|Bid||35.71 x 0|
|Ask||35.72 x 0|
|Day's Range||35.15 - 37.50|
|52 Week Range||34.36 - 76.68|
|Beta (3Y Monthly)||5.27|
|PE Ratio (TTM)||N/A|
|Earnings Date||Aug 27, 2019|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||58.33|
Bernie Sanders tweeted his support for legalizing marijuana nationally and expunging past marijuana convictions. How could this impact cannabis stocks?
The future of Canopy Growth Corp. (TSX:WEED)(NYSE:CGC) has become more uncertain after losing $1 billion in three months. Investors would like to see how the weed company rises from this fiasco before investing in the stock again.
Here are the key takeaways from Canopy Growth Corp.’s (TSX:WEED)(NYSE:CGC) first-quarter results, and what you should do.
Last week (ended August 16) was rough for Canopy Growth (WEED)(CGC) stock. It fell about 14% after the company's fiscal 2020 first-quarter earnings report.
Canopy Growth didn't impress investors with its earnings for the first quarter of 2020. The stock has fallen 12.4% since the company's earnings.
(Bloomberg) -- The leaders have become the laggards.Canopy Growth Corp. and Tilray Inc., trailblazers for the global cannabis industry, last week reported disappointing results and indicated that profitability is a long way off, sending both stocks to double-digit declines.Meanwhile, some smaller names are racking up breakout quarters demonstrating the breadth of the industry.Supreme Cannabis Co. said it expects to report positive adjusted earnings before interest, taxes, depreciation and amortization in the quarter ended June 30 when it releases results on Sept. 17. Analysts were expecting a loss and the shares jumped 16% in response.MediPharm Labs Corp. reported a small net income and revenue of C$31.5 million, which GMP Securities analyst Ryan Macdonell estimated is the fifth highest in the Canadian industry. “This achievement is particularly impressive considering Q2/19 is MediPharm Labs’ third quarter of sales,” Macdonell said in a note.And Pure Sunfarms Corp., which is jointly owned by Village Farms International Inc. and Emerald Health Therapeutics Inc., reported a net income of C$37.2 million, the biggest to date in the industry.Short GusherPerhaps it’s not surprising then that Canopy and Tilray are two of the most-shorted cannabis stocks and the biggest money makers for the counterparties who loan out their shares to short sellers.Financial analytics firm S3 Partners compiled a list of the stocks with the largest daily earnings from short sellers, who pay a fee based on the number of shares shorted, the price of the stock and its borrow fee.Canopy was second on the list, and 10 of the top 50 were cannabis-related stocks. Lending out Canopy’s U.S.-listed shares earns $719,557 a day and its Canadian shares earn an additional C$161,112. Tilray makes its stock lenders $295,116 a day.However, that pales in comparison to first-place Beyond Meat Inc., which earns $1.8 million a day.Black MarketCanopy’s less than stellar results included an unexpected revenue decline that was one of only two reported so far this quarter, according to Cowen & Co. analyst Vivien Azer. (The other one was Organigram Holdings Inc., which attributed the drop to “changes in growing protocols” that affected yields and have since been corrected.)One of the problems was a surplus of oils and softgels at provincial wholesalers, which forced Canopy to record an C$8 million provision for potential product returns.Soft demand for oil products across the industry was “a bit concern,” Cowen’s Azer said.Canopy also appears to have significantly underestimated the demand for products that contain a lot of THC, the cannabis compound that gets you high. To make up lost ground, Canopy shifted its mix of strains and over 70% of its harvest in the quarter was high in THC, Chief Executive Officer Mark Zekulin said in an interview Thursday.The lack of high-THC products may be part of the reason a large percentage of consumers remain in the black market. Statistics Canada released data last week that found 42% of cannabis consumers bought at least some of their pot from illegal sources in the second quarter.Store ScarcityAnother problem is the lack of retail stores in Canada’s two most populous provinces, Ontario and Quebec. While Ontario has roughly one store for every 600,000 people and Quebec has roughly one store for every 500,000 people, Colorado has one for every 10,000 people.Zekulin described the situation as a “chicken-and-egg scenario,” where the provinces were reluctant to open more stores until they knew they could secure more high-THC product, while the companies were waiting for more stores in which to sell their products.More stores are on the way, indicating that shortages are easing. Ontario this week will hold a lottery for 42 new cannabis retail licenses with the first newcomers anticipated to open in October.Upcoming Events This WeekTUESDAY 8/20Ontario holds a lottery for 42 new cannabis retail store licenses, with results to be announced within 24 hoursWEDNESDAY 8/21Cresco Labs Inc. reports earnings post-market with a call scheduled for 5 p.m. New York timeLast Week’s Top StoriesCanopy CEO Sees Revenue Rebound After Weak Quarter Batters StockTilray CEO Says Focus on Profitability is ‘Constraining’Bizarre Pot Stock Moves May Be Linked to Blockbuster ETF TradesCannTrust Plunges After Agency Finds More Breaches of Pot RulesAcreage Aims to Bring Canopy’s Tweed Pot Stores to CaliforniaLender to Fund Container Pot Shops on Canadian Indigenous LandsLuxe Lifestyle Brands Eye Legal Cannabis as New Revenue StrainTo contact the reporter on this story: Kristine Owram in Toronto at firstname.lastname@example.orgTo contact the editors responsible for this story: Brad Olesen at email@example.com, ;Jacqueline Thorpe at firstname.lastname@example.org, Divya BaljiFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
The bellwether marijuana stock delivered a very disappointing quarter, and Tilray's latest wasn't much better. Aurora Cannabis, meanwhile, gets to borrow a bit more money.
Cannabis stocks mostly traded in positive territory today. Supreme Cannabis (FIRE) and Aurora Cannabis (ACB) rose about 9.5% and 5.5%, respectively.
Canopy Growth Corp.'s top six executives saw their total compensation surge to a combined $28.5 million payout last year, a period that included the first months since cannabis was legalized in October.Nearly 90 per cent of the payout to the six top officials was in the form of option-based awards, the Smiths Falls, Ont., company said Friday in a regulatory filing ahead of its annual meeting on Sept. 17.The executives received a combined $11.3 million in fiscal 2018 and $4 million a year earlier.Bruce Linton, who was ousted as co-CEO earlier this year, received $9.33 million in the fiscal year ended March 31, up from $2.52 million a year earlier. It included $8.56 million in option-based awards, a $450,000 bonus, $318,000 salary and $3,568 in other compensation.He also received a $1.5-million payout after being terminated without cause as of July 2. All of Linton's uninvested options immediately vested upon his termination and remain exercisable until their original expiry date, said the filing.Linton was fired in the wake of a statement from shareholder Constellation Brands Inc., which invested $5 billion last November, that it was "not pleased" with Canopy's year-end results.Constellation owns a 35.55 per cent stake in Canopy and has the right to nominate four directors to Canopy's board.CEO Mark Zekulin, who was previously president and co-CEO, received $5.96 million in compensation last year, including $5.2 million in options, a $500,000 salary and a $250,000 bonus. That was up from almost $2.5 million in fiscal 2018.Zekulin said this week that he would be leaving the company "once a suitable CEO is found."Former chief financial officer Tim Saunders received $5.93 million in compensation last year. He retired in June but remains a strategic adviser.Acting president Rade Kovacevic, chief legal officer Phil Shaer and chief information officer Ru Wadasinghe each received more than $2.4 million in compensation.The proxy circular was released a day after the company's shares fell 14.5 per cent and touched their lowest level this year after quarterly results were released that suggested the cannabis producer lost market share. They partially rebounded by gaining $1.39 or 3.8 per cent at $37.80 in Friday afternoon trading.The company missed expectations as it reported $90.5 million in revenues in the first quarter of the current fiscal year, up from $25.9 million a year earlier when recreational marijuana was still illegal in Canada. Compared with the quarter before, sales were down by about $4 million.Zekulin said Thursday that Canopy has grabbed 25 per cent to 33 per cent of the market and expects to maintain and increase its market share, and as the market grows that will mean increasing revenues.Canopy said that two of its directors waived their right to receive compensation last year, while five others received between $216,682 and $356,230. Chris Schnarr, who resigned Nov. 1, received nearly $7.4 million in compensation, primarily from $7.1 million in option-based awards. Companies in this story: (TSX:WEED)Ross Marowits, The Canadian Press
Analysts are slashing their price targets on shares of Canopy Growth Corp. after quarterly results that fell short of expectations on multiple fronts.
Canopy Growth's ex-CEO, Bruce Linton, increased his investment in the company. Linton stated that he's still positive about the company's future.
KEMPTVILLE , ON and SMITHS FALLS, ON , Aug. 15, 2019 /CNW/ - Canopy Growth Corporation is pleased to invite you to attend a cheque presentation at Ferguson Tree Nursery in Kemptville, Ontario . Seeing ...
Now, 50 years later, the crowd that started it all has become one of the most important, influential and educated consumer groups in the legal cannabis market—the 55+ Boomers. "Over the past two months, Tweed has worked with market research firm, Leger, polling the Boomer generation for their opinions on cannabis pre and post-legalization in regards to education, community and the future of the consumer landscape," says Rade Kovacevic, President of Canopy Growth Corporation. "This is a demographic with an incredibly unique viewpoint that has experienced and observed the cannabis industry's transition from prohibition to legalization over the past 50 years.
Canopy Growth Corp. shares fell to a 2019 low on Thursday after quarterly results suggested the cannabis producer lost market share and an announcement that its interim chief executive plans to leave the company, just weeks after his co-CEO was pushed out.The Smiths Falls, Ont.-based company shares closed down $6.16 or 14.47 per cent at $36.41 on the Toronto Stock Exchange.Canopy reported a $1.28-billion loss or $3.70 per share for the three months ended June 30, compared with a loss of $91 million, or 40 cents a share, in the same quarter the previous year. Analysts had predicted the company would book a loss of 70 cents per share on $107.1 in revenue, according to financial data firm Refinitiv.Quarterly revenues in what was the company's fiscal first quarter of 2020 fell short of those expectations at $90.5 million, up from $25.9 million a year earlier, before recreational marijuana was legal in Canada. Compared with the quarter before, sales were down by about $4 million.Medical cannabis revenues decreased five per cent year-over-year, with a 39 per cent drop in Canada offset by a large increase in international sales."It appears Canopy is losing market share," John Chu, an analyst with Desjardins, wrote in a note. Canopy's net sales of $90 million fell short of Desjardins's $125-million estimate.CEO Mark Zekulin said Thursday that Canopy was successful when recreational cannabis became legal in Canada in October and that allowed it to grab 25 per cent to 33 per cent of the market."Our competitors have now began to ramp up their own supply," he said, adding that the company has had to retrofit some of its facilities."We are still within that one quarter to one-third market share," though it's now towards the lower end of that band, Zekulin said.Still, he added, the company expects to maintain and increase its market share and as the market grows that will mean increasing revenues.Zekulin announced on the call that he has decided to leave the company "once a suitable CEO is found." The news came just six weeks after co-CEO and board member Bruce Linton was abruptly ousted in the wake of a statement from shareholder Constellation Brands Inc., which invested $5 billion last November, that it was "not pleased'' with Canopy's year-end results.At the time, Zekulin said he will work with the board to begin a search to find a new leader to guide the company in its next phase.Canopy has hired a U.S. recruitment firm, Zekulin said, and the CEO search is well underway with "several exceptional candidates" already identified.It expects to have the executive post transition completed within the next several months, said Zekulin, who did not disclose his future plans. Follow @AleksSagan on Twitter. Companies in this story: (TSX:WEED)Aleksandra Sagan, The Canadian Press
JWC AND TERRASCEND SIGN MUTUALLY BENEFICIAL PURCHASE AND SUPPLY CONTRACT TORONTO , Aug.15, 2019 /CNW/ - Canopy Rivers Inc. (" Canopy Rivers " or the " Company" ) (TSXV: RIV) (OTC: CNPOF) ...