and ethical investing — and whether you feel that your principles should influence your principal.</p><p>Some investors' attitude toward sin stocks is that it's up to individuals to decide whether they want to smoke, drink, or gamble, despite the risks. Other investors think that the companies producing these products are at least partly to blame for individuals' consumption, especially when that consumption becomes addictive and products are engineered to be addictive. </p><p>It's up to you whether to base your investment decisions purely on financial considerations or whether to let the ethical questions inform your choices. </p><h2>Related Coverage in <a href="https://www.businessinsider.com/investing-reference" target="_blank" rel="noopener">Investing</a>:</h2><h3><a href="https://www.businessinsider.com/personal-finance/why-invest-stock-market" target="_blank" rel="noopener">Why invest in the stock market? Because it can be more dangerous not to</a></h3><h3><a href="https://www.businessinsider.com/personal-finance/how-to-invest-in-stocks-beginners-guide" target="_blank" rel="noopener">How to invest in stocks, even if you're starting from scratch</a></h3><h3><a href="https://www.businessinsider.com/online-poker-casino-games-business-triple-as-casinos-close-2020-8" target="_blank" rel="noopener">Online poker and casino games have tripled their revenue from last year as real-world casinos shut their doors</a></h3><h3><a href="https://www.businessinsider.com/us-cannabis-execs-say-industry-is-heading-for-a-turnaround-2020-9" target="_blank" rel="noopener">Insider Cannabis: US cannabis execs say the industry is heading for a turnaround — Compass Pathways going public — Cannabis users prefer regular old weed</a></h3><h3><a href="https://www.businessinsider.com/pentagon-upholds-microsoft-jedi-contract-amazon-lawsuit-2020-9" target="_blank" rel="noopener">In a blow to Amazon, the Pentagon has upheld its $10 billion JEDI contract with Microsoft</a></h3>

Sin stocks are shares in companies whose business can be considered unethical — here's why they're so enticing and the major players

<p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>REUTERS/Chris Helgren</span></p><p class="caption">Aphria CEO Vic Neufeld poses near a wall covering of a marijuana leaf at a party the day before Canada's legalization of recreational cannabis in Toronto, Ontario, Canada October 16, 2018.</p></div><p></p></div></div></p><ul class="summary-list"><li>Short seller Andrew Left's firm Citron Research on Tuesday afternoon released a bullish report on Canadian <a href="https://www.businessinsider.com/category/marijuana">marijuana</a> producer Aphria. </li><li>Aphria was <a href="https://markets.businessinsider.com/news/stocks/weed-stocks-research-firm-calls-aphria-shell-game-2018-12-1027776236">recently targeted by short sellers</a> who called three recent Latin America acquisitions the NYSE-listed marijuana producer made "largely worthless." The shorts predicted Aphria's stock would sink to $0. </li><li>Citron said Aphria could be a takeover target as big consumer companies look for ways to play the booming marijuana industry. </li></ul><p>How the tables have turned: famous short seller Andrew Left is going long on a marijuana stock that was recently targeted by short sellers.</p><p>Left's firm, Citron Research, on Tuesday afternoon released <a href="https://citronresearch.com/wp-content/uploads/2018/12/Everything-Has-Changed-The-Big-5-Canadian-Cannabis-Companies-Have-Achieved-Platform-Status.pdf">a bullish report</a> on the Canadian marijuana producer Aphria.</p><p>"<span>Expect an </span><a href="https://twitter.com/search?q=%24APHA&amp;src=ctag" data-query-source="cashtag_click"><strong>$APHA</strong></a><span> major partnership or total buyout SOON," Citron tweeted on Tuesday, touting the report. </span></p><p>Citron's report says Aphria's stock, now trading around $5.93, will go north of $8 by year-end. Perhaps more impactful, Citron says Aphria could be an acquisition target for a major consumer packaged goods company - or even another marijuana producer. </p><p>Shares of Aprhia rose 8% on the Ciron report. </p><p>A spokesperson for Aphria couldn't be reached for comment.</p><h2>Why Aphria could be a <keyword id="46801" type="COMPANY" weightage="60" keywordseo="prime">prime</keyword> acquisition target </h2><p>Large consumer companies companies are both a) interested in gaining exposure to the booming marijuana industry, and b) see publicly traded Canadian marijuana growers, as the safest way to play, according to Citron's note. </p><p><a href="https://www.businessinsider.com/canada-legal-marijuana-sales-start-on-october-17-2018-10">Canada legalized marijuana federally on October 17</a>, while the US government considers marijuana an illegal, Schedule I drug. That means no large corporations will invest in or acquire any marijuana companies that sell THC-containing products in the US, fearing federal regulators. </p><p><em><strong>Read more</strong>:<span> </span><a href="https://www.businessinsider.com/law-firms-building-out-cannabis-practices-2018-11">Big law firms are building out specialized pot practices to chase down a red-hot market for weed deals</a></em></p><p>Large consumer packaged goods companies are already dabbling in cannabis. </p><p>Constellation Brands - the third largest beer company in the US - in August <a href="https://www.businessinsider.com/constellation-ceo-the-legal-marijuana-market-is-going-to-be-explosive-2018-10">paid<span> $4 billion in August for a 38% stake of </span>Canopy Growth</a>. Earlier this month Altria - the tobacco maker behind Marlboro - <a href="https://markets.businessinsider.com/news/stocks/weed-stocks-marlboro-maker-altria-cronos-18-billion-investment-2018-12-1027790493">announced its intent to sink $1.8 billion into Cronos Group</a>, a move that <a href="https://www.businessinsider.com/altria-cronos-deal-what-wall-street-is-saying-2018-12">most Wall Street analysts cheered</a> as bringing further legitimacy to the nascent marijuana sector. </p><p>Aphria has an existing partnership with Southern Glazer, a spirit and wine distributor, that some bigger alcohol companies could see as a sort of litmus test.</p><p>"If one of the larger beverage companies wants to see how cannabis might play out on a global recreational level, this one particular partnership might be worth the value of the whole company," the Citron report said. </p><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>AP Photo/Ted S. Warren</span></p><p class="caption">CPG companies are sniffing around the marijuana industry for takeover targets.</p></div><p></p></div></div></p><h2>Could it be Diageo - or could it be Tilray?</h2><p>As for who would make a play for Aphria, Citron has some interesting theories. One leading hypothesis: Diageo is on the prowl for a cannabis play. A former Diageo exec, Jakob Ripshtein, is now Aphria's president.</p><p>Diageo's chairman, Javian Ferran, has also stated he's keeping a close eye on the cannabis industry, per <a href="https://www.bloomberg.com/news/articles/2018-11-13/cannabis-industry-is-facing-a-shakeout-aphria-president-says">Bloomberg</a>.</p><p>Another hypothesis: a larger competitor could scoop up Aphria, in what Citron said would be a "Machiavellian move." </p><p>For Tilray, it could "gain a real business to justify it's overvalued stock price" while removing a competitor from the market, Citron said.</p><p><em><strong>Read more:</strong><a href="https://www.businessinsider.com/cannabis-companies-competing-for-market-share-2018-11"><span> </span>'My lips are wet, my mouth is watering to get a piece of that': A war is brewing between US and Canadian marijuana companies to claim a $75 billion market</a></em></p><p>Or, Aurora - <a href="https://www.businessinsider.com/marijuana-aurora-medreleaf-merge-in-a-2-billion-deal-2018-5">a company that went on a dealmaking tear in 2018</a> - could buy Aphria outright. Aurora merged with rival firm Medreleaf in a $2.3 billion stock deal in May. Citron said that Aphria is generating similar revenue to Medreleaf prior to the takeover deal. </p><p>Buying Aphria could also give either Tilray or Aurora a better shot at an investment from a major CPG company, Citron said. </p><h2>Going long where others are short </h2><p>Citron's position comes on the heels of a<a href="https://markets.businessinsider.com/news/stocks/weed-stocks-research-firm-calls-aphria-shell-game-2018-12-1027776236"> recent short report from Quintessential Capital Management and Hindenburg Research</a>, which alleged that the marijuana producer is<span> "part of a scheme orchestrated by a network of insiders to divert funds away from shareholders into their own pockets."</span></p><p><span>The short seller's </span><span>report centers on three Latin American acquisitions Aphria purchased from Scythian Biosciences - now Sol Global Investments - which the short sellers say are "largely worthless." Aphria shares dropped as much as 30% after QCM's Gabriel Grego presented his position at an investor conference earlier in December, though the stock has since recovered some of its losses.</span></p><p><span><em><strong>Read more:</strong><a href="https://www.businessinsider.com/why-cannabis-companies-pursue-reverse-takeovers-2018-11"> Marijuana companies are using a 'backdoor' strategy to tap the public markets - and it's fueling an M&amp;A boom</a></em></span></p><p><span>Grego couldn't be reached for comment prior to publication. </span></p><p>In response to the short sellers' claims, Aphria contracted John M. Herhalt, an independent board member of Aphria and a former senior partner at KPMG, a Big Four audit firm. </p><p><span>"While we look forward to the results of the investigation, we find them irrelevant now to the greater story," Citron said. </span></p><ul class="read-more-links"><li>Read more:</li><li><a href="https://www.businessinsider.com/accountants-are-getting-into-marijuana-but-there-are-challenges-2018-12" data-read-more-link="" data-e2e-name="read-more-link">Old-school accounting firms are finding the emerging marijuana industry to be an unexpected goldmine - and a minefield</a></li><li><a href="https://www.businessinsider.com/calpers-bought-tilray-shares-despite-tobacco-ban-2018-12" data-read-more-link="" data-e2e-name="read-more-link">California's largest pension fund snapped up shares of marijuana producer Tilray, despite a ban on tobacco investing</a></li><li><a href="https://www.businessinsider.com/poseidon-asset-management-raising-75-million-for-marijuana-focusd-fund-ii-2018-12" data-read-more-link="" data-e2e-name="read-more-link">An early investor in Juul is raising $75 million to make venture investments in pot companies</a></li><li><a href="https://www.businessinsider.com/altria-cronos-deal-what-wall-street-is-saying-2018-12" data-read-more-link="" data-e2e-name="read-more-link">'An investment of this magnitude provides overall legitimacy to the sector': Here's why Wall Street is bullish about the largest tie-up yet between the tobacco and pot sectors</a></li></ul>

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Aphria sinks 15% after earnings and revenue fall short of estimates in fiscal third-quarter results

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Tilray surges 27% after $4 billion merger with Aphria creates the world's biggest cannabis company

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Sin stocks are shares in companies whose business can be considered unethical — here's why they're so enticing and the major players

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Famous short seller Andrew Left says the marijuana producer that was recently hit by short sellers is primed to be taken over by Diageo

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