|Bid||28.91 x 0|
|Ask||28.92 x 0|
|Day's Range||28.82 - 29.62|
|52 Week Range||18.23 - 70.98|
|Beta (5Y Monthly)||3.90|
|PE Ratio (TTM)||N/A|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||N/A|
Canopy Growth first realized last April that the thin liners inside aluminum cans could suck the cannabis buzz from their much-anticipated line of pot drinks.
Canopy Growth Corp (TSX:WEED)(NYSE:CGC) may have just put in a bottom with the first decent quarter in a long time!
Here's why Canopy Growth’s (TSX:WEED)(NYSE:CGC) latest sequential quarterly sales growth could just be 13%, or even lower if excluding recent acquisitions, but it's still a great quarter.
Even after reporting improved results Canopy Growth Corp. (TSX:WEED)(NYSE:CGC) is struggling to deliver value.
You must understand why Canopy Growth's (TSX:WEED)(NYSE:CGC) stock price fell in 2019 to recognize the signs of a correction in 2020.
SMITHS FALLS, Ont. — Canopy Growth Corp. is planning further cost cutting as it works to achieve positive cash flow and profitability, the cannabis producer's new chief executive said Friday as it reported a $124.17-million loss in its third quarter of 2020.David Klein, who formally became Canopy's CEO in January, said the Ontario-based company has a "lot of work to do" but also has the financial resources to make careful choices.Klein, who had previously been chief financial officer at Constellation Brands, Canopy's largest shareholder, told analysts that "we have to align our resources and investments with the size and growth rate of the market as it exists today.""We've begun taking steps designed to bring our inventory in balance with our supply-demand forecast. This includes a thorough strategic review of our footprint, which is under way."Though substantial, Canopy's loss for the three months ended Dec. 31 was smaller than analysts had expected and the company's shares gained nearly 16 per cent to close at $29.98 on Friday on the Toronto Stock Exchange.The Smiths Falls-based company said it lost 35 cents per share in the quarter ending Dec. 31, compared with earnings of $74.86 million or 22 cents per share for the same quarter last year.The loss was on revenue of $135.55 million, compared with revenue of $97.7 million for the same quarter last year.Analysts had expected a loss of $156.78 million, or 47 cents per share, according to financial markets data firm Refinitiv.Canada's cannabis industry has seen a wave of layoffs this year, including upwards of 500 at Aurora Cannabis and about 140 jobs at Tilray Inc., as companies struggle for profitability.This report by The Canadian Press was first published Feb. 14, 2020.Companies in this story: (TSX:WEED) The Canadian Press
Canopy Growth's new CEO David Klein delivered first quarter results that topped expectations across the board as shares popped 15%.
(Bloomberg) -- Canopy Growth Corp. jumped as much as 25%, the biggest gain since 2018, after the world’s largest cannabis company reported quarterly results that beat expectations across the board.Canopy posted a 62% quarter-over-quarter jump in net revenue to C$123.8 million, which was well ahead of the consensus estimate of C$105.4 million. Cannabis gross revenue rose 8%, and Canopy said it took top market share in the quarter ended Dec. 31, capturing 22% of Canada’s recreational pot sales.Its adjusted Ebitda loss of C$91.7 million was C$64 million narrower than the previous quarter, and beat the average analyst estimate of a C$110 million loss.The results, which set a very different tone than Aurora Cannabis Inc.’s earnings Thursday, sent cannabis stocks higher Friday morning. Tilray Inc. gained 11%, Aphria Inc. rose 9.5% and Cronos Group Inc. added 9.8%.Canopy cut its operating expenses by 14% in the quarter, boosting its gross margin to 34% from negative 13% in the previous quarter.“We delivered significant gross improvement in the third quarter driven by stronger revenues and higher capacity utilization,” Chief Financial Officer Mike Lee said in a statement. “Actions taken earlier this year are expected to meaningfully reduce stock-based compensation in FY21, and we have started to implement tighter cost controls across the organization.” He added that further cost-cutting measures are planned.Speaking on an analyst call Friday morning, Lee said he expects revenue to increase “modestly” in the current quarter and reiterated that the company is committed to delivering 40% gross margins in the near term.The company is reviewing its production footprint to ensure its supply is aligned with demand, and will consider shutting down facilities as part of a broader review of costs, said Chief Executive Officer David Klein, who joined the company from Constellation Brands Inc. a month ago.“Clearly we have to do a better job managing inventory and overall working capital, we have to slow our capex spend, we will pull back on the M&A activity that the business has been doing and we need to do a better job with our P&L, so literally we need to work across every line item,” Klein said.Bill Kirk, analyst at MKM Partners, called the Ebitda beat “surprising” given the costs associated with preparing for the rollout of newly legal products in Canada, including beverages, edibles and vapes.“We had expected only small improvements from the prior quarter, but Canopy is showing a meaningful progression,” Kirk wrote in a note. “That said, the path to profitability still remains very unclear.”(Adds comments from analyst call in paragraphs 7-9)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, Will Daley, Steven FrommFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Canopy Growth Corporation (CGC) delivered earnings and revenue surprises of 25.00% and 18.90%, respectively, for the quarter ended December 2019. Do the numbers hold clues to what lies ahead for the stock?
Scientists have determined the thin liners inside aluminum cans can cause cannabis drinks to lose their potency.
Canada's market today mirrors the patchwork of U.S. states where the drug is legal in the worst possible ways, according to one analyst.
Hexo Corp (TSX:HEXO)(NYSE:HEXO) has all the advantages of Canopy Growth Corp (TSX:WEED)(NYSE:CGC), without the premium valuation.
Avoid investing in stocks from Aurora and Canopy Growth, as the marijuana industry looks unlikely to do any better in 2020.
US federal cannabis legalization is being pushed by a major US Presidential candidate, which could be great news for Canopy Growth Corp. (TSX:WEED)(NYSE:CGC).
Here's what you may have missed on IBD Live this week amid strong earnings from companies like Nvidia, Alibaba, and Canopy Growth.
The IBD Live Team discusses Canopy Growth Corp on today's episode. The stock is up 18% today. Does this mean the marijuana industry could be getting ready for a comeback?