Canopy Growth shares tumble after Q1 earnings miss, $1.28B loss

18 Août, 2019, 17:40 | Auteur: Auguste Feret
  • Canopy Growth Investors Pull Back As Losses Widen In Q1 CBD Products Coming To US Market

The Smith Falls, Ont. -based company reported a $1.28-billion loss or $3.70 per share for the three months ended June 30 compared with a $91-million loss or 40 cents a share in the same quarter the previous year. As of press time, Canopy shares were still down 13.8 percent and was at its lowest since January. Another contributing factor was Canopy's decline in revenue from recreational cannabis.

As reported by MarketWatch, the world's largest cannabis company by market value put the loss down to the elimination of C$1.18 billion in warrants related to Constellation's investment.

The adjusted EBITDA in Q1 2020 accounted for a loss of $92.0 million, as the company said it reflected continuing losses in core operations in Canada and Europe. The company has a market capitalization of $11.39 billion, a P/E ratio of -17.19 and a beta of 3.63.

"Our recent harvests are proof that our focus on operational excellence is working, and we look forward to showing both our Canadian and USA customers what we've been working on behind the scenes to prepare for the next wave of products coming later this year", he said. It also reported increased worldwide medical cannabis revenue by 209 percent.

Canopy harvested 40,960 kilograms of cannabis in the quarter, the largest quarterly harvest to date of any Canadian pot producer, which "alone could service the vast majority of quarterly demand in the Canadian market in its existing form". It also filed 56 patent applications, increasing its portfolio to 111 patents and 270 patent applications. Westside Investment Management Inc. purchased a new position in shares of Canopy Growth in the 2nd quarter worth about $28,518,000.

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Canada did not anticipate the rush of consumers when it legalized marijuana in October 2018. In the early hours during its first day of legalization, most of the dispensaries and retail stores had already been out of supply.

"First, the company remains focused on laying the foundation for dominance in an emerging global opportunity".

As mentioned, Canopy also had impressive product inventory amounting to C$394 million, including C$93 million of finalized brands.

One positive note is Canopy's C$394 million of inventory on hand, including C$93 million of finished products, "which we believe likely positions the company well to compete in the Cannabis 2.0 market once additional derivative products are implemented later this year". Bank of America set a $53.00 target price on Canopy Growth and gave the company a "buy" rating in a research report on Wednesday, July 3rd. Most notably, it appears that Canopy lost its first-place share of the Canadian market to Aurora Cannabis. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and ten have issued a buy rating to the company's stock.

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