CGC - Canopy Growth Corporation

NYSE - NYSE Delayed Price. Currency in USD
21.29
+2.64 (+14.16%)
At close: 4:04PM EST

21.28 -0.01 (-0.05%)
Pre-Market: 4:17AM EST

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Previous Close18.65
Open19.30
Bid0.00 x 1800
Ask0.00 x 1400
Day's Range19.21 - 21.49
52 Week Range13.81 - 52.74
Volume19,063,260
Avg. Volume6,622,357
Market Cap7.459B
Beta (3Y Monthly)3.80
PE Ratio (TTM)N/A
EPS (TTM)-1.79
Earnings DateN/A
Forward Dividend & YieldN/A (N/A)
Ex-Dividend DateN/A
1y Target EstN/A
  • GlobeNewswire

    SHAREHOLDER ALERT BY FORMER LOUISIANA ATTORNEY GENERAL: KSF REMINDS BAX, CGC, GRUB, SEE INVESTORS of Lead Plaintiff Deadline in Class Action Lawsuits

    NEW ORLEANS, Dec. 09, 2019 -- Kahn Swick & Foti, LLC (“KSF”) and KSF partner, former Attorney General of Louisiana, Charles C. Foti, Jr., remind investors of pending.

  • ACCESSWIRE

    CLASS ACTION UPDATE for QUAD, REZI and CGC: Levi & Korsinsky, LLP Reminds Investors of Class Actions on Behalf of Shareholders

    NEW YORK, NY / ACCESSWIRE / December 9, 2019 / Levi & Korsinsky, LLP announces that class action lawsuits have commenced on behalf of shareholders of the following publicly-traded companies. To determine ...

  • ACCESSWIRE

    SHAREHOLDER ALERT: Pomerantz Law Firm Investigates Claims On Behalf of Investors of Canopy Growth Corporation - CGC

    NEW YORK, NY / ACCESSWIRE / December 9, 2019 / Pomerantz LLP is investigating claims on behalf of investors of Canopy Growth Corporation ("Canopy" or the "Company") (CGC). Such investors are advised to contact Robert S. Willoughby at rswilloughby@pomlaw.com or 888-476-6529, ext. The investigation concerns whether Canopy and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.

  • Investopedia

    Stocks Hold Against Resistance

    We look at the balance of power indicator using Amgen as an example and discuss a potential move higher for cannabis stocks.

  • ACCESSWIRE

    HAGENS BERMAN, NATIONAL TRIAL ATTORNEYS, Encourages Canopy Growth (CGC) Investors With $100k+ Losses to Contact Its Attorneys, Securities Fraud Case Filed

    SAN FRANCISCO, CA / ACCESSWIRE / December 9, 2019 / Hagens Berman urges Canopy Growth Corporation (NYSE:CGC) investors who have suffered losses in excess of $100,000 to submit their losses now to learn ...

  • ACCESSWIRE

    The Gross Law Firm Announces Class Actions on Behalf of Shareholders of DOMO, YJ and CGC

    NEW YORK, NY / ACCESSWIRE / December 9, 2019 / The securities litigation law firm of The Gross Law Firm issues the following notice on behalf of shareholders in the following publicly traded companies. Shareholders who purchased shares in the following companies during the dates listed are encouraged to contact the firm regarding possible Lead Plaintiff appointment. Investors Affected: shareholders who acquired: (a) Domo common stock pursuant and/or traceable to the Company's initial public offering commenced on or around June 29, 2018; or (b) Domo securities between June 28, 2018 and September 5, 2019, both dates inclusive.

  • Canopy Growth Soars As Constellation Brands CFO Named CEO Of Marijuana Company
    Investor's Business Daily

    Canopy Growth Soars As Constellation Brands CFO Named CEO Of Marijuana Company

    Canopy Growth soared Monday on the news Constellation Brands CFO David Klein will become CEO of the troubled Canadian cannabis producer.

  • Canopy Growth (CGC): Leading Market Into Cannabis 2.0
    TipRanks

    Canopy Growth (CGC): Leading Market Into Cannabis 2.0

    The Canadian cannabis market is heading into a major catalyst with the unleashing of Cannabis 2.0 products in mid-December. Canopy Growth (CGC) remains an expected market leader heading into the launch of products such as edibles and vapes. The problem remains that the large cannabis company sits on the bleeding edge and new technology developments and state of the art facilities come with heavy costs while sales are highly uncertain.Solid Product SelectionAt a media event on November 28, Canopy Growth released a wide selection of vapes, beverages and chocolates. The company isn’t chasing a full set of edibles missing items such as gummies.Regardless, the company got a big investment from Constellation Brands so a focus on beverages wasn’t surprising. The new 150,000 square foot facility in Smith Falls, Ontario has the capacity to produce 4 million beverages a month.The selection of beverages is where Canopy Growth probably separates themselves from the industry. The list includes Tweed, Houseplant, Quatreau and Deep Space branded drinks.The other impressive aspect is the wide selection of drinks with different amounts of THC and CBD, including a range from 2 mg to 10 mg of THC (maximum permitted limit) to a selection of different flavors. The chocolate and vape product lines appear equally impressive.Hard PartThe hard part here is making money off a diverse selection of products with unknown demand for each version. Canopy Growth is going to dump a lot of product on the market and the risk is ending up with product returns similar to the recreational cannabis market.The additional issue is the focus on partnerships with award-winning chocolate producers with state-of-the-art facilities rings the bell on products out pricing the strong illegal market. Part of the big benefit of the edibles market is the general product selection not available in the illegal market, yet Canopy Growth doesn’t appear to have selections targeted at pulling this customer base into the products not readily available from a corner dealer.Analysts forecast quarterly revenues jumping from $80 million in the December quarter to over $100 million in the March quarter and $122 million in the June quarter. This revenue jump encapsulates the Cannabis 2.0 ramp along with a substantial opportunity for additional retail stores in Ontario and all of Canada.Even with flat operating expenses, Canopy Growth isn’t even set for revenues to top last quarter’s operating expenses. With general targets for 40% gross margins, the FQ1 revenue target of C$162 million would only generate C$65 million in gross profits with all likelihood that the company grows operating expenses from the current base of C$160 million.The possibility doesn’t appear to exist for Canopy Growth to suddenly run a streamlined operation in the midst of the ramp of a new product category with highly unknown sales outcomes. The market will not be happy with a stock still struggling with EBITDA profits after these two catalysts are unleashed next year.Consensus VerdictWall Street has mixed reviews on Canopy Growth. Of 16 analyst ratings tracked by TipRanks, 6 recommend "buy," while 10 say "hold." The average price target is $20.60, which implies a slight downside from current levels. (See Canopy stock analysis on TipRanks)Weighing in for the bulls, Piper Jaffray analyst Michael Lavery noted, "We continue to estimate a $250-500B potential long-term global cannabis market, with a $15-50B near-term opportunity, and believe Canopy is well positioned in the sector. We expect a slow rollout of retail stores in Canada to continue to hinder recreational cannabis sales growth, but believe Canopy could be well-positioned in the coming year, especially if competitors exit the industry. Canopy is prepared to launch several new brands and product forms when derivative products become legal in December. Canopy's vapes look technologically advanced and we believe they could be compelling with consumers (pictures inside). Our expectations for the beverage category are modest, but Canopy has innovative products that could help attract new consumers." Lavery rates the stock an Overweight along with a $21 price target, which aligns evenly with where the stock is currently trading. (To watch Lavery's track record, click here)TakeawayThe key investor takeaway is that Canopy Growth has made several smart moves to position the company for the long-term future in the global cannabis market. Unfortunately, the company still needs make tough decisions on right sizing the business with the lower demand for cannabis products in Canada and around the globe. Canopy Growth likely needs a new CEO to implement the plans needed to make this stock a buy.To find good ideas for cannabis stocks trading at fair value or better, visit TipRanks’ Best Stocks to Buy, a newly launched tool that unites all of TipRanks’ equity insights.

  • Cannabis market leader Canopy Growth names Constellation Brands’ CFO as its new CEO
    MarketWatch

    Cannabis market leader Canopy Growth names Constellation Brands’ CFO as its new CEO

    Canopy Growth Corp. said Monday it has named David Klein, currently chief financial officer at its biggest shareholder, Constellation Brands Inc., as its new chief executive, taking over from Mark Zekulin on January 14.

  • GlobeNewswire

    Pawar Law Group Reminds Investors of Deadline in Securities Class Action Lawsuit Against Canopy Growth Corporation – CGC

    Pawar Law Group announces that a class action lawsuit on behalf of shareholders who purchased shares of Canopy Growth Corporation (CGC) from June 21, 2019 through November 13, 2019, inclusive (the “Class Period”). The lawsuit seeks to recover damages for Canopy Growth Corporation investors under the federal securities laws. A class action lawsuit has already been filed.

  • Benzinga

    Canopy Growth Analyst Says Constellation Brands Likely To Bid On Cannabis Company's Equity

    Canopy Growth (NYSE: CGC) shares jumped Monday when the company announced the appointment of Constellation Brands (NYSE: STZ) CFO David Klein as the cannabis company's CEO. Cantor Fitzgerald’s Pablo Zuanic reiterated a Neutral rating on Canopy Growth with a CA$18.90 ($14.27) price target. Zuanic was surprised it has taken this long for Canopy Growth to hire a new CEO after Bruce Linton's departure, the analyst said in a Monday note.

  • Barrons.com

    The Dow Is Falling 72 Points Because China Tariffs Could Happen

    The three major U.S. stock market indexes fell as investors fear that there won’t be enough progress made in trade talks between the U.S. and China to prevent tariffs that are scheduled for Dec. 15 from taking effect.

  • Barrons.com

    Canopy Growth Has a New CEO. Here’s What He Needs to Do Now.

    A top task facing Canopy Growth’s newly-announced chief executive will be to control the cannabis company’s swelling expenses. Good thing that David Klein has been the financial chief at the pot producer’s big shareholder, (STZ) because his bud-counting skills will be tested by the costs of the new beverages, vapes and chocolates that Canopy starts selling in Canada next month. Investors seem happy that a financial guy is taking charge of (WEED) (ticker: CGC), whose founder Bruce Linton was forced out in July by Constellation (STZ) after the pot pioneer’s losses ballooned.

  • ACCESSWIRE

    SHAREHOLDER ALERT: UNIT AZZ CGC: The Law Offices of Vincent Wong Reminds Investors of Important Class Action Deadlines

    NEW YORK, NY / ACCESSWIRE / December 9, 2019 / The Law Offices of Vincent Wong announce that class actions have commenced on behalf of certain shareholders in the following companies. If you suffered a ...

  • Barrons.com

    Marijuana Stock Canopy Growth Is Soaring Because It Finally Has a New CEO

    David Klein, executive vice president and chief financial officer of Constellation Brands, will succeed Canopy Growth CEO Mark Zekulin on Jan. 14. The news ends a search that began in early July.

  • Constellation Exec Named Canopy CEO as Takeover Odds Grow
    Bloomberg

    Constellation Exec Named Canopy CEO as Takeover Odds Grow

    (Bloomberg) -- Canopy Growth Corp., the world’s most valuable cannabis company, has appointed Constellation Brands Inc.’s finance head as its chief executive officer, raising the odds that the alcohol giant will buy Canopy outright.David Klein, currently chief financial officer of Constellation and chair of Canopy’s board of directors, will become the pot company’s CEO effective Jan. 14, Canopy announced Monday. Constellation owns approximately 35% of Canopy.Klein will replace Mark Zekulin, who has been leading the company as its sole CEO since Bruce Linton was forced out of his co-CEO role in July amid increasing pressure to turn a profit. Canopy shares rose as much as 13% in Toronto, while Constellation dipped 1.3% in New York.“Canopy Growth sits at the forefront of one of the most exciting new market opportunities in our lifetime,” Klein said in a statement. “I look forward to working with the team to build on the foundation that has been laid, to develop brands that strongly resonate with consumers, and to capture the market opportunity before us.”In an interview at Bloomberg’s New York office, Linton said he believes Constellation is preparing to acquire the remainder of Canopy to take advantage of its “disruptive” portfolio of cannabis beverages and its research into marijuana’s medical applications.“All these things are mega medium- to long-term outcomes, and Constellation has the best seat in the house to see that,” Linton said. “What they may say is, ‘We can actually buy the whole thing and about two years after we buy it, sell the medical division for more than we paid for the whole thing.”’Given Constellation’s “opportunistic mindset,” Cantor Fitzgerald analyst Pablo Zuanic said he’d assign more than two-thirds probability that it will bid for the rest of Canopy in the near term. “On the argument of an improving outlook for the cannabis industry, we think STZ could justify a deal,” he wrote in a note, using Constellation’s stock ticker.However, it won’t be an easy decision given the state of Constellation’s balance sheet, the earnings-per-share dilution that would result from a deal and a likely near-term hit to its share price, he said.Constellation said in a recent filing that it doesn’t plan to make additional cash contributions to Canopy beyond the possible exercise of its existing warrants.Canopy’s share price is down 63% since its recent high on April 29, and the company has said it won’t generate positive earnings before interest, taxes, depreciation and amortization until fiscal 2022.Klein’s appointment is “another step on Canopy’s path to profitability,” said Bloomberg Intelligence analyst Kenneth Shea. “Klein brings extensive consumer-products industry experience and financial acumen to Canopy during a period of investor anxiety over the company’s struggles to rein in spending and align itself for sustainable Ebitda profitability.”Zekulin will step down on Dec. 20, Canopy said. Klein will be replaced as chairman when he becomes CEO.(Updates stock price in paragraph 3, adds comments from Bruce Linton in paragraphs 5-6)To contact the reporter on this story: Kristine Owram in New York at kowram@bloomberg.netTo contact the editors responsible for this story: Brad Olesen at bolesen3@bloomberg.net, Courtney Dentch, David ScanlanFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • GlobeNewswire

    DEADLINE ALERT for DOMO, AFI, CGC, and BAX: Law Offices of Howard G. Smith Reminds Investors of Class Actions on Behalf of Shareholders

    Law Offices of Howard G. Smith reminds investors that class action lawsuits have been filed on behalf of shareholders of the following publicly-traded companies. Investors have until the deadlines listed below to file a lead plaintiff motion. Investors suffering losses on their investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in these class actions at 888-638-4847 or by email to howardsmith@howardsmithlaw.com.

  • Cannabis Countdown: Top 10 Marijuana Stock News Stories Of The Week
    Benzinga

    Cannabis Countdown: Top 10 Marijuana Stock News Stories Of The Week

    Cannabis Countdown: Top 10 Marijuana Stock News Stories of the Week Welcome to the  Cannabis Countdown . In this week’s rendition, we’ll recap and countdown the top 10 marijuana stock news stories for ...

  • UPDATE 3-Constellation tightens grip on Canopy with CEO appointment
    Reuters

    UPDATE 3-Constellation tightens grip on Canopy with CEO appointment

    Constellation Brands Inc finance head David Klein will take over in January as chief executive officer of pot producer Canopy Growth Corp, hardening up the Corona beer maker's control of a company into which it has sunk $4 billion. Klein was appointed Canopy chairman in October after Constellation booked a $430 million net loss related to the company. Linton had said that he was fired from the top job, days after Constellation expressed its disappointment over Canopy's 2018 results.

  • /R E P E A T -- Media Advisory - Canopy Growth Presents Flower Forward Calgary: The Future of Cannabis/
    CNW Group

    /R E P E A T -- Media Advisory - Canopy Growth Presents Flower Forward Calgary: The Future of Cannabis/

    /R E P E A T -- Media Advisory - Canopy Growth Presents Flower Forward Calgary: The Future of Cannabis/

  • Canopy Growth Appoints Constellation CFO As The Cannabis Company's New CEO
    Benzinga

    Canopy Growth Appoints Constellation CFO As The Cannabis Company's New CEO

    Canopy Growth Corporation (TSX: WEED) (NYSE: CGC) announced Monday that David Klein has been hired as the company’s new CEO, effective Jan. 14, 2020. As previously announced, interim CEO Mark Zekulin will resign from the position and also from his seat on the company’s board of directors, effective Dec. 20. Klein has sharpened his leadership skills for the last 14 years at Constellation Brands (NYSE: STZ), covering CPG and beverage alcohol industries.