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The Sniff Test: Aphria’s $70 million cash windfall is a product of its still-unexplained past

A look at cannabis producer Aphria Inc.’s stock since it released its annual report suggests something of a turnaround.

After a surprise profit, Aphria’s APHA, +5.03%APHA, +4.73% U.S.-traded shares rallied 40% in a single day, adding over half a billion in market value to the name. It has since retreated, shedding $200 million in just over a week’s worth of trading.

Aphria appears as if it’s running as it should. The way the freshly installed chief executive tells it, one reason for the company’s success is that its brands are resonating with customers: high potency for a low price gets marijuana into a lot of hands.

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