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    WEED   CA1380351009

CANOPY GROWTH CORPORATION

(WEED)
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Canopy sticks to profit vow despite revenue miss

06/01/2021 | 07:54am EDT
FILE PHOTO: A sign featuring Canopy Growth Corporation's logo is pictured at their facility in Smiths Falls

June 1 (Reuters) - Canopy Growth Corp's chief executive reassured investors that the world's most valuable pot producer is on track to be profitable within a year, shrugging off a slightly weaker-than-expected fourth-quarter performance.

The company - which sells a range of products from dried flowers to gummies, to chocolates and drinks mixed with weed - posted a near 38% surge in revenue to C$148.4 million in the quarter but missed estimates of C$151.8 million, according to Refinitiv IBES.

The company's revenue growth was subdued by a fresh round of COVID-19 related lockdowns in Canada and Germany, Canopy's CEO David Klein told Reuters in an interview.

While the company is "a little concerned" that the lockdowns, especially in Canada, might also hold back growth in the current quarter, Klein said the company was still on track to be profitable by the end of its current fiscal year.

"The way it looks, there will be sequential improvement (in adjusted EBITDA) throughout the year," Klein said.

A host of cost-cutting through last year helped Canopy narrow its quarterly adjusted loss before interest, taxes, depreciation, and amortization to C$94 million from C$102 million.

"You have a company that is building on revenue growth success ... and a lot of their strategic initiatives are paying off when it comes to the brands they have in their portfolio," Global X analyst Andrew Little said.

Global X, which owns about 600,000 Canopy Growth shares, runs a cannabis focused ETF.

Klien said the focus was now firmly on the U.S. market, where expectations were rising for federal marijuana reform.

"We're very happy with our portfolio in Canada and with the ability of that portfolio to travel to the U.S. ... wouldn't see us doing much more in the way of M&A in Canada," Klein said on a post-earnings call. ($1 = 1.2044 Canadian dollars) (Reporting by Arunima Kumar and Shariq Khan in Bengaluru; Editing by Aditya Soni, Shailesh Kuber and Anil D'Silva)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
AURORA CANNABIS INC. 0.60% 8.45 Delayed Quote.-20.75%
AUXLY CANNABIS GROUP INC. 2.04% 0.25 Delayed Quote.-1.96%
CANOPY GROWTH CORPORATION -0.48% 18.72 Delayed Quote.-40.23%
CRONOS GROUP INC. 0.80% 7.59 Delayed Quote.-14.14%
HEXO CORP. 0.78% 2.6 End-of-day quote.-34.69%
ORGANIGRAM HOLDINGS INC. 0.33% 3.07 Delayed Quote.81.66%
SUPREME CANNABIS 1.52% 0.335 End-of-day quote.112.90%
THE GREEN ORGANIC DUTCHMAN HOLDINGS LTD. -12.82% 0.17 Delayed Quote.-29.17%
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Analyst Recommendations on CANOPY GROWTH CORPORATION
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Financials
Sales 2022 698 M 547 M 547 M
Net income 2022 134 M 105 M 105 M
Net cash 2022 201 M 157 M 157 M
P/E ratio 2022 55,4x
Yield 2022 -
Capitalization 7 362 M 5 775 M 5 762 M
EV / Sales 2022 10,3x
EV / Sales 2023 7,43x
Nbr of Employees 3 259
Free-Float 63,7%
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Technical analysis trends CANOPY GROWTH CORPORATION
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Mean consensus HOLD
Number of Analysts 19
Last Close Price 18,72 CAD
Average target price 29,74 CAD
Spread / Average Target 58,8%
EPS Revisions
Managers and Directors
David Eric Klein Chief Executive Officer & Non-Independent Director
Rade Kovacevic President & Chief Product Officer
Mike Lee Chief Financial Officer & Executive Vice President
Judy A. Schmeling Chairman
Ru Wadasinghe Chief Information Officer
Sector and Competitors