The three largest cannabis producers in Canada just had their 2022 sales forecasts cut by hundreds of millions of dollars.
Tilray (TLRY), Canopy (CGC), and Aurora (ACB) have come under pressure from falling stock prices, poor execution by executive teams, and an increasingly competitive landscape across the adult-use industry.
The most important time of the quarter has arrived for cannabis stocks.
Earnings season is the time when companies reveal sales and earnings results for the previous quarter – and just as important, companies provide guidance on what investors should expect for the following quarter.
The S&P 500 has seen a big rebound in the last two weeks, up 25% from the recent low made in late March.
The big rebound in stocks has given relief to investors that watched their accounts plunge in the first half of March.
The strength in the broader stock market has been great for cannabis stocks. The cannabis sector has also seen a big jump. The Alternative Harvest ETF (MJ) is up 37% since mid-March, outpacing the gains in the broader stock market.
Canopy Growth Corp (WEED, CGC) is the undisputed king of the global cannabis industry.
The Canadian juggernaut is the largest cannabis company in the world with a market cap of more than $8 billion and, in 2018, landed a $4 billion investment from Constellation Brands (STZ), one of the largest alcohol distributors in the world.
Despite the impressive resume, Canopy struggled in 2019.
Canopy Growth Corp (OTCMKTS:TWMJF) has clearly emerged in 2017 as perhaps the largest overall cannabis producer in the world. But, as is often the case in emerging market segments, the rich get richer: the company just announced plans to establish a 40,000 m2 production facility in Odense, Denmark as part of a joint venture company, Spectrum Cannabis Denmark ApS, representing an alliance with Danish Cannabis ApS, a leading European hemp producer. Continue reading “Another Masterstroke for Canopy Growth Corp (OTCMKTS:TWMJF)”→
Canopy Growth Corp (OTCMKTS:TWMJF) has been consolidating in a lateral range but remains locked in a strong upward trend, powered by a fortress balance sheet, strong growth, and a major sector tailwind. Canopy just announced that it has entered into a supply and production agreement -which it notes is “the largest provincial cannabis supply agreement announced to date” – securing a regulated supply of cannabis for Newfoundlanders and Labradorians heading into the legal adult access market. Continue reading “Canopy Growth Corp (OTCMKTS:TWMJF) Locked in a Strong Upward Trend”→
Cowen & Co., the nearly century-old firm founded as a bond brokerage, is racing to become Wall Street’s leading provider of cannabis research, staking a claim to an industry generally forsaken by financial institutions.
Analysts at the New York-based company have assembled a trove of data on the burgeoning field of semi-legal marijuana. And on Thursday Cowen will host its first investor conference devoted to the controversial topic. Continue reading “Weed on Wall Street?”→