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Canopy Growth Corp T.WEED

Alternate Symbol(s):  T.WEED.DB | CGC

Canopy Growth Corporation is a cannabis and consumer packaged goods (CPG) company. The Company delivers innovative products with a focus on premium and mainstream cannabis brands, including Doja, 7ACRES, Tweed, and Deep Space. Its CPG portfolio includes gourmet wellness products by Martha Stewart CBD, and vaporizer technology made in Germany by Storz & Bickel. The principal activities of the Company are the production, distribution, and sale of a diverse range of cannabis and cannabinoid-based products for both adult-use and medical purposes under a portfolio of distinct brands in Canada. Its Canada cannabis segment includes the production, distribution, and sale of a diverse range of cannabis, hemp, and cannabis products in Canada. Its Rest-of-world cannabis segment includes the production, distribution, and sale of a diverse range of cannabis and hemp products internationally. Its Storz & Bickel segment includes the production, distribution, and sale of vaporizers.


TSX:WEED - Post by User

Post by davgroon Nov 09, 2022 6:10pm
165 Views
Post# 35086821

Piper Sandler Keeps Underweight Rating on Canopy Growth

Piper Sandler Keeps Underweight Rating on Canopy Growth2022-11-09 02:45:37 PM ET (MT Newswires) 

02:45 PM EST, 11/09/2022 (MT Newswires) -- Piper Sandler on Wednesday noted Canopy Growth Corporation (TSX: WEED and NASDAQ: CGC) sales trends remain under pressure across key parts of its business; that the company continues to prioritize improving margins in Canada, through mix (growth in premium flower) and other potential cost-cutting or restructuring actions; and that it also is focused on its US THC strategy, even if consolidating 'plant touching' US earnings may come at the cost of losing its NASDAQ listing.

According to Piper Sandler, near-term growth will likely be driven by BioSteel, lifted by recent Walmart distribution gains. It noted BioSteel revenues rose near C$22 million while sales for the rest of the portfolio fell near C$36M. BioSteel contributed 65% of total company adjusted gross profit.

Piper Sandler largely maintains its full year 2023 estimate of near C$460M, but lowers its full year 2024 sales estimate from near C$575M to near C$560M. It maintains its US$2.50 price target. And without visibility on its ability to remain NASDAQ listed, PS maintains its Underweight rating.
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