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MarketScreener Homepage  >  Equities  >  Toronto Stock Exchange  >  Canopy Growth Corporation    WEED   CA1380351009

CANOPY GROWTH CORPORATION

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Pot producer Hexo withdraws 2020 forecast, shares slump

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10/10/2019 | 09:55am EDT
A Hexo Corp logo is pictured behind cannabis plants at their facilities in Gatineau

(Reuters) - Canadian cannabis producer Hexo Corp pulled its 2020 forecast on Thursday, blaming an uncertain environment and slow store rollouts due to delays in cannabis derivative approvals, sending its U.S. shares tumbling 23%.

The company said it expects fourth-quarter revenue to be in the range of C$14.5 million ($10.89 million) to C$16.5 million, compared with the about C$26 million it estimated in June.

"The delay in retail store openings in our major markets has meant that the access to a majority of the target customers has been limited," Chief Executive Officer Sebastien St-Louis said in a statement.

Other major Canadian pot producers such as Aurora Cannabis and Canopy Growth Corp have also flagged slow retail rollouts in major markets like Ontario and Quebec as a reason for delays in turning profitable.

Hexo, which is double testing vape products amid increased regulatory scrutiny on the devices, also said jurisdictional decisions to limit the availability and types of cannabis-based products added to the uncertainties.

The U.S. Centers for Disease Control and Prevention said late last month that an investigation into 805 confirmed or probable cases of vaping-related respiratory illnesses suggested that products containing THC, the psychoactive element in cannabis, likely played a role.

The vape crisis is making matters worse for an industry already mired in a capital crunch, Roth Capital Partners analyst Scott Fortune said on Wednesday.

(Reporting by Shariq Khan and Arundhati Sarkar in Bengaluru; editing by Patrick Graham and Sriraj Kalluvila)

Stocks mentioned in the article
ChangeLast1st jan.
AURORA CANNABIS INC. -5.87% 4.81 Delayed Quote.-24.63%
CANOPY GROWTH CORPORATION -2.71% 26.57 Delayed Quote.-25.40%
HEXO CORP. -5.51% 3.6 Delayed Quote.-19.11%
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Financials (CAD)
Sales 2020 560 M
EBIT 2020 -521 M
Net income 2020 -1 562 M
Finance 2020 1 739 M
Yield 2020 -
P/E ratio 2020 -6,07x
P/E ratio 2021 -42,0x
EV / Sales2020 13,9x
EV / Sales2021 7,16x
Capitalization 9 500 M
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Mean consensus OUTPERFORM
Number of Analysts 24
Average target price 45,71  CAD
Last Close Price 27,31  CAD
Spread / Highest target 211%
Spread / Average Target 67,4%
Spread / Lowest Target -12,1%
EPS Revisions
Managers
NameTitle
Mark Zekulin Chief Executive Officer & Director
Rade Kovacevic President
John K. Bell Chairman
Andre Fernandez Chief Operating Officer
Mike Lee Chief Financial Officer
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