Still in the burning HOT fire.....And getting slowly charred to a crisp..........dying a long, slow, & painful death. And this death i speak of my dear friends, isn't the company, it IS the current shareholders. Why? Because the company itself will probably survive in some form or another AFTER mgmt implement a massive transition & transformation, BUT the current holders of equity most probably will NOT. As for the debt debt & bond holders, they will not escape this tragedy unscathed either and THEY will become the NEW s/h in the company, displacing the current ones AFTER they are totally wiped out from this "re-organizition".
So why do i say all this? What has changed? Well, for starters, this is NOT the first time i'm saying this, i've been harping on this & predicting this exact situation for over two years AND for folks to GTHO for almost 4 solid years. So this should be NOTHING new to you for those that have followed my commentary on this company. What is new though, is this is becoming more & more of a possbility as this realization sinks into the minds of those who either doubted/denied/dismissed this downfall or were staunch supporters/cheerleaders of the company. This is the reality of Canopy investors & shareholders NOW.
What a difference one day makes. The last time i posted here, i had warned that Canopy STILL didn't release their Annual financials & Q4 and time was running out. Which were due last week and they had until months end to release. As of today, both those deadlines come & gone and have expired without the financials being released to the public. BUT The Dreaded Friday Release did come through, to fruition, with flying colors and did NOT disappoint. As Canopy's mgmt release the following statement........
In addition, the Class Action suits have been piling up at a record pace. Last week i counted about half a dozen, today, as i write this, that number has more than doubled and i don't see that slowing down anytime soon. You've got a lot of angry, peeved off investors & s/h looking for blood and they have only one target in their sights........C-A-N-O-P-Y
https://finance.yahoo.com/news/canopy-growth-announces-voluntary-application-203000364.html
This statement is basically the admission by mgmt that their Annuals/Q4 financial will NOT be released by the final deadline and they WILL be delayed indefinitely, with mgmr asking the exchange for an extension. As per the following statement in the news release....
"Further to the Company's recent filing of Form 12b-25 with the U.S. Securities and Exchange Commission, the Company is working diligently to complete the Biosteel Review and the Restated Financial Statements and expects to file its Annual Report on Form 10-K for the fiscal year ended March 31, 2023 (the "2023 10-K") on or before the expiration of the 15 calendar day extension provided by Rule 12b-25(b) ("Rule 12b-25(b)") promulgated under the U.S. Securities Exchange Act of 1934, as amended."
Along with this news that the Annuals/Q4 are delayed "until further notice", the company has also asked for a MCTO from the exchange regulators. Whether this will be granted or not remains to be seen, but this definitely does not bode well for the future of company or its s/h. This my friends, was the worst possible outcome of all the options i had laid out. An "indefinite" delay of the finanicials AND an MCTO request to boot, of which the latter i did not expect. i'm guessing the latter was to protect the company's share price from further harm & deterioration from within it's own ranks.
If you're STILL thinking of "hanging on" here, hoping for some positive outcome for you or some magical turn around for the company.......I strongly advice against it and strongly suugest you read ALL my recent postings on this forum in the last year, especially the ones in the last few months and ESPECIALLY the following one.......link below......should you NOT heed my last warnings here and wish to preserve your last few dollars. I basically GAVE up a heads up & blue print of what was to come AND this isn't the first time. I've been saying it since 2019, when this POT companies peaked.......And the HOT money took their winnings/loot & ran away.
https://stockhouse.com/companies/bullboard?symbol=t.weed&postid=35456119
For those that are s/h that are STUNNED by these developements, if you are indeed "stunned", then you either haven't been paying close attention to your investment OR you're just plainly ignorant of the markets/investing and have been in denial for the past 4 years. Both options, which ever one it is, is BAD. And i strongly suggest you either smarten up & get informed OR leave the market completely before you lose more than you've lost here. Hopefully this painful & costly lesson will not only be a great teacher, but also force you onto one of those paths.
So i suggest you GTHO, once again for the upteenth time, before the same fatal fate that befell the Aurora s/h falls upon you while you're stuck holding worthless shares.
GLTA