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.

"The Voice France": Julien Clerc débarqué ? Qui pour le remplacer ?
Malheureusement pour les fans de la star, Julien Clerc n'aura pas prolongé l'expérience très longtemps. Le jury de The Voice fait peau neuve.

British Steel in exclusive talks with Turkish military pension fund
The Turkish Armed Forces Assistance Fund known as Oyak has entered exclusive talks with the UK Government to buy British Steel . The collapse of the company could have spelled disaster for Scunthorpe and its steel workers if no buyer had been found.

Wantaway Liverpool defender finally close to leaving club in £23m deal
It is now claimed the deal fell through because Lovren demanded a €1m signing-on fee, to help compensate for a salary lower than that he is taking home from Anfield.

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.


  • Gibraltar turns down U.S.  request to seize Iranian tanker

    Gibraltar turns down U.S. request to seize Iranian tanker

    A federal court in Washington on Friday issued a warrant for the seizure of the tanker, the oil it carries and almost $1 million. Tehran, however, rejected London's claim that the tanker was heading to Syria, slamming the seizure as "maritime piracy".
    Indonesia's leader pledges capital move

    Indonesia's leader pledges capital move

    In addition, according to the government, only four percent of sewage Jakarta cleaned up, contaminating rivers and groundwater. Congestion is estimated to cost the economy $6.5bn a year.
    Backlash over Jay-Z's 'disgusting' National Football League  partnership

    Backlash over Jay-Z's 'disgusting' National Football League partnership

    So it's not surprising that the league would prefer to simply ignore the corner into which it painted itself. Reid paused for a second or two before ending his thought with this: "It's kind of despicable".
  • Russell Domingo appointed as Bangladesh`s new head coach

    Russell Domingo appointed as Bangladesh`s new head coach

    The board president further added that Domingo understood the senior team's requirement of winning more in foreign conditions. As the coach of the South African cricket team, he led them to 2014 World T20 and 2015 Cricket World Cup semi-finals.
    Dozens of USA  teens hospitalised with lung disease after vaping

    Dozens of USA teens hospitalised with lung disease after vaping

    The symptoms seen include shortness of breath, fever , coughing , chest pain and possibly headache , vomiting and diarrhea . A total of 22 people in Minnesota , Wisconsin and IL have been hospitalized after vaping, according to NBC News.

    Les appareils reflex numériques vulnérables aux attaques Via Wi-Fi et USB

    Une fois l'information remontée auprès de Canon, les deux entreprises ont travaillé ensemble pour apporter un correctif. Pour le moment, seule une vidéo de la vulnérabilité constatée pour cette référence a été présentée.
  • Le fonds de pension de l'armée turque veut racheter British Steel

    Le fonds de pension de l'armée turque veut racheter British Steel

    Reste à savoir si British Steel pourra prendre un nouveau départ, trois ans après les tentatives de relance par Greybull. Cette reprise était en effet réalisée par Olympus Steel, société mère de British Steel.
    Garrett Gilbert builds on strong preseason with impressive half vs. Colts

    Garrett Gilbert builds on strong preseason with impressive half vs. Colts

    Kitchens left no question, however, about whether Gilbert was pushing Stanton for the backup quarterback role. He also made a couple impressive throws, including a flawless 32-yard completion to D.J.
    Boot makers battle for Man Utd defender Maguire

    Boot makers battle for Man Utd defender Maguire

    We were interested but we could not afford it. "A couple of games in I am thinking, 'This guy is made for Manchester United '". United won the game 4-0 and the defender was given the man of the match award for his solidity in the back line.
  • Pep Guardiola backs Raheem Sterling to hit 30-goal mark

    Pep Guardiola backs Raheem Sterling to hit 30-goal mark

    The England winger managed 25 last term, hitting 17 in the Premier League as City won a domestic treble. I think goals are a outcome of the way we play - their mood, how the team's playing, no injuries.
    Portland 'ground zero' for protests between right, left-wing

    Portland 'ground zero' for protests between right, left-wing

    Portland police officers patrol a barricade between opposing groups at a rally in downtown Portland Sunday, Sept. 10, 2017. It's either too much, not enough, you arrested this group and not this group, ' said police spokeswoman Tina Jones.
    Early Bernard goal earns nervy Everton win over Watford

    Early Bernard goal earns nervy Everton win over Watford

    Last Saturday, Watford faced Brighton & Hove Albion for the first time this year and failed to start things off on the right foot. Everton's Gylfi Sigurdsson has played eight Premier League games against Watford without registering a single goal or assist.


UFC: Cormier to take time over retirement call
When Cormier was visibly weakened late in the round, Miocic managed to finish the fight with blows to the head. Go home and spend some time with your family and we'll talk about all that s*** later".

Oups, Apple révèle la date de lancement des iPhone 11
En attendant l'invitation officielle, la devinette pour déterminer la date de la présentation des iPhone 11 se poursuit. Ses nombreuses améliorations incluront le multitâche, la prise en charge du stockage externe, etc.

Halle Berry, 53 ans, pose sans soutien-gorge et le revendique !
L'occasion pour les actrices Viola Davis et Jada Pinkett Smith, la chanteuse Ciara et le top model Naomi Campbell, qui ont commenté la photo, de lui adresser leurs voeux.

10,000 homeless after fire sweeps through Bangladesh slum
Fires in Bangladeshi slums where hundreds of thousands of people are crammed in shacks along rail and waterways s are common. In 2012, a fire swept through a nine-storey garment factory near Dhaka killing 111 workers.

Jets lose starting LB Avery Williamson for season to torn ACL
NY relied heavily on Williamson in 2018, as the former fifth-round pick registered 120 tackles, 3.0 sacks and an interception. Jets linebacker Avery Williamson will miss the entire 2019 season after tearing his ACL, reports NFL Network's Ian Rapoport .

La France commence par une victoire probante face à l'Ecosse — Rugby
D'abord parce qu'il s'agit du XV de France et qu'en la matière il est devenu l'expert des soufflés qui retombent. Jacques Brunel a analysé la prestation de siens, après la victoire du XV de France face à l'Écosse (32-3).

Trump says Apple will spend 'vast sums' in US
Trump has said he wants Apple and other manufactures to move their production from China and other countries to the United States. Having dinner tonight with Tim Cook of Apple. "They will be spending vast sums of money in the US Great!" he tweeted.

Coupe du Monde - Fidji : Treize joueurs du Top 14 iront au Japon
Le sélectionneur des Fidji John McKee a dévoilé ce vendredi sa liste pour la prochaine Coupe du Monde au Japon. Parmi les 32 joueurs appelés, treize évoluent en Top 14.

Italy's Salvini agrees to let 27 minors off migrant ship
Salvini said in his letter to Conte that he hoped for a decision Monday on his appeal against the administrative court's ruling. Earlier this month, he signed a decree banning the Open Arms from Italian waters, saying it was to protect public order.

Ken Clarke says he 'wouldn't object' to being caretaker PM
It is hard to imagine a set up more suited to Boris Johnson, now shunted into the role of leader of the opposition. Liberal Democrat leader Jo Swinson told the Independent: "A no-deal Brexit must be taken off the table".