09:14:09 EDT Tue 09 Aug 2022
Enter Symbol
or Name

Login ID:

Cannabis Summary for Aug. 5, 2022

2022-08-05 19:55 ET - Market Summary

This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.

Here is a sample of this item:

by Stockwatch Business Reporter

The S&P/TSX Cannabis Index lost a fraction to 43.26, while the CSE Composite Index added 7.84 to 280.27. Canadian cannabis bellwether Canopy Growth Corp. (WEED) lost 19 cents to $3.50 on 4.28 million shares, failing to impress investors with its fiscal first quarter financials. When the top bullet point in the "Highlights" section is that quarter-over-quarter revenue was flat -- just flat -- investors know to brace for what follows.

Even flat is rounding up. Canopy's revenue in the quarter ended June 30 was $110.1-million, a slight decrease from $111.8-million in the March quarter. Net loss widened quarter over quarter to a painful $2.0-billion from $579-million. In both quarters, Canopy took a hit from impairment and restructuring charges, which were $241-million in the March quarter but blew out to $1.7-billion in the June quarter.

Canopy's accountants did their best to rise to the challenge. After much waving of wands, adjusted EBITDA actually improved quarter over quarter to negative $74.8-million from negative $121.7-million. Loudly absent, however, was a repeat of Canopy's earlier claim that it will be able to achieve positive adjusted EBITDA by the end of the next fiscal year.

The remainder is available to Stockwatch subscribers.
Sign-up for a FREE 30-day Stockwatch subscription and SEE NO ADS

© 2022 Canjex Publishing Ltd. All rights reserved.

Reader Comments - Comments are open to paying subscribers of Stockwatch and unmoderated, although libelous remarks, obscene language and impersonations may be deleted. Opinions expressed do not necessarily reflect the views of Stockwatch.
For information regarding Canadian libel law, please view the University of Ottawa's FAQ regarding Defamation and SLAPPs.