Canopy Growth Corporation Leads PRISM Indexes in Intraday Trading Volume
North American cannabis and consumer packaged goods company, Canopy Growth Corporation (Nasdaq: CGC) led the PRISM Indexes today with 52, 860 shares changing hands in trading on Friday. The company will release its financial results for the second quarter fiscal year 2024 ended September 30, 2023 after markets close on November 9, 2023, and the investment community is paying close attention.
According to Zacks Equity Research, it is anticipated that the company will report an EPS of -$0.13, marking a 53.57% rise compared to the same quarter of the previous year. At the same time, our most recent consensus estimate is projecting a revenue of $73.91 million, reflecting a 18.21% fall from the equivalent quarter last year.
In 2023, as part of its transformation to a simplified, asset-light operating model, Canopy completed the sale of its Hershey Drive facility in Smiths Falls, Ontario, for cash consideration of approximately CAD$53 million.
In September 2023, Canopy announced a private placement of up to US$50 million to provide the company with additional liquidity of up to US$50m to further strengthen its financial position. The company also received EU GMP certification of its Kincardine, Ontario cultivation facility, enabling Canopy to continue exporting certified medical cannabis to medical markets in Europe as well as other medical cannabis markets around the world.
Canopy CEO, David Klein, said of the deal, “The receipt of EU GMP certification for our Kincardine facility is a significant milestone for Canopy Growth as we complete the transformation of our business and position it for long-term growth and market leadership.”
Canopy Growth’s medical brands currently service European medical markets in Germany, Czech Republic, and Poland as well as Asia-Pacific markets including Australia & New Zealand.
About Canopy Growth
Canopy Growth is a leading North American cannabis and consumer packaged goods (“CPG”) company dedicated to unleashing the power of cannabis to improve lives. Through an unwavering commitment to our consumers, Canopy Growth delivers innovative products with a focus on premium and mainstream cannabis brands including Doja, 7ACRES, Tweed, and Deep Space. Canopy Growth’s CPG portfolio features targeted 24-hour skincare and wellness solutions from This Works, gourmet wellness products by Martha Stewart CBD, and category defining vaporizer technology made in Germany by Storz & Bickel.
Canopy Growth has also established a comprehensive ecosystem to realize the opportunities presented by the U.S. THC market through its rights to Acreage Holdings, Inc., a vertically integrated multi-state cannabis operator with principal operations in densely populated states across the Northeast, as well as Wana Brands, a leading cannabis edible brand in North America, and Jetty Extracts, a California-based producer of high-quality cannabis extracts and pioneer of clean vape technology.
Beyond our world-class products, Canopy Growth is leading the industry forward through a commitment to social equity, responsible use, and community reinvestment—pioneering a future where cannabis is understood and welcomed for its potential to help achieve greater wellbeing and life enhancement.
For more information visit www.canopygrowth.com
