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Canopy Growth Corporation (TSX:WEED) (NASDAQ:CGC) will release its financial results for the first quarter of fiscal year 2025 ended June 30, 2024, before financial markets open on August 9, 2024.
An audio webcast with David Klein, CEO and Judy Hong, CFO will take place on August 9, at 10 am ET.
Canopy has been ramping up its presence in the Czech Republic as the country's officials are considering a fully legal commercial adult-use cannabis market as part of its ‘Cannabis Management Act.’ Its medical brand is servicing other European markets like Poland and Germany as well, as well as Asia-Pacific markets, including Australia and New Zealand. That said, Canopy's International markets cannabis net revenue increased 32% year-over-year to CA$12 million in the fourth quarter driven by growth in Germany and Poland.
On the heels of reporting its fourth quarter results for the fiscal year that ended March 31, 2024, Canopy CEO David Klein said the company will seize positive cannabis regulatory shifts in Germany and the United States, Klein added. “Entering FY2025, Canopy has growing businesses in the world's most attractive cannabis markets, a leading portfolio of high-impact brands, and a rapidly developing U.S. ecosystem."
In early June, Canopy said it has established an at-the-market equity program under which it can issue and sell up to $250 million worth of its common shares from treasury from time to time in concurrent public offerings in the United States and Canada. The announcement has generated significant buzz within the cannabis industry, as highlighted by Benzinga's Javier Hasse at the time.
"We're pleased to announce this offering, which further enhances Canopy's financial flexibility and balance sheet," Judy Hong, Canopy Growth’s CFO told Benzinga Cannabis exclusively. "Having already reduced our debt by more than $1.1 billion over the past 18 months, and with no material debt maturing until 2026, Canopy has one of the strongest balance sheets among major cannabis companies."
According to Viridian Valuation Tracker's report in June on Canadian cultivation and retail companies with market caps over $100 million market Canopy is the best performer in the group based on its year-to-date stock performance.
Why? Canopy’s better performance is attributed to its acquisition of U.S. plant-touching companies into Canopy USA.
Read Also: Canopy Growth Doubles Down On Its USA Strategy, Announces Exercise of Acreage Options
CGC shares traded 2.65% higher $7.35 per share at the time of writing on Friday morning.
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Learn more about leading cannabis companies and stocks at the 19th Benzinga Cannabis Capital Conference, coming to Chicago this Oct. 8-9. Get your tickets now before prices surge by following this link.
Posted In: CGC CRON CWBHF CWEB MAPS TILT TLLTF TSX:CRON TSX:CWEB TSX:WEED WEED