The Globe and Mail reports in its Tuesday, Feb. 11, edition that Canaccord Genuity's Matt Bottomley has reaffirmed his "sell" recommendation for Canopy Growth. The Globe's Darcy Keith writes that Mr. Bottomley slashed his share target by a loonie to $1.50. Analysts on average target the shares at $4.83. Mr. Bottomley says Canopy showed continuing operating improvements in its fiscal third quarter results but the company's rush to raise equity dims the outlook for investors. Mr. Bottomley says in a note: "Canopy now has a gross debt balance of $441.6-million. Equity issuances to fund cash burn remain an elevated risk, in our view. Even though the company has made progress on a year-over-year basis to decrease corporate expenses and its overall cash burn, we note that the company has still printed [about $140-million] of free cash flow burn YTD. As a result, the company has raised [$300-million] in equity this fiscal period with its share count up 30 per cent in FQ3 alone. We believe this will continue to be required for at least the near/medium term, which will likely continue to weigh on the company's equity valuation." The Globe reported on Nov. 12 that Mr. Bottomley rated Canopy "sell," when it could be had for $5.52.