Over 2 Years Ago
2 Min Read
CGC is making big moves today. Find out why the stock is trading 14% higher:
Shares of Canopy Growth Corp (CGC) are trading 14% higher at a price of $3.91 at the time of this writing. The Health Care sector is having a generally green day, this hasn't really affected the stock's share price, as it quickly outrunning other names in the space.
- Canopy Growth continues to struggle generating positive gross margins on revenue
- CGC reported greater than expected losses
- Revenue declined 19% year over year
- Gross margins fell to 2%
- CGC cash balance fell 41% to $1.2 billion
- Against $1.5 billion of debt
- CGC had a net cash balance sheet after Constellation Brands (alcohol company trading under STZ) made a $4 billion investment in 2018
We can see below that the company saw great weakness in its cannabis operations, with revenues declining 29% globally. The company was able to offset the weakness with strong 169% growth in BioSteel.
Canopy Growth Corp has been trading between a 52-week high of $18 and a 52-week low of $2.13. The stock has a market cap of $1.93 Billion.
Canopy Growth is a world-leading diversified cannabis and cannabinoid-based consumer product company, driven by a passion to improve lives, end prohibition, and strengthen communities by unleashing the full potential of cannabis. Leveraging consumer insights and innovation,the Company offers product varieties in high quality dried flower, oil, softgel capsule, infused beverage, edible, and topical formats, as well as vaporizer devices by Canopy Growth and industry-leader Storz & Bickel. Its global medical brand, Spectrum Therapeutics, sells a range of full-spectrum products using its colour-coded classification system and is a market leader in both Canada and Germany.
Headlines
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As you can imagine, the internet had a few things to say about the price move. Here's a few choice comments from the Reddit Traderverse™:
DiogoCunha2023 - 4 upvotes - source
CGC at 9% and climbing
DiogoCunha2023 - 1 upvotes - source
CGC going places today
Metacog_Drivel - 1 upvotes - source
Probably done. FUBO and CGC look promising for runs IMO
DiogoCunha2023 - 1 upvotes - source
CGC CGC CGC 🚀🚀🚀🚀🚀
noobstockinvestor - 1 upvotes - source
Cgc at this price seems like a no brainer
AfraidPush0 - 0 upvotes - source
CGC will be making moves!
JuanMata2323 - -2 upvotes - source
$CGC is worth taking a look at
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