The Globe and Mail reports in its Tuesday edition that analysts have kept their sell ratings on Canopy Growth's shares despite its move last week to offload nearly one-fifth of its debt to address investor concerns. The Globe's Irene Galea writes that Canopy had made a deal with several of its debtholders to exchange $255.4-million worth of debt for shares and about $3-million in cash as part of its efforts to become profitable by 2024. Since the announcement Canaccord Genuity, CIBC Capital Markets and Piper Sandler & Co. have all reiterated their sell ratings. Canaccord's Matthew Bottomley says swapping the debt for equity increases Canopy's total outstanding share count by 56 million to 78 million shares, up to about 20 per cent. He says this is bad news for current investors who worry that with more debt on the books, more share dilution may be on the horizon. He adds that while the reduction of debt is positive, it is not enough for the investment firm to upgrade its sell recommendation to hold or even buy. Canopy's story is representative of the bleak financial situation of all Canada's large cannabis producers, whose profitability is suffering because of high competition for products and low brand recognition.