16.14 0.00 (0.00%)
After hours: 7:58PM EDT
|Bid||16.10 x 1300|
|Ask||16.15 x 1200|
|Day's range||16.05 - 16.80|
|52-week range||9.00 - 44.17|
|Beta (5Y monthly)||2.49|
|PE ratio (TTM)||N/A|
|Forward dividend & yield||N/A (N/A)|
|1y target est||N/A|
Aurora Cannabis (NYSE: ACB) and Canopy Growth (NYSE: CGC) are two of the biggest names in the cannabis industry today. Both companies have struggled with profitability and growing their sales in recent quarters. Investors are better off buying shares of Curaleaf Holdings (OTC: CURLF), and here's why.
A formerly bullish analyst is now bearish on the popular cannabis company -- and he's warning that more pain could lie ahead for shareholders.
Despite recent troubles, Canopy Growth is optimistic its cannabis beverages can dwarf the growth of hard seltzers.
Shares of Canopy growth (CGC) are trading 30% lower since its latest quarterly results last week. However one analyst sees share as undervalued for the Canadian cannabis company which has shifted from medical to more recreational sales when that market was legalized in Canada almost two years ago. “Although we expect the medical market to shrink because of recreational legalization, we forecast more than 10% average annual growth for the entire Canadian market through 2030, driven by the conversion of black-market consumers into the legal market and new cannabis consumers,” analyst Kristoffer Inton wrote in a note to investors.
Canopy Growth (NYSE: CGC) shares aren't anywhere close to their levels in late 2018 and early 2019 as the Canadian adult-use recreational marijuana market was first launching. If Canopy can remain a top leader in the industry, it could be able to deliver more impressive gains in the future than it has in the past. There's no question that Canopy has plenty of growth opportunities.
After Aurora Cannabis (NYSE: ACB) posted surprisingly positive Q3 results last week, some might have thought that Canopy Growth (NYSE: CGC) would have good news in its quarterly update this week. Canopy announced its fiscal 2020 fourth-quarter and full-year results on Friday and the marijuana stock fell more than 20% in intraday trading, which gives you an idea of how the company performed in Q4. Here are 10 things to hate about Canopy Growth's Q4 update, along with a couple of things to love.
CGC earnings call for the period ending March 31, 2020.
A pair of marijuana stocks, Tilray (NASDAQ: TLRY) and OrganiGram Holdings (NASDAQ: OGI), both dropped notably in price on Friday (by 5.2% and 7%, respectively). The culprit seems to be another weed title, Canopy Growth (NYSE: CGC), which earlier in the day published an awful quarterly earnings release. Canopy Growth is a leading company in the sector.
Lower sales of recreational marijuana and large restructuring and impairment charges hurt the Canadian cannabis producer's performance.
Shares of Canopy Growth (NYSE: CGC) were crashing 18.5% lower as of 10:01 a.m. EDT on Friday. Canopy's net revenue in Q4 fell 13% from the previous quarter to 107.9 million Canadian dollars. Any company that misses Wall Street's expectations as badly as Canopy did is going to experience repercussions.
Most Canadian licensed producers are likely sitting on underutilized or unused assets that they won't be able to move.
Shares of Village Farms International (NASDAQ: VFF) were soaring 22.6% as of 3:50 p.m. EDT on Friday. The cannabis and greenhouse produce company didn't announce any news of its own, but there were several other developments that were likely behind Village Farms' big gain. One potential factor for the Village Farms' jump was Statistics Canada's release Friday morning of data showing that cannabis sales in Canada skyrocketed in March.
Top management changes are in the cards at Canopy Growth (NYSE: CGC). The company said that its chief operating officer Andre Fernandez and chief commercial officer Dave Bigioni are no longer employed there, after mutually agreeing with Canopy Growth to depart. Both Fernandez and Bigioni were veterans of the corporate world prior to their tenures at Canopy Growth.
For years, the marijuana industry was the hottest investment on Wall Street. Over the past 13-plus months, cannabis stocks have been raked over the coals. Regulatory-based supply issues in Canada, high tax rates on legal-channel pot products in key U.S. states, and the inability of many North American pot stocks to access traditional forms of financing have quickly pulled the rug out from beneath this blazing hot industry.
Over the last 20 months, they have been impacted by valuation issues, a thriving black market, lower than expected demand, high inventory levels, mounting losses, health issues from the vaping scandals, and much more. The investor euphoria that surrounded cannabis stocks when Canada legalized marijuana for recreational use seems like a distant dream. The marijuana sector is still at a nascent stage and is expected to grow at a rapid pace in the upcoming decade.
In the latest trading session, Canopy Growth Corporation (CGC) closed at $15.08, marking a -1.71% move from the previous day.
Constellation Brands (NYSE: STZ) has given Canopy Growth (NYSE: CGC) a renewed strong vote of confidence. On May 1, the company known for its Corona beers announced that it would be exercising warrants which would give Constellation a 38.6% stake in the cannabis company. In 2018, it invested another $4 billion into Canopy Growth.
Specialty cannabis investment boutique Canopy Rivers has placed a new bet on cannabis-laced gummies. Canopy Rivers' investment takes the form of an unsecured convertible debenture accompanied by a set of warrants. Canopy Rivers' contribution was just one part of a funding round that amounts to CA$7 million ($5 million) in total.