Canopy Growth was downgraded at BofA Securities with the analysts noting “execution challenges and a tough Canadian operating environment.” Analyst Lisa Lewandowski wrote in a note Wednesday that she sees “long-term potential for the legal cannabis industry driven by U.S. federal legalization and changing attitudes toward cannabis consumption,” but was downgrading the stock of Canopy Growth (ticker: CGC) to Underperform from Neutral. Lewandowski said Canopy Growth’s relationship with Constellation Brands (STZ) was a plus, but the company “has shown mixed progress on key performance metrics, is confronted with a rapidly evolving Canadian market with new entrants taking market share and changing consumer tastes, lackluster industry growth even with new stores opening and limited visibility for profitability.” Read More...
Canopy Growth was downgraded at BofA Securities with the analysts noting “execution challenges and a tough Canadian operating environment.” Analyst Lisa Lewandowski wrote in a note Wednesday that she sees “long-term potential for the legal cannabis industry driven by U.S. federal legalization and changing attitudes toward cannabis consumption,” but was downgrading the stock of Canopy Growth (ticker: CGC) to Underperform from Neutral. Lewandowski said Canopy Growth’s relationship with Constellation Brands (STZ) was a plus, but the company “has shown mixed progress on key performance metrics, is confronted with a rapidly evolving Canadian market with new entrants taking market share and changing consumer tastes, lackluster industry growth even with new stores opening and limited visibility for profitability.”
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