CGC - Canopy Growth Corporation

NYSE - NYSE Delayed price. Currency in USD
22.13
+2.61 (+13.37%)
At close: 4:05PM EST

21.98 -0.15 (-0.68%)
Pre-market: 8:45AM EST

Stock chart is not supported by your current browser
Previous close19.52
Open23.17
Bid22.00 x 800
Ask21.98 x 800
Day's range21.72 - 23.90
52-week range13.81 - 52.74
Volume26,485,458
Avg. volume9,469,111
Market cap7.87B
Beta (5Y monthly)3.90
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
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  • Canopy Growth surges 15% on shrinking losses, CEO says acquisitions won't be an emphasis moving forward
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  • Canadian pot producer Canopy may face challenges offloading assets, CEO says
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    Canadian pot producer Canopy may face challenges offloading assets, CEO says

    The company, which reported a smaller-than-expected third-quarter loss on Friday, is conducting a "thorough strategic review" of its production facilities as it seeks to cut costs and become profitable, executives said. More than a year after Canada legalized recreational marijuana, producers are scrambling to turn a profit as lower-than-expected demand and exuberant expansion hit sales and lift costs, while a cash crunch threatens many companies' survival.

  • Canopy Jumps 25% After Beating Expectations Across the Board
    Bloomberg

    Canopy Jumps 25% After Beating Expectations Across the Board

    (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 kowram@bloomberg.netTo contact the editors responsible for this story: Brad Olesen at bolesen3@bloomberg.net, 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.

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  • Canopy Growth Corporation (CGC) Reports Q3 Loss, Tops Revenue Estimates
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  • Cannabis Therapy to Drive Canopy Growth's (CGC) Q3 Earnings
    Zacks

    Cannabis Therapy to Drive Canopy Growth's (CGC) Q3 Earnings

    Key acquisitions are expected to have significantly contributed to Canopy Growth's (CGC) top line in the fiscal third quarter

  • Canopy Growth Corporation (CGC) Expected to Beat Earnings Estimates: What to Know Ahead of Q3 Release
    Zacks

    Canopy Growth Corporation (CGC) Expected to Beat Earnings Estimates: What to Know Ahead of Q3 Release

    Canopy Growth Corporation (CGC) possesses the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.

  • Canopy Growth Corporation (CGC) Gains But Lags Market: What You Should Know
    Zacks

    Canopy Growth Corporation (CGC) Gains But Lags Market: What You Should Know

    In the latest trading session, Canopy Growth Corporation (CGC) closed at $22.33, marking a +1% move from the previous day.

  • What's in Store for Pot Stocks This Year?
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  • Canopy Growth Corporation (CGC) Outpaces Stock Market Gains: What You Should Know
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    Canopy Growth Corporation (CGC) closed at $24.56 in the latest trading session, marking a +1.82% move from the prior day.

  • When Will Canopy Growth Corporation (TSE:WEED) Breakeven?
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    Cannabis magazine High Times to open retail stores this year

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  • Business Wire

    CANOPY GROWTH 72 HOUR DEADLINE ALERT: Former Louisiana Attorney General and Kahn Swick & Foti, LLC Remind Investors With Losses in Excess of $100,000 of Deadline in Class Action Lawsuits Against Canopy Growth Corporation - CGC

    Kahn Swick & Foti, LLC ("KSF") and KSF partner, the former Attorney General of Louisiana, Charles C. Foti, Jr., remind investors that they have only until January 20, 2020 to file lead plaintiff applications in securities class action lawsuits against Canopy Growth Corporation (NYSE: CGC), if they purchased the Company’s securities between September 8, 2017 and November 13, 2019, inclusive (the "Class Period"). These actions are pending in the United States District Courts for the District of New Jersey and Southern District of New York.

  • Implied Volatility Surging for Canopy Growth (CGC) Stock Options
    Zacks

    Implied Volatility Surging for Canopy Growth (CGC) Stock Options

    Investors need to pay close attention to Canopy Growth (CGC) stock based on the movements in the options market lately.

  • AdvisorShares CEO says 2020 'could be a good year' for cannabis
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  • CES takes half-baked stance on cannabis
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