|Bid||18.75 x 0|
|Ask||18.76 x 0|
|Day's Range||18.73 - 20.11|
|52 Week Range||18.73 - 70.98|
|Beta (3Y Monthly)||4.11|
|PE Ratio (TTM)||N/A|
|Earnings Date||Feb. 12, 2020 - Feb. 17, 2020|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||30.13|
TORONTO — Some of the most active companies traded Monday on the Toronto Stock Exchange:Toronto Stock Exchange (17,025.11, down 3.36 points.)Aurora Cannabis Inc. (TSX:ACB). Health care. Down 59 cents, or 16.43 per cent, to $3.00 on 28.7 million shares.Encana Corp. (TSX:ECA). Energy. Down 26 cents, or 4.51 per cent, to $5.50 on 6.8 million shares.Aphria Inc. (TSX:APHA). Health care. Down 62 cents, or 10.97 per cent, to $5.03 on 6.7 million shares.The Green Organic Dutchman Holdings. (TSX:TGOD). Health care. Down five cents, or 7.14 per cent, to 65 cents on 5.6 million shares.OceanaGold Corp. (TSX:OGC). Materials. Up six cents, or 2.31 per cent, to $2.66 on 4.1 million shares.Canopy Growth Corp. (TSX:WEED). Health care. Down $1.51, or 7.44 per cent, to $18.78 on 4 million shares. Companies in the news:Canadian National Railway. (TSX:CNR). Down 18 cents to $123.76. About 3,200 Canadian National Railway conductors, trainpersons and yard workers could go on strike just after midnight tonight in a job action that would affect freight services if a deal isn't reached with the company. Passenger rail services in the country's three biggest cities would not be affected, the union said. The Teamsters Canadian Rail Conference, the union representing the employees, gave the required 72-hour strike notice on the weekend. The union said it hopes to reach an agreement before the deadline to address safety and scheduling issues, but workers are prepared to walk off the job if their expectations aren't met.Aimia Inc. (TSX:AIM). Up 30 cents or 8.3 per cent to $3.93. Aimia Inc. has reached a deal with a group of dissident shareholders to overhaul its board of directors, ending a drawn-out fight over control of the company. The agreement also includes a plan by the company to buy back up to $125 million worth of Aimia's shares by Dec. 30. The deal marks a partial surrender to the group led by Charles Frischer, who had sought to overthrow half of Aimia's eight-member board, and to Philip Mittleman, the company's largest shareholder who was locked in a court battle with Aimia. All of the company's directors excluding Mittleman and chief executive Jeremy Rabe have confirmed they will not stand for election to the board at the company's 2020 annual meeting, to be held before May.Western Forest Products Inc. (TSX:WEF). Down four cents or 3.1 per cent to $1.23. Western Forest Products Inc. says negotiations with the United Steelworkers union representing workers in a long-running coastal B.C. strike ended without resolution on the weekend. The company says no active negotiations are occurring and no future mediation dates have been scheduled after 14 hours of bargaining occurred on Saturday and Sunday supervised by two independent mediators. CEO Don Demens says the mediators informed the company talks were over after it presented a contract offer. The strike which began July 1 affects about 3,000 coastal forest workers employed in Western Forest Products' sawmills and timberlands operations.Barrick Gold Corp. (TSX:ABX). Up 42 cents or 1.9 per cent to $22.33. Shares in Barrick Gold Corp. rose on Monday after the company announced plans to sell its 50 per cent non-operating interest in an Australian gold mine for US$750 million in cash. The deal to sell its stake in Kalgoorlie Consolidated Gold Mines in Western Australia — which includes the country's largest open pit gold mine, The Super Pit, as well as underground and processing works — to Australian gold miner Saracen Mineral Holdings Ltd. was announced on Sunday. This report by The Canadian Press was first published Nov. 18, 2019.The Canadian Press
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SMITHS FALLS, Ont. — The Ontario government’s inability to develop sufficient retail capacity for cannabis products is forcing Canopy Growth Corp. to revise its fourth-quarter guidance as Canada’s market "is simply not living up to expectations," says the company’s CEO."At the risk of oversimplifying, the inability of the Ontario government to license retail stores, right off the bat, has resulted in half of the expected market in Canada simply not existing," Mark Zekulin said Thursday on a call with analysts.Zekulin, who announced in August that he intends to leave Canopy after a permanent replacement is found for him and former co-chief executive Bruce Linton, said the company sees enormous global growth potential but faces difficult conditions in its home market because of a lack of retail outlets in its most populous province. He added that the company, based in Smiths Falls, Ont., is pleased to see Ontario's recently announced commitment to move towards an open allocation of retail licences where the number of stores will only be limited by market demand."This is a big deal but it cannot come soon enough," Zekulin said.He also said it's "increasingly unlikely" Canopy will achieve its target of $250 million in revenue in its fiscal fourth quarter ending in March, about 18 months after Canada allowed non-medical use of some cannabis products, but the company didn't provide a new Q4 estimate."While Canopy is geared up with product inventories, production capability and sales efforts to deliver on the $250 million objective, we do not believe at this time there will be sufficient points of retail sales in the near term to unlock the necessary Q4 demand."Retail coverage has been problematic in many parts of Canada since cannabis was legalized in October of 2018. Alberta, which has the most successful retail system in the country, has more than 300 licensed private cannabis providers for just 4.37 million people. Ontario, with 14.57 million people or 40 per cent of the nation's population, has just 24 stores — although the government is in the process of increasing that number to 75.Canopy shares plunged to $20.15 Thursday — the lowest intraday level since December 2017 — before closing at $20.96, down 14.27 per cent from the day prior.Net revenue for the second quarter totalled $76.6 million, which was down 15 per cent from the prior quarter and below an average estimate of $107 million compiled by financial markets data firm Refinitiv.Net loss was $374.6-million or $1.08 per share for the quarter ended Sept. 30 compared with a loss of $330.6 million or $1.52 per share a year ago when Canopy had fewer shares outstanding.That compared with $23.3 million in the same quarter last year before the legalization of recreational cannabis in Canada, but down from $90.5 million in its first quarter.Chief financial officer Mike Lee said that gross revenue during the quarter was $118.3 million, before provisions related to its lineup of oils and softgels, which are relatively new to Canada's legal market.He said the restructuring expense included $32.7 million in revenue provisions related to adjusted pricing and packaging to focus on a smaller portfolio of products at more competitive prices.Canopy also took a $15.9-million inventory charge related to the change in strategy which includes new retail pricing, a rationalized package assortment and a focused marketing and educational plan.In addition, Lee estimated that Ontario needs to open 40 stores every month starting in January for Canopy's supply of dried cannabis products to match consumer demand by the middle of 2020.But neither the CFO or CEO would say that Ontario store-openings will actually happen at that pace but they've assessed various scenarios to determine when demand and supply would be balanced."(Ontario's government) indicated they're going to open more stores. Everybody is pressuring them to open stores. Hopefully they're listening to calls like this and considering the impact it's having on our sector," Zekulin said. This report by The Canadian Press was first published Nov. 14, 2019.With files from Armina LigayaCompanies in this story: (TSX:WEED) The Canadian Press
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Canopy Growth (TSX:WEED)(NYSE:CGC) stock price tanked 16% after earnings on Thursday, but all hope isn't lost yet.
(Bloomberg) -- Canopy Growth Corp. shares fell to the lowest in nearly two years after the pot company reported revenue that missed the lowest analyst estimate and a loss that one analyst called “astounding.”The world’s largest cannabis company by market value also said it’s unlikely to meet its previous guidance of C$250 million ($189 million) in revenue by the fiscal fourth quarter, which ends March 31.Shares fell as much as 18% Thursday to C$20.15, the lowest since December 2017. The stock has lost more than 70% since its recent highs in April amid broad-based pressure on the cannabis sector. Investors are growing increasingly impatient with companies that don’t show a clear path to profitability, and other factors ranging from a vaping-related health crisis to regulatory concerns are also weighing on shares.Chief Executive Officer Mark Zekulin said the company is still on track to achieve its other targets, including positive adjusted earnings before interest, taxes, depreciation and amortization in Canada by fiscal 2021, and full profitability in three to five years.Its expectation for gross margins above 40% by the end of the current fiscal year is “under pressure” but still “achievable,” Zekulin said in a phone interview Thursday.“There are several known factors causing the market problems,” he said. “As quickly as we see those get resolved, then the quicker we can get back on track for that C$250 million, whether it’s a month late or a quarter late, and see all the other things follow suit.”Canopy took a restructuring charge of C$32.7 million for returns, return provisions and pricing allowances in the quarter. These are primarily related to its portfolio of softgel and oil products, which haven’t been selling as well as expected. It also took an inventory charge of C$15.9 million to align its portfolio with a new retailing strategy.“We do not consider this type of adjustment to be one-time, as it reflects returns and new pricing architecture and package assortment going forward,” Bill Kirk, analyst at MKM Partners, said in a note. He called the magnitude of the Ebitda loss “astounding,” and said Canopy’s “excessive equity comp policy” was responsible for much of it.However, Zekulin said he’s confident the charges are one-time items.Overall, Canopy reported fiscal second-quarter net revenue of C$76.6 million, well below the consensus estimate of C$102.3 million, and an Ebitda loss of C$155.7 million. Analysts had expected an Ebitda loss of C$96.1 million.The company is searching for a new leader after co-CEO Bruce Linton was fired in July, and Zekulin said he’d step down once a replacement is found. The company has narrowed down its shortlist of candidates to a number “you can count on one hand,” Zekulin said, and hopes to make an announcement before the end of 2019.(Updates to add CEO comments in paragraphs 4-6, 9, 11)To contact the reporter on this story: Kristine Owram in New York at firstname.lastname@example.orgTo contact the editors responsible for this story: Brad Olesen at email@example.com, Courtney Dentch, Divya BaljiFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.