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CGC - Canopy Growth News Story

$19.06 0.8  4.3%

Last Trade - 03/08/20

Sector
Healthcare
Size
Large Cap
Market Cap £5.17bn
Enterprise Value £4.49bn
Revenue £227.2m
Position in Universe 932nd / 6359

Reuters Insider - Canopy Growth shares plummet

Fri 29th May, 2020 5:31pm
Click the following link to watch video: https://share.insider.thomsonreuters.com/link?entryId=0_j396rwh7&referenceId=tag:reuters.com,2020:newsml_OVCFZOVIJ_930&pageId=ReutersNews
Source: Reuters Insider

Description: Pot producer Canopy Growth's quarterly loss more than doubled,
hit by non-cash charges related to its recent restructuring actions and
impairment of some assets. Fred Katayama reports.
Short Link: https://refini.tv/2XfHl84

Video Transcript:

Investors in Canopy Growth could probably use a little of their own product
right about now. The pot producer's shares lost a fifth of their value at the
market open Friday, dragging down shares of its rivals as well. That's because
Canopy's quarterly loss more than doubled to nearly $950 million. The
lockdowns in North America were expected to boost legal pot producers as
consumers staying at home stock pile pot brownies and other cannabis products.
But Canopy Growth had to temporarily close most of its retail stores in
mid-March. That hammered its topline. Revenue from recreational markets in
Canada and internationally slumped by double-digit percentages. The company
also launched a massive restructuring program that included divestitures and
layoffs. Non-cash charges related to that bit into its bottomline. Canopy
Growth's investors has been on a wild ride. Once a hot stock that commanded
more than $50 a share two years ago, it now trades at less than $18
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