Harshing the vibe as cannabis stocks collapseCanopy Growth has investors on a comedown after a weak Q1 report and a blunt FY forecast sent prices down 11% on Friday.
💔 Canopy Growth managed a narrower than expected loss but a decline in sales still has investors down in the dumps.
🇨🇦 The Canadian market’s heating up. There’s a long list of hot new entries that are taking sales away from Canopy.
🌿 People want the strong stuff (meaning higher THC) and Canopy didn’t adjust quickly enough to the demand, so other companies raked in the business.
🍬 New product releases like soda and gummy bears should help take back some market share.
🚬 Pot stocks have been down recently – since February Tilray (TLRY) has fallen nearly 95%, Canopy lost 80% in the same time, and Aurora Cannabis (ACB) is down 65%.