|Bid||35.28 x 0|
|Ask||35.29 x 0|
|Day's Range||35.24 - 36.76|
|52 Week Range||34.36 - 76.68|
|Beta (3Y Monthly)||5.27|
|PE Ratio (TTM)||N/A|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||N/A|
Despite mostly equal marijuana usage rates along racial lines, the boards at the top marijuana companies are still shockingly white.
Tilray stock got a boost after the firm said its European invasion plans are to begin in Germany. Other marijuana stocks were mixed Wednesday.
On Tuesday, Jim Cramer stated that Cronos Group and Aphria passed Canopy Growth. Canopy Growth has lost 15.3% of its stock value since its Q1 earnings.
Few news items this summer jolted the legalized cannabis industry quite like the termination of former co-CEO Bruce Linton from Canopy Growth Corp.
When marijuana stocks were rising, many investors got caught up in the excitement and bought large quantities at high prices. At the same time, another group of investors who paid attention to money flows made significant profits. Just like a doctor who uses X-rays to see what is going on inside the human body, investors can do X-rays of marijuana stocks.
Cresco Labs is set to declare its second-quarter results after markets close tomorrow. As of yesterday, its stock had risen 29.6% year-to-date.
Linton said during a CNBC interview Tuesday morning the case for investing in Canopy's stock is based on a combination of cash on hand, the culture and a footprint that spans 16 countries and 4,000 employees. Linton is following his own advice and acknowledged he bought more shares of Canopy although he did not quantify his purchase. If I was that important to the company, the company is not that key," Linton said.
Canopy Growth Corporation (TSX: WEED)(NYSE:CGC) announced Tuesday it has gained Health Canada’s license for its KeyLeaf Life Sciences facility in Saskatoon, Saskatchewan. The KeyLeaf facility was recently adapted for Canopy Growth’s use, planning to start using it in the fall, extracting up to 5,000 kilograms of hemp or cannabis biomass daily. This is another step in Canopy Growth’s capacity expansion plan, as it aims to be more productive and to cut operational costs by the end of the year, the company reported.
Canopy Growth Corp. said Tuesday that Health Canada has awarded it an extraction license for its KeyLeaf Life Sciences facility in Saskatoon, Saskatchewan. The Canadian company, which is a market leader in the cannabis space thanks to a $4 billion investment from Constellation Brands Inc. , said the facility along with its Smiths Falls, Ontario site and recently licensed BC Tweed extraction site means it has three significant extraction assets to support development of new products. The Saskatchewan facility is expected to be online by fall of 2019 and to have the capacity to extract up to 5,000 kg of hemp or cannabis biomass a day. "This licence will ensure we have the supply of extraction inputs for the medical, CBD, and recreational markets, especially the next generation of value-add, high margin cannabis products here in Canada," Chief Executive Mark Zekulin said in a statement. Canada is gearing up to start offering edibles and other derivatives products in December. Canopy's U.S.-listed shares rose 2.9% premarket, but are down 0.6% in 2019, while the ETFMG Alternative Harvest ETF has gained 4% and the S&P 500 has gained 16.6%.
Former Canopy Growth co-CEO Bruce Linton says that he's taking advantage of the stock's big sell-off to buy shares. Should investors follow his lead?
Shares of Canopy Growth were rising after the company announced that it has received a license from Health Canada for its KeyLeaf Life Sciences facility in Saskatchewan. The facility is expected to reduce operational costs for value-add products that will be rolled out in the Canadian recreational and medical markets by the end of the calendar year. "With this milestone, we are executing against the vision of making strategic investments today in order to deliver results over the long term," said CEO Mark Zekulin.
Bernie Sanders tweeted his support for legalizing marijuana nationally and expunging past marijuana convictions. How could this impact cannabis stocks?
Canopy Growth stock has been praised by many analysts. Here’s what chart analysis shows about buying this marijuana stock right now.
Last week (ended August 16) was rough for Canopy Growth (WEED)(CGC) stock. It fell about 14% after the company's fiscal 2020 first-quarter earnings report.
Cannabis companies that have made acquisitions at the height of excitement about Canadian legalization last year may be facing some big goodwill writedowns.
Canopy Growth didn't impress investors with its earnings for the first quarter of 2020. The stock has fallen 12.4% since the company's earnings.
(Bloomberg) -- The leaders have become the laggards.Canopy Growth Corp. and Tilray Inc., trailblazers for the global cannabis industry, last week reported disappointing results and indicated that profitability is a long way off, sending both stocks to double-digit declines.Meanwhile, some smaller names are racking up breakout quarters demonstrating the breadth of the industry.Supreme Cannabis Co. said it expects to report positive adjusted earnings before interest, taxes, depreciation and amortization in the quarter ended June 30 when it releases results on Sept. 17. Analysts were expecting a loss and the shares jumped 16% in response.MediPharm Labs Corp. reported a small net income and revenue of C$31.5 million, which GMP Securities analyst Ryan Macdonell estimated is the fifth highest in the Canadian industry. “This achievement is particularly impressive considering Q2/19 is MediPharm Labs’ third quarter of sales,” Macdonell said in a note.And Pure Sunfarms Corp., which is jointly owned by Village Farms International Inc. and Emerald Health Therapeutics Inc., reported a net income of C$37.2 million, the biggest to date in the industry.Short GusherPerhaps it’s not surprising then that Canopy and Tilray are two of the most-shorted cannabis stocks and the biggest money makers for the counterparties who loan out their shares to short sellers.Financial analytics firm S3 Partners compiled a list of the stocks with the largest daily earnings from short sellers, who pay a fee based on the number of shares shorted, the price of the stock and its borrow fee.Canopy was second on the list, and 10 of the top 50 were cannabis-related stocks. Lending out Canopy’s U.S.-listed shares earns $719,557 a day and its Canadian shares earn an additional C$161,112. Tilray makes its stock lenders $295,116 a day.However, that pales in comparison to first-place Beyond Meat Inc., which earns $1.8 million a day.Black MarketCanopy’s less than stellar results included an unexpected revenue decline that was one of only two reported so far this quarter, according to Cowen & Co. analyst Vivien Azer. (The other one was Organigram Holdings Inc., which attributed the drop to “changes in growing protocols” that affected yields and have since been corrected.)One of the problems was a surplus of oils and softgels at provincial wholesalers, which forced Canopy to record an C$8 million provision for potential product returns.Soft demand for oil products across the industry was “a bit concern,” Cowen’s Azer said.Canopy also appears to have significantly underestimated the demand for products that contain a lot of THC, the cannabis compound that gets you high. To make up lost ground, Canopy shifted its mix of strains and over 70% of its harvest in the quarter was high in THC, Chief Executive Officer Mark Zekulin said in an interview Thursday.The lack of high-THC products may be part of the reason a large percentage of consumers remain in the black market. Statistics Canada released data last week that found 42% of cannabis consumers bought at least some of their pot from illegal sources in the second quarter.Store ScarcityAnother problem is the lack of retail stores in Canada’s two most populous provinces, Ontario and Quebec. While Ontario has roughly one store for every 600,000 people and Quebec has roughly one store for every 500,000 people, Colorado has one for every 10,000 people.Zekulin described the situation as a “chicken-and-egg scenario,” where the provinces were reluctant to open more stores until they knew they could secure more high-THC product, while the companies were waiting for more stores in which to sell their products.More stores are on the way, indicating that shortages are easing. Ontario this week will hold a lottery for 42 new cannabis retail licenses with the first newcomers anticipated to open in October.Upcoming Events This WeekTUESDAY 8/20Ontario holds a lottery for 42 new cannabis retail store licenses, with results to be announced within 24 hoursWEDNESDAY 8/21Cresco Labs Inc. reports earnings post-market with a call scheduled for 5 p.m. New York timeLast Week’s Top StoriesCanopy CEO Sees Revenue Rebound After Weak Quarter Batters StockTilray CEO Says Focus on Profitability is ‘Constraining’Bizarre Pot Stock Moves May Be Linked to Blockbuster ETF TradesCannTrust Plunges After Agency Finds More Breaches of Pot RulesAcreage Aims to Bring Canopy’s Tweed Pot Stores to CaliforniaLender to Fund Container Pot Shops on Canadian Indigenous LandsLuxe Lifestyle Brands Eye Legal Cannabis as New Revenue StrainTo contact the reporter on this story: Kristine Owram in Toronto at firstname.lastname@example.orgTo contact the editors responsible for this story: Brad Olesen at email@example.com, ;Jacqueline Thorpe at firstname.lastname@example.org, Divya BaljiFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.