Pyxus Stock Dives On Tariffs, Marijuana Stocks Also Retreat [Investor's Business Daily]
PYXUS INTL INC (PYX)
Company Research
Source: Investors Business Daily
Related news Pyxus International ( PYX ), a longtime tobacco company whose stock briefly surged after the company announced plans to push into cannabis, fell sharply Thursday after it reported declining sales, a steep loss and troubles from tobacco tariffs and its hemp business. Other marijuana stocks also gave up gains from Wednesday. Pyxus' second-quarter sales slid 12% to $394.9 million, due in part to a stronger U.S. dollar, a larger South America crop the same quarter last year and the timing of some shipments. The company reported a per-share loss of $6.04, compared to earnings per share of 11 cents a year ago. Pyxus' business is almost entirely related to tobacco for now. Pyxus said that an "indirect Canadian subsidiary," called FIGR, had grabbed 13% of the legal recreational marijuana market in Prince Edward Island, a small island province, during the first two weeks of sales. The company said FIGR was "growing market share rapidly" in Nova Scotia. The company said that forei
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