Commenting on its earnings, Klein told Business Insider that investors should keep in mind the crucial element of Canopy's growth strategy: its ability to operate across the U.S. upon federal legalization. And, since the Acreage, TerrAscend and Wanna deals haven't closed yet, they don't appear on the company's balance sheet.

"So you see the cash outflow, but you don't see the fact that Wana, and Acreage, and TerrAscend are very fast-growing and profitable businesses," Klein said. "So I think it's a bit of a disconnect."

During a call post-earnings, Klein revealed that he is still confident about seeing marijuana legalization on the federal level, and with it, Canopy's profits exploding. "Who knows when we are going to hit a permissibility event," he said on the call with investors and analysts. "In my view, a question of when not if."

Who are you going to listen to?