|Bid||25.62 x 0|
|Ask||25.69 x 0|
|Day's Range||25.42 - 27.59|
|52 Week Range||25.42 - 76.68|
|Beta (3Y Monthly)||5.26|
|PE Ratio (TTM)||N/A|
|Earnings Date||Nov. 12, 2019 - Nov. 18, 2019|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||50.96|
The cannabis industry is in turmoil, but companies with enough cash can capitalize on the pain. Find out why Cronos Group Inc (TSX:CRON)(NYSE:CRON) and one other pot stock are primed to win.
Canopy Growth Corp (TSX:WEED)(NYSE:CGC) stock has fallen 57% from its highs, as earnings continue to disappoint and growth spending remains high.
At 2:00 PM ET, the S&P; 500 and the Dow Jones were up by 1.7%. Despite the surge in the equity market, the cannabis sector showed a mixed performance today.
A quick look at Canopy Growth Corp's (TSX:WEED(NYSE:CGC) recent quarterly results makes it easy to see why the stock has struggled over the past year.
The cannabis sector continued its downward movement in the week that ended on October 10, with ETFs and prominent cannabis players falling.
As of Thursday, Canopy Growth has lost 10.5% of its stock value in October. As of the same day, the company has lost 25.8% of its stock value YTD.
On Thursday, Canopy Growth announced that Constellation’s CFO David Klein will be the new chairman of its board effective immediately.
With Canada's Cannabis 2.0 legalization approaching, Aurora Cannabis and Canopy Growth have been strategizing to benefit from this market opportunity.
At 1:30 PM ET, the S&P; 500 Index and the Dow Jones Industrial Average were up 0.5% and 0.4%, respectively. However, the cannabis sector was down.
SMITHS FALLS, Ont. — The chief financial officer of Canopy Growth Corp.'s largest shareholder has been appointed chair of the cannabis company's board of directors amid an ongoing shakeup in its executive ranks.David Klein, the CFO at Constellation Brands Inc., has been appointed to the position effective immediately, the Smiths Falls, Ont.-based Canopy Growth said in a statement Thursday.The executive said he's excited to serve as the new chair."There is no company better positioned to win in the emerging global cannabis market," he said, adding he looks forward to working with the company's leadership team to position it "for long-term, industry-leading profitable growth."Klein has served as a director on Canopy's board since 2018 and replaces John Bell, who was serving as interim chair. Bell is expected to remain a director on the board.Canopy Growth's CEO Mark Zekulin said the company is "honoured" to welcome Klein, whose "leadership has been extremely valuable to our board at this pivotal moment" in the company's history.Zekulin is staying on as CEO until a suitable replacement is found. He had been co-CEO alongside co-founder Bruce Linton. Linton was ousted from the chief executive position — as well as chairman — in July after Constellation said it was disappointed in the company's results.Constellation's latest quarterly results saw a writedown in connection with its significant stake in Canopy. It recognized a $839-million decrease in the fair value of its Canopy investments during the quarter, which ended Aug. 31.In that second quarter of its 2020 financial year, Constellation reported a loss per share of $2.77 or earnings of $2.72 on an adjusted basis. Excluding Canopy's equity losses, Constellation said it earned $2.91 per share on a comparable basis.Linton has moved on to advisory roles at a number of companies, including a U.S.-based dispensary, and Bell told shareholders at the company's annual general meeting in September that the search for a new Canopy CEO is "well underway."He expects to have a new chief executive in place by the end of the year. This report by The Canadian Press was first published Oct. 10, 2019.Companies in this story: (TSX:WEED) The Canadian Press
Canopy Growth Corp (TSX:WEED)(NYSE:CGC) may have to raise more capital soon. However, these risks now seem to be priced in.
On October 8, Piper Jaffray senior analyst Michael Lavery voiced his opinions about the impact of vaping on cannabis stocks in an interview.
(Bloomberg) -- Pot stocks crumbled to their lowest level since 2017 after Hexo Corp. became the latest cannabis company to lower earnings expectations.The Horizons Marijuana Life Sciences Index ETF fell as much as 6.9% Thursday to the lowest since November 2017 and has now lost 55% since its recent high in March. The U.S.-traded ETFMG Alternative Harvest ETF slid to a record low. The whole sector came under pressure after Hexo said its fourth-quarter and full-year revenue will be come in well below analyst expectations and withdrew its guidance for fiscal 2020. Hexo shares plunged as much as 26% to the lowest since April 2018.Hexo will report earnings on Oct. 24 and appears set to join other Canadian pot producers including Canopy Growth Corp., Aurora Cannabis Inc. and Tilray Inc. in disappointing investors. The company blamed slower-than-expected store openings, a delay in government approval for new products like edibles and vapes, and “early signs of pricing pressure.”Tilray fell as much 12%, heading for a record low. Canopy slid 9.7%, Aurora lost 5.9% and Cronos Group Inc. fell 6.7%.To contact the reporter on this story: Kristine Owram in Toronto at email@example.comTo contact the editors responsible for this story: Brad Olesen at firstname.lastname@example.org, Will DaleyFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Cannabis 2.0 is right around the corner, and Canopy Growth Corp (TSX:WEED)(NYSE:CGC) could be the perfect buy-and-hold cannabis stock for you to consider right now.
Aurora Cannabis has been investing to acquire and form strategic partnerships with hemp-related businesses. The company acquired Hempco Food and Fiber.
SMITHS FALLS, ON, Oct. 10, 2019 /CNW/ - Canopy Growth Corporation ("Canopy Growth" or the "Company") (TSX:WEED.TO - News) (NYSE:CGC - News) is pleased to announce that David Klein has been appointed Chair of its Board of Directors effective immediately. Mr. Klein currently serves as the Executive Vice President and Chief Financial Officer of Constellation Brands, Inc. He has held numerous executive positions in the finance sector over the past 30 years, with a track record of excellence. Mr. Klein specializes in corporate strategy, all aspects of finance and accounting, investor relations, mergers and acquisitions, and information technology.
Struggling American family farms are praising a cash crop worth more than US$45,000 per acre, but the hemp-derived CBD boom isn’t cropping up nearly as much attention in Canada.