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Canopy Growth Corporation (WEED.TO)

Toronto - Toronto Real-time price. Currency in CAD
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12.85-0.43 (-3.24%)
At close: 04:00PM EST
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  • C
    Continental
    Bill Newlands, CEO of Canopy Growth benefactor Constellation Brands, resigned from the board of directors of the struggling Canadian cannabis producer last week, according to a regulatory filing dated Nov. 29.

    Newlands notified Canopy of his resignation Nov. 24, effective immediately.

    The resignation of Newlands comes on the heels of a major shake-up among Canopy’s senior management team, weeks after the company notified shareholders it no longer expects to be profitable this year.

    However, Newlands’ exit – which is understood to have been in the works for some time – is not believed to be related to the C-suite shake-up.

    The 63-year-old resident of Winnetka, Illinois, is being replaced on Canopy’s board by Garth Hankinson, the chief financial officer and executive vice president of New York-based Constellation, a major producer of beer, wine and spirits.

    Constellation owns approximately 36.1% of Canopy’s issued and outstanding shares and is entitled to nominate four of Canopy’s directors.

    Assuming full exercise of warrants and full conversion of notes, Constellation could increase its stake to 53.2%.

    “Garth (Hankinson) brings with him his extensive background managing financial and accounting divisions in a CPG environment, and his presence on the board will help expedite our path to profitability while supporting long-term shareholder value,” a Canopy spokesperson said regarding the newest board member.
    Canopy has lost nearly 4 billion Canadian dollars ($3.1 billion) since Constellation’s initial investment in Canopy in 2018, which now totals around CA$5 billion.

    Canopy is in the process of replacing three of its top five executives:

    Chief Financial Officer Mike Lee and Chief Product Officer Rade Kovacevic are stepping down from their positions by Dec. 31, the Smiths Falls, Ontario-based company announced late last week.
    Phil Shaer, former chief legal officer, stepped down in October.

    Canopy and rival mass-producers Aurora Cannabis and Tilray have lost significant market share in Canada over the past year, despite spending billions of dollars on mergers and acquisitions.

    Over that time, Canadian cannabis sales have grown more than 40%.
  • M
    MK
    I live in Germany and medical marihuana will be legalized 1.1.2021 ... does this affect prize on this CGC?
  • B
    Brian
    Totally a BUY at 10.00 ... Cannabis is nearer legalization with safe banking act passage than ever before. STZ will make a fortune owning majority of CGC. Short squeeze will be fun to watch next week. Buy as much as you can today.
  • D
    Daniel
    Can someone explain why they think CGC is the better option out of all the Canadian cannabis stocks?
  • a
    anony
    This is seriously testing my patience. How could I’ve been this wrong. Been holding it for over 3 years through a few ups and a lot of downs. But it almost appears like the management doesn’t care. How long would it take for them to realize that there needs to be a change in strategy
  • J
    Joe D
    Remember STZ buying in at $48C?! I think their total investment is more than current market cap.

    “Constellation Brands is acquiring the new shares at a price of C$48.60 per share, which is a 37.9 percent premium to Canopy's 5-day volume weighted average price of the common shares on the Toronto Stock Exchange ("VWAP"), and a 51.2 percent premium to the closing price on August 14, 2018.”
  • d
    def.
    2022 MSO 's uplisting/ CGC enters U.S
    Sen. Jeff Merkley told Politico he does not expect the SAFE Act to be included in the defense bill despite his efforts to convince Senate Majority Leader Chuck Schumer to accept the provision. As we do not expect a conference with the House, it is hard to see a path forward for adding SAFE to the defense bill. This opens the door for a broader bill next year, which is why we see it as a positive.
    We see this outcome as positive for cannabis. We believe Congress is likely to enact the SAFE Act next year if it is unable to pass a broader package. And the version of the SAFE Act next year is likely to be broader than what could have been added now. That includes capital markets access as well as a potential trade-off between social justice provisions and a fix for the 280E tax treatment
  • J
    JP
    Remember Canopy was over 40 less than a year ago. Time to flip the table on the uninformed shorts, they like losing money.
  • M
    MrPauly
    SAFE Act will pass soon.
  • R
    Robert
    Canopy Growth’s total revenue are falling every quarter. That’s a 16% decline in revenue’s in 12 months.
    131.4/M - Sept 30, 2021
    136.2/M - June 30, 2021
    148.4/M - March 31, 2021
    152.5/M - Dec. 31, 2020
  • d
    david
    Big big day for CGC….up almost a penny…no stopping this treasure now….ugh
  • R
    Reda
    What’s happening in the premarket session ? Jumped 64 cents up
  • a
    anony
    Is the ceo living on planet earth? Does he see what’s going on with this company and the investors? I wish Constellation brands takes over the company and manages. Terrible leadership
  • B
    Brian
    This is a gift price wrapped up and tied with a bow. BUY below 11.00 is unbelievable bargain. STZ will send management team. Safe banking bill on the desk of Senators agenda. When that passes CGC goes up 10.00 to 20.00 in a day. Just a matter of days now. Crono's Group as well. Two best in sector. Shorts are more nervous than longs. They have to buy the stock back much higher very soon. GL longs.
  • j
    jtdouble
    Safe banking bills is attached to defense bill which will be voted this December.. if there no revisions to this bill more likely Safe banking will be passed !! A giant leap for the sector if it happens!!
  • A
    Ali
    Just bought 1k more shares today. Overall, I own 4560 shares of canopy.
    I plan to buy 2k more if it goes below 9. GLTA.
  • J
    Johnny7321..923
    Good luck guys! The industry is rigged with cowboys. CEOs in marijuana business take home $20 million plus annually while they make no profit. I think they are using your money to fill their private bank accounts. Just be wise with investing
  • W
    WKRP
    And to think this stock traded for $69 back in January. Over 80% drop in value from the top. And still no floor has been put in.
  • L
    Labby
    Right off the Senate Calendar: HB 4350: UNANIMOUS CONSENT AGREEMENTS H.R. 4350 (ORDER NO. 144) 1.—Ordered, That on Monday, November 29, 2021, upon the conclusion of Morning Business, the Senate resume consideration of H.R. 4350, a bill to authorize appropriations for fiscal year 2022 for military activities of the Department of Defense, for military construction, and for defense activities of the Department of Energy, to prescribe military personnel strengths for such fiscal year, and for other purposes; provided, that the cloture motions on Amdt. No. 3867, offered by the Senator from Rhode Island (Mr. Reed), as modified, and H.R. 4350 ripen at 5:30 p.m. on Monday, November 29, 2021; provided further, that the filing deadline for first degree amendments to Amdt. No. 3867, as modified, and H.R. 4350 be at 3:30 p.m. on Monday, November 29, 2021; further, that with respect to the motions to invoke cloture on Amdt. No. 3867, as modified, and H.R. 4350, the mandatory quorum calls under Rule XXII be waived. (Nov. 19, 2021.)
  • K
    Ken
    It's getting ready to take out the 2020 covid market crash low. What's the excuse this time baggies? Real stocks like Apple are at all time highs still. Canopy is a total scam, any profit guidance was pulled because it never will make a profit.