Canopy Growth Corp (CGC) is trading -14% lower at $2.525 today.
- Q1 revenue fell 19% Y/Y to C$110M
- Global cannabis net revenue declined 29% Y/Y to C$66M
- Decline in value flower sales in the Canadian recreational cannabis market
- Attributed to deliberate focus on higher margin, premium and mainstream products
- Net loss widened to -C$2.09B, compared to -C$389.96M in FQ1 2022
Canopy Growth Corp has been trading between a 52-week high of $19.85 and a 52-week low of $2.13. The stock has a market cap of $1.21 Billion.
Canopy Growth is a world-leading diversified cannabis and cannabinoid-based consumer product company, driven by a passion to improve lives, end prohibition, and strengthen communities by unleashing the full potential of cannabis. Leveraging consumer insights and innovation,the Company offers product varieties in high quality dried flower, oil, softgel capsule, infused beverage, edible, and topical formats, as well as vaporizer devices by Canopy Growth and industry-leader Storz & Bickel. Its global medical brand, Spectrum Therapeutics, sells a range of full-spectrum products using its colour-coded classification system and is a market leader in both Canada and Germany.
Recap: Canopy Growth Q1 EarningsBenzinga
Canopy Growth sees $2-billion net loss as Ontario cannabis company takes large writedownThe Globe and Mail
Canopy Growth sees $2B net loss as Ontario cannabis company takes large writedownWinnipeg Free Press
Canopy Growth sees $2B net loss as Ontario cannabis company takes large writedownSaskToday Canada
Canopy Growth stock falls as global cannabis sales slump 29% Y/Y, net loss widens on market cap wipeoutSeeking Alpha
08-05-22As you can imagine, the internet had a few things to say about the price move. Here's a few choice comments from the Reddit Traderverse™:
Capital-Gains - 24 upvotes - source
My average cost for CGC is $24. Have owned this shit stock since 2019 and there's no point in even selling it now.
TMacATL - 16 upvotes - source
>My average cost for CGC is $24. Have owned this shit stock since 2019 and there's no point in even selling it now. $54 avg basis here. Yay...
arioch376 - 5 upvotes - source
Wow, haven't looked at pot stocks in a couple years. I bought CGC after one of the earlier crashes, and dumped it after a pump. It was like $22 at the time. I just looked it up and it's at 2.80 and amusingly down 4.20% for the day. I might have to throw some at it for the lulz.
DrakeDrizzy408 - 4 upvotes - source
Bought in 2017??Whassuppp . Cgc hang here
JackAhler1 - 3 upvotes - source
Ah, the yearly Weed Stock shill based on hopes of legislation. I’m long the space, but Legalization isn’t the golden goose that people think it will be. No one really knows what the US market looks like, or any market really after legalization. Canada’s legalization has been disappointing for investors for example. I mean look at the YOY performance for $TLRY and $CGC Also $TLRY isn’t really the play for the US market. It’s a Canadian company after all. Look at MSOs with actual US market exposure
DA2710 - 2 upvotes - source
Bought a few hundred CGC and TLRY calls expiring today. Maybe CGC announces they negotiated a prisoner swap for Griner, merged with Constellation and hired Snoop Dogg to be the CEO… It could happen right?
Interpersonal - 1 upvotes - source
Thoughts on CGC earnings tomorrow? Weed stocks have already gotten destroyed this year, more pain or a relief rally?
XPlatform - 0 upvotes - source
Sometimes stocks fall and they never get back up again. Story of most small biotech, really. Look at ICPT. Is legalization a huge chunk of good news? Absolutely. Will CGC/TLRY be the ones to best capitalize on the news this time around? Maybe, maybe not.