Canopy shares fall. https://ca.finance.yahoo.com/news/canopy-shares-fall-constellation-brands-205353860.html
Canopy shares fall after Constellation Brands says no plans for more investment
In June, the booze brand said it was "not pleased" with Canopy's earnings after a wider-than-expected net loss. A week later company founder and CEO Bruce Linton was forced out of his position, and the company.
In August, Constellation recognized a US$839-million decrease in the fair value of its Canopy investments during the quarter ended Aug. 31 as the cannabis industry struggles to meet expectations post-legalization.
The same month, Canopy reported a $1.28-billion loss or $3.70 per share for the three months ended June 30, mainly due to a non-cash loss of $1.18 billion on the extinguishment of warrants held by Constellation.
Since legalization, Canadian cannabis companies have struggled on profitability and many have missed expectations, driving share prices down.
Canopy's shares, which hit a high of $70.98 in April, closed down $2.56 or 9.5 per cent at $24.47 Friday on the Toronto Stock Exchange.
This report by The Canadian Press was first published on Nov. 22, 2019.
Better start making money
GLE