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Canopy Growth Corp
Symbol WEED
Shares Issued 393,288,137
Close 2021-09-23 C$ 18.43
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Globe says Zamparo sees negative growth at Canopy

2021-09-24 07:55 ET - In the News

The Globe and Mail reports in its Friday, Sept. 24, edition that CIBC analyst John Zamparo is keeping his "neutral" recommendation for Canopy Growth intact. The Globe's David Leeder writes in the Eye On Equities column that Mr. Zamparo says the 25-per-cent decline as measured by sector ETFs over the past three months resulted from a "lack of profitability from most Canadian [pot] producers, the continued dearth of institutional investors and the realization that U.S. legalization appears unlikely until at least next year." Mr. Zamparo cut his share target by $5 to $22. Analysts on average target the shares at $27.18. Mr. Zamparo says in a note: "We have lowered our FQ2 sales and EBITDA forecasts for Canopy following the CEO's statement at a recent conference that year-over-year sales may decline in the quarter. Since FQ2 last year, Canopy has gained $15- to $20-million in quarterly revenue from acquisitions, implying that core revenue declined double digits year-over-year in a quarter in which stores operated unrestricted. We estimate that same-store sales were likely down 20 per cent year-over-year owing to the saturated Ontario retail environment, as well as a 3 to 4 percentage point decline in market share."

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