|Bid||33.90 x 0|
|Ask||33.90 x 0|
|Day's Range||33.21 - 35.10|
|52 Week Range||30.30 - 76.68|
|Beta (3Y Monthly)||5.40|
|PE Ratio (TTM)||N/A|
|Earnings Date||Nov 12, 2019 - Nov 18, 2019|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||55.71|
The future of cannabis is looking less profitable, according to an analyst who initiated coverage on five Canadian pot producers and two U.S. multi-state operators on Friday.
Canopy Growth Corp (TSX:WEED)(NYSE:CGC), Cronos Group Inc (TSX:CRON)(NASDAQ:CRON), and Aurora Cannabis Inc (TSX:ACB)(NYSE:ACB) could be excellent buying opportunities.
Canopy Growth Corp.'s co-founder and recently ousted co-chief executive has his eye on a new frontier for medicine beyond cannabis: psychedelics.Bruce Linton said he will be a director at Mind Medicine, a Toronto-based company that is seeking to establish safe psychedelic-assisted treatments for mental illness, such as medicinal psilocybin and medicinal MDMA.He sees the opportunity for psychedelics as medicine as similar to the outlook for medicinal cannabis years ago, where regulations were starting to ease in some jurisdictions, opening the door for research."There's probably untapped value, which will only go to the people who are at the beginning and bold," he said in an interview.Linton is not out of the cannabis business, however, and is taking on advisory roles and making some strategic investments.He said he will serve as a special adviser to animal health and CBD company Better Choice and executive chairman at recreational dispensary Gage Cannabis Co.He will also be an activist investor in OG DNA Genetics Inc. and Slang Worldwide Inc., a cannabis consumer packaged goods company whose co-founders also founded Mettrum Health Corp. which was acquired by Canopy in 2017 when it was a public company.Linton's announcement of his next steps comes after he was terminated in July from the top job at the Smiths Falls, Ont-based cannabis company.Canopy holds its annual general meeting of shareholders — its first without Linton at the helm — in Toronto on Tuesday.Although psilocybin and MDMA — better known as the hallucinogen found in so-called magic mushrooms and the party drug ecstasy, respectively — are illegal in Canada and the U.S., researchers are exploring the substances' efficacy in treating conditions such as post-traumatic stress disorder and depression.Last year, researchers across North America, including B.C., began the third and final stage of experimental psychotherapy trials exploring the use of clinical-grade MDMA, ahead of plans to legalize this type of therapy in Canada and the U.S. by 2021.Meanwhile, in May, Denver became the first city to decriminalize magic mushrooms, and Oakland followed suit in June.Earlier this month, the Johns Hopkins University School of Medicine in Baltimore announced it will start the Center of Psychedelic and Consciousness Research, which it says is the first of its kind in the U.S. and the largest in the world.Linton said Mind Medicine has been working on a derivative of psychedelic substances that can provide therapeutic benefits but without causing a high, in the hopes of getting approval from the Food and Drug Administration.He foresees a "similar run" for psychedelics as cannabis, but doesn't propose that they also become social or recreational products."This is clinical research, looking at ingredients that mostly are derived from nature and that haven't been clinically examined. ... Prohibition put up a big barrier, and I want to explore what is behind it now."Meanwhile, Linton still has ties to the Canadian cannabis industry. He remains a major shareholder in Canopy, and recently upped his investment in the cannabis firm as it prepares for the legalization of edibles, beverages and other ingestible products later this year.Although a non-compete clause as part of Linton's abrupt termination bars him from working at another Canadian cannabis company, he is able to take on the advisory roles with Gage and Better Choice.He also said he "expects to select and announce a multi-state operator for a similar role in the near term."Linton said he turned down roles with some of the larger, better known U.S. companies in the cannabis space, as he believes he can make a bigger impact at Mind Medicine, Gage and Better Choice."Some of the big ones I think they're doing a terrific job," he said. "And while they want me, some of them, I think sometimes it's more just to say I'm there rather than to actually know what the hell I do." Companies in this story: (TSX:WEED)Armina Ligaya, The Canadian PressNote to readers: This is a corrected story. A previous version incorrectly stated where Mind Medicine is based. It also incorrectly stated who Canopy acquired Mettrum from.
CannTrust Holdings Inc. (TSX:TRST)(NYSE:CTST), Alcanna Inc (TSX:CLIQ), and Canopy Growth Corp (TSX:WEED)(NYSE:CGC) are showing red flags; therefore, you should avoid the stocks, even at rock-bottom prices.
Earlier this week, Senator Mitch McConnell submitted a proposal that would require the FDA to set a policy for the sale of hemp CBD products.
Oppenheimer analyst Rupesh Parikh initiated coverage on Canopy Growth stock. The analyst gave a “perform” rating with no target price.
Canopy Growth took the market by surprise and let CEO Bruce Linton go. After leaving Canopy Growth, Linton joined three companies in an advisory role.
SMITHS FALLS, ON , Sept. 17, 2019 /CNW/ - Canopy Growth Corporation (TSX:WEED) (NYSE: CGC) ("Canopy Growth" or "the Corporation") today announced that all of management's nominees listed ...
The markets were flat today as the Fed started its two-day meeting. Cannabis ETFs reported mixed performance, and cannabis stocks traded mostly in the red.
TORONTO — Some of the most active companies traded Tuesday on the Toronto Stock Exchange:Toronto Stock Exchange (16,834.75, up 83.44 points.)Encana Corp. (TSX:ECA). Energy. Down 48 cents, or 6.53 per cent, to $6.87 on 15.8 million shares.Baytex Energy Corp. (TSX:BTE). Energy. Down four cents, or 1.78 per cent, to $2.21 on 13 million shares.Crescent Point Energy Corp. (TSX:CPG). Energy. Down 22 cents, or 3.51 per cent, to $6.05 on 8.4 million shares.Aurora Cannabis Inc. (TSX:ACB). Health care. Down 27 cents, or 3.72 per cent, to $6.99 on 8.1 million shares.Canadian Natural Resources Ltd. (TSX:CNQ). Energy. Down $1.12, or 2.95 per cent, to $36.85 on 8 million shares.Kinross Gold Corp. (TSX:K). Materials. Up 35 cents, or 5.38 per cent, to $6.86 on 5.8 million shares.Companies in the news:CannTrust Holdings Inc. (TSX:TRST). Down 29 cents or 14.6 per cent to $1.70. CannTrust Holdings Inc. says it received a notice of licence suspension from Health Canada, which has been investigating the cannabis company for allegedly cultivating pot in unlicensed rooms. The Vaughan, Ont.-based company says Health Canada has suspended its authority to sell cannabis or to produce cannabis, other than cultivating and harvesting.Magna International. (TSX:MG). Unchanged at $71.32. Canadian manufacturers say they are keeping a close eye on the strike at General Motors in the U.S. as workers picket for a second day. More than 48,000 unionized workers in the U.S. walked off the job Monday over issues such as wages, health care and job security in the first strike at the U.S. manufacturer in more than a decade. Magna International spokesman Scott Worden said in a statement that the auto parts maker was in a "wait-and-see" mode and declined to outline impacts so far.Canopy Growth Corp. (TSX:WEED). Up 59 cents or 1.6 per cent to $37.50. Canopy Growth Corp. expects to complete its search for a new chief executive officer by the end of the calendar year, its chairman said Tuesday during its first annual meeting without co-founder Bruce Linton at the helm. Chairman John Bell commended Linton on his hefty contributions to the Smiths Falls, Ont.-based cannabis producer. Meanwhile, Linton also on Tuesday, announced his next moves will include advisory roles including at U.S.-based dispensary company Gage Cannabis Co. and Toronto-based Mind Medicine Inc., which is focused on psychedelic-based medicines.Imperial Oil Ltd. (TSX:IMO). Up 26 cents to $36.57. Imperial Oil Ltd. announced Tuesday that chairman and chief executive Rich Kruger will step down after leading the Calgary-based company, which is about 70 per cent owned by Texas-based Exxon Mobil Corp., since 2013. In his role, Kruger complained publicly often about red tape, focusing in recent years on how long it took to win Alberta regulatory approval for the two-phase, 150,000-barrel-per-day Aspen thermal oilsands project, first proposed in 2013. Analysts said they expect little change in direction under Brad Corson, a 36-year Exxon employee who becomes president immediately and becomes chairman and CEO on Jan. 1.Shopify Inc. (TSX:SHOP).Down $11.81 or 2.6 per cent to $435.67. Shopify Inc. says its e-commerce and retail platform has been given new features to help U.S. merchants sell hemp and hemp-derived cannabidiol products where permitted by law. The announcement follows last year's passage of U.S. federal legislation that removed hemp from the Controlled Substances Act, which still covers cannabis products. Hemp may contain CBD, a compound with potential medicinal qualities, but without significant levels of THC — a compound in cannabis that produces a high. Shopify says the new features will help its clients tap into a growing regulated industry in the U.S. by providing tools for marketing, payments and shipping products. The Canadian Press
TORONTO — Canopy Growth Corp. expects to complete its search for a new chief executive officer by the end of the calendar year, its chairman said during its first annual meeting without co-founder Bruce Linton at the helm.The "robust" search is "well underway," and the cannabis company is interviewing a number of "well-seasoned executives," chairman John Bell told shareholders in Toronto."We anticipate, and I am confident that, the CEO transition will be completed by the end of the current calendar year," he said. However, Bell also commended Linton on his hefty contributions to the Smiths Falls, Ont.-based cannabis producer."We are here today in large part because of the perseverance, determination and vision of Bruce Linton... When the book is written, and the movie is made, Bruce will definitely have a leading role."Bell's comments come months after Linton was terminated from his role as co-CEO and chairman in July after its biggest shareholder Constellation Brands said it was disappointed in the company's latest earnings.Meanwhile, Linton on Tuesday announced his next moves, which include advisory roles at three companies including U.S.-based dispensary company Gage Cannabis Co. and Toronto-based Mind Medicine Inc., which is focused on psychedelic-based medicines.Canopy's current chief executive Mark Zekulin, previously co-CEO alongside Linton, has said he would stay on until a suitable replacement was found.Zekulin told shareholders at the meeting that it was his choice to leave, and a "natural progression" for new leadership to drive things forward.The list of candidates includes executives who come a variety of industries, including pharmaceuticals, consumer-packaged goods, beverage and alcohol, he said. The list of potential hires also includes candidates from Canada, the U.S. and Latin America, Zekulin told reporters."Generally speaking, there's a list of people who would be amazing at this job and what it it will come down to is... the fit, the ability to walk into the room and know the culture."Some shareholders in attendance voiced concerns about the company's abrupt change in leadership as well as its share price, which has fallen from as high as $65 in early April to $36.91 at close on Monday at the Toronto Stock Exchange.Kay Mehren, who has been a Canopy shareholder for several years since its shares were $1.50 a piece, said she was disappointed about Linton's departure."It's hard to know how the company is doing, because there have been these significant changes recently... I feel uncomfortable any time a founder of a company is removed from it by someone else," she said on the sidelines of the meeting.Zekulin said Tuesday that while he was "sad" to see Linton leave, the CEO is but one piece of the overall puzzle.He added that while Canopy, and the industry overall, is facing several headwinds such as slow store openings and delays in the launch of new cannabis products such as edibles, the long-term opportunity remains."It's still a long game, everyone," Zekulin said. "There will be macro events, there will be internal events that make this ride bumpy. But this is not a quarter-to-quarter race."One bright spot Zekulin pointed to is the legalization of new cannabis products such as edibles, beverages and vapes, which are due to hit legal shelves in mid-December at the earliest.He said Canopy has about 50 next-generation products in the pipeline, but would not go into specifics just yet.Zekulin also addressed vaping concerns south of the border, where U.S. authorities are investigating a string of lung illnesses and some deaths linked to the practice.The initial information indicates that this is an acute problem, rather than a chronic vaping issue, Zekulin said, noting that he does not expect this will change its launch planning or timing.Canopy has developed its own line of fully-integrated vape products "from scratch," he adds."Vapes are a known form factor, but as we look at recent events, they are not a commodity," he said. "The products, the features, the controls, the supply chain, the certifications, these things do matter." Companies in this story: (TSX:WEED)Armina Ligaya, The Canadian PressNote to readers: This is a corrected story. A previous version said that Mind Medicine was based in Australia.
On September 16, Aurora Cannabis was trading at 7.26 Canadian dollars. Its stock has fallen 14.7% since it reported its fiscal 2019 fourth-quarter results.
Psychedelic substances are gaining traction as a treatment for mental illnesses, creating sizable opportunities ...