10:08:18 EDT Fri 29 Mar 2024
Enter Symbol
or Name
USA
CA



Canopy Growth Corp
Symbol WEED
Shares Issued 486,085,399
Close 2023-01-04 C$ 3.40
Market Cap C$ 1,652,690,357
Recent Sedar Documents

Globe says Canopy, rival made it to the bottom slowly

2023-01-05 07:13 ET - In the News

Also In the News (C-HMMJ) Horizons Marijuana Life Sciences Index ETF (3)

The Globe and Mail reports in its Thursday, Jan. 5, edition that investors were warned, again and again, that there was no way Canada's licensed cannabis producers should be worth as much as they were before recreational marijuana use was legalized in October, 2018. The Globe's Tim Kiladze writes that there were simply too many of them and the legal market was only so big -- because the black market would take time to dissolve. For the first few months after legalization, investors made up excuses for why the companies were still struggling. The real pain started to hit when market leader Canopy Growth fired its chief executive officer the next year. However, even then, the sector's shares did not completely collapse. The correction was more like a slow drip, because there were always reasons to have hope. Chiefly, some people thought (prayed) that the United States would also legalize recreational use at the federal level, especially after Joe Biden was elected President in November, 2020. It never happened, and the Horizons Marijuana Life Sciences Index, which tracks Canada's publicly traded cannabis companies, is down 88 per cent from September, 2018. It is just that it took years for the bottom to fall out.

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