Dernières nouvelles pour Canopy Gwth (NASDAQ:CGC) Stock

Canopy Gwth

Canopy Growth

Canopy Growth, headquartered in Smiths Falls, Canada, cultivates and sells medicinal and recreational cannabis, and hemp, through a portfolio of brands that include Doja, 7ACRES, Tweed, and Deep Space. Its non-THC products include skincare products under Martha Stewart CBD and Storz & Bickel vaporizers. Canopy growth merged its US assets into a separately operated holding company, Canopy USA, which will not be consolidated into the Canadian company's financials.

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Canopy Growth Corporation&#8216;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CGC#NASDAQ">CGC</a>) stock has fallen significantly from its recent highs in May 2024.
After reaching a peak of $16.41, the stock now trades around $3.93, raising questions about its potential for recovery and long-term investment viability. In this article, we take a closer look at Canopy&#8217;s medium-term performance and provide insights for investors who might be curious about this key industry player.
<h3 class="wp-block-heading">Fibonacci Analysis: Key Resistance And Support Levels</h3>
A Fibonacci retracement analysis shows that the stock has retraced to the&nbsp;78.6% level (circa $3.86), a critical support point. Holding above this level could trigger a potential bounce, while failure to do so risks further declines toward the pre-rally starting point of&nbsp;$2.57.
On the upside, the&nbsp;61.8% retracement level (circa $6.36)&nbsp;represents a significant resistance zone. The stock tested this level twice: once during the last week of October and again during the first week of November. Breaking through this resistance would signal renewed investor confidence and could open the door to testing the&nbsp;50% level ($8.50) &#8211; a psychologically important milestone.
The company reported&nbsp;$1.23 billion in total assets&nbsp;for the <a href="https://www.benzinga.com/news/earnings/24/11/41843751/canopy-growth-q2-net-revenue-drops-9-yoy-projects-positive-earnings-ahead">most recent quarter</a>, with&nbsp;$509.668 million in shareholder equity&nbsp;and a&nbsp;market capitalization of $396.154 million.
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="781" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/21175121/Captura-de-pantalla-2024-11-21-a-las-19.50.57-1024x781.png" alt="" class="wp-image-659928" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/21175121/Captura-de-pantalla-2024-11-21-a-las-19.50.57-1024x781.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/21175121/Captura-de-pantalla-2024-11-21-a-las-19.50.57-300x229.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/21175121/Captura-de-pantalla-2024-11-21-a-las-19.50.57-768x586.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/21175121/Captura-de-pantalla-2024-11-21-a-las-19.50.57.png 1416w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
Chart created using <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a>
Read Next: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41230957/why-canopys-brand-first-strategy-could-set-it-apart-from-tilray-and-aurora-heres-wh">Why Canopy&#8217;s &#8216;Brand-First&#8217; Strategy Could Set It Apart From Tilray And Aurora – Here&#8217;s What Investors Should Watch</a>
Get Benzinga&#8217;s exclusive analysis and the top news about the cannabis industry and markets daily in your inbox for free. Subscribe to our newsletter&nbsp;<a href="https://newsletteremail.benzinga.com/subscribe" target="_blank" rel="noreferrer noopener">here</a>. You can't afford to miss out if you&#8217;re serious about the business.
<h3 class="wp-block-heading">Is Canopy A Good Investment?</h3>
At current levels, Canopy Growth presents a high-risk, high-reward profile, similar to other <a href="https://www.benzinga.com/topic/cannabis-stocks">cannabis companies</a>. The&nbsp;78.6% retracement support&nbsp;makes it appealing for speculative investors betting on a recovery. However, if the stock falls below $3.86, further declines could follow, raising concerns about profitability and long-term sustainability.
In the short term, there may be trading opportunities, but careful monitoring of other technical indicators is necessary.
For long-term investors, Canopy's future depends on its ability to<a href="https://www.benzinga.com/general/market-summary/24/11/42100955/the-u-s-cannabis-strategy-no-ones-talking-about-inside-canopys-300m-plan"> grow revenue</a>,<a href="https://www.benzinga.com/markets/cannabis/24/10/41381387/canopy-growth-slashes-debt-with-100m-loan-prepayment-saves-14m-in-interest"> reduce debt</a>, and capitalize on the U.S. market: something that the company seems to be <a href="https://www.benzinga.com/general/market-summary/24/11/42100955/the-u-s-cannabis-strategy-no-ones-talking-about-inside-canopys-300m-plan">set to do</a>. But, from a technical standpoint, until the stock breaks above&nbsp;circa $6.36, signaling a broader reversal, caution is recommended.
<ul>
<li>Read Also: <a href="https://www.benzinga.com/general/market-summary/24/11/42100955/the-u-s-cannabis-strategy-no-ones-talking-about-inside-canopys-300m-plan">The U.S. Cannabis Strategy No One&#8217;s Talking About: Inside Canopy&#8217;s $300M Plan</a></li>
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What's Happening With Canopy Growth: Is It Time To Buy?

Germany&#8217;s medical cannabis imports reached 20.1 tons in Q3 2024, a substantial increase from previous quarters. This surge follows the April 2024 revision of the country&#8217;s narcotics law, which has facilitated greater access to medical cannabis. 
Despite this growth, medical cannabis users still represent less than 0.3% of the population, indicating significant potential for market expansion.
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<li>Get Benzinga&#8217;s exclusive analysis and the top news about the cannabis industry and markets daily in your inbox for free. Subscribe to our newsletter&nbsp;<a href="https://newsletteremail.benzinga.com/subscribe" target="_blank" rel="noreferrer noopener">here</a>. You can't afford to miss out if you&#8217;re serious about the business.</li>
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<h3 class="wp-block-heading">Rejection Rates And Market Dynamics</h3>
Historically, approximately 40% of imported cannabis in Germany has been either rejected or re-exported, with pharmacies purchasing about 60% of imports, according to analyst <a href="https://zuanicgroup.com/">Pablo Zuanic</a> of Zuanic and Associates.
In Q3 2024, as importers rushed to build inventories, rejection rates likely increased, potentially resulting in pharmacies purchasing between 50% and 55% of imports. 
This suggests that out of the 20.1 tons imported, pharmacies acquired between 10 and 11 tons, doubling the levels seen before the April reforms.
<h3 class="wp-block-heading">Shifts In Exporter Market Shares</h3>
<a href="https://www.benzinga.com/topic/canada-cannabis">Canada</a> remains the largest supplier, exporting 8.1 tons to<a href="https://www.benzinga.com/topic/germany-cannabis"> Germany</a> in Q3 2024. However, its market share declined to 40% from 59% in Q1.&nbsp;Several Canadian companies actively operate in Germany's cannabis market, including Aurora Cannabis Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ACB#NASDAQ">ACB</a>), Canopy Growth Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CGC#NASDAQ">CGC</a>), and Tilray Brands Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TLRY#NASDAQ">TLRY</a>), leveraging their expertise in cultivation and distribution to meet the growing demand.
<a href="https://www.benzinga.com/topic/portugal-cannabis">Portugal</a>&#8216;s share increased to 21%, with <a href="https://www.benzinga.com/topic/denmark">Denmark</a> at 13%, and Spain and Uruguay each contributing 5%. Notably, the Netherlands&#8217; share dropped to 2% from 8% in 2023.
Read Also: <a href="https://www.benzinga.com/general/market-summary/24/11/42100955/the-u-s-cannabis-strategy-no-ones-talking-about-inside-canopys-300m-plan">The U.S. Cannabis Strategy No One&#8217;s Talking About: Inside Canopy&#8217;s $300M Plan</a>
<h3 class="wp-block-heading">Implications For The Market</h3>
The annualized value of Germany&#8217;s medical cannabis market is estimated at €352 million (US$375 million). According to Zuanic, "With less than 0.3% of the population currently using medical cannabis, the market remains underdeveloped but has immense growth potential."
Zuanic explains that if Germany reaches a 1% penetration rate, similar to Canada&#8217;s, "that would imply more than 4-5x upside." However, achieving this growth will require <a href="https://www.benzinga.com/general/biotech/24/08/40298228/think-you-can-do-it-all-20-000-reasons-why-automation-outperforms-a-broad-approach-in-cannabis">addressing key challenges</a>. "More consistent and ample supplies across price and quality spectrums, new formats being allowed, and streamlined prescription systems."
Despite these hurdles, Zuanic says he is still optimistic. "It is still early days, but the German medical cannabis market could accelerate as these issues along the supply chain improve," he added, signaling the potential for significant expansion in this nascent market.
Read Next: <a href="https://www.benzinga.com/markets/cannabis/24/11/41997646/tilray-joins-german-cannabis-fiesta-with-first-locally-grown-strains">Tilray Joins German Cannabis Fiesta With First Locally Grown Strains</a>

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German Cannabis: 20 Tons, 10M Grams - And That's Only 0.3% Of The Market, What's Missing?

Cannabis stocks reacted with mixed results on Thursday after Matt Gaetz <a href="https://www.benzinga.com/24/11/42119848/matt-gaetz-withdraws-name-from-ag-nomination-calls-sex-trafficking-controversy-a-distraction">withdrew his nomination</a> for U.S. Attorney General amid <a href="https://www.benzinga.com/news/legal/24/11/42078192/trumps-attorney-general-pick-matt-gaetz-resigned-from-congress-ethics-committee-to-decide-if-report-will-be-released">allegations</a> of sexual misconduct, drug use, lack of legal experience and more. Last week, President-elect Donald Trump <a href="https://www.benzinga.com/news/legal/24/11/41959036/trump-nominates-another-cannabis-supporter-to-cabinet-rep-matt-gaetz-for-attorney-general">nominated</a> Gaetz who is a long-time supporter of cannabis legalization. 
While Gaetz's exit may not be directly tied to the sector's performance, multi-state operators (MSOs) and cannabis ETFs recorded notable declines, reflecting ongoing investor jitters in a politically sensitive market.
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<h3 class="wp-block-heading">MSOs Slides, Sector Faces Pressure</h3>
The AdvisorShares Pure US Cannabis ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MSOS#NYSE">MSOS</a>), often viewed as a benchmark for MSOs, dropped by -4.31%, closing at $4.56. This decline highlights the continued uncertainty in the cannabis space, as investors reassess the implications of a reshuffling political landscape.
Curaleaf Holdings Inc. (OTCQX:<a class="ticker" href="https://www.benzinga.com/stock/CURLF#OTCQX">CURLF</a>), one of the largest MSOs in the U.S., shed -4.10%, finishing the day at $1.99. Trulieve Cannabis Corp. (OTCQX:<a class="ticker" href="https://www.benzinga.com/stock/TCNNF#OTCQX">TCNNF</a>) was not far behind, falling -1.93% to $6.11. Meanwhile, Cresco Labs Inc. (OTCQX:<a class="ticker" href="https://www.benzinga.com/stock/CRLBF#OTCQX">CRLBF</a>) dropped -5.74%, closing at $1.15.While some MSOs struggled, Green Thumb Industries (OTCQX:<a class="ticker" href="https://www.benzinga.com/stock/GTBIF#OTCQX">GTBIF</a>) managed to stay in positive territory closing at $9.30.
<h3 class="wp-block-heading">Sundial Stands Out</h3>
Sundial Growers Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SNDL#NASDAQ">SNDL</a>) defied the broader sector trends, climbing 1.79% to end the day at $1.995. Other gainers included Tilray Brands Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TLRY#NASDAQ">TLRY</a>), which rose 1.94% to $1.315, and Canopy Growth Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CGC#NASDAQ">CGC</a>), up 2.53% to $3.855.
<h3 class="wp-block-heading">Deep Declines&nbsp;</h3>
Thursday saw significant losses among smaller players, with Cansortium Inc. (OTCQX:<a class="ticker" href="https://www.benzinga.com/stock/CNTMF#OTCQX">CNTMF</a>) plunging -22.72%, closing at $0.0711. iAnthus Capital Holdings Inc. (OTCQX:<a class="ticker" href="https://www.benzinga.com/stock/ITHUF#OTCQX">ITHUF</a>) also struggled, dropping -11.43% to $0.00558.
Read Next: <a href="https://www.benzinga.com/markets/cannabis/24/11/42122634/gop-bathroom-battle-cannabis-advocate-nancy-mace-will-stand-in-the-way-of-any-man-who-tries-to-get-into-womens-room">GOP Bathroom Battle: Cannabis Advocate Nancy Mace Will &#8216;Stand In The Way Of Any Man&#8217; Who Tries To Get Into Women&#8217;s Room</a>

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Cannabis Stocks Feel The Burn: Matt Gaetz Bows Out As Trump's Attorney General Nominee

Canopy Growth Corporation&#8216;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CGC#NASDAQ">CGC</a>) strategy for capturing the U.S. cannabis market was the focal point of a recent fireside chat hosted by <a href="https://www.youtube.com/@ZuanicAssociates">Zuanic &amp; Associates</a>. CEO David Klein and CFO Judy Hong provided insights into Canopy USA's (CUSA) growth strategy, financial projections and its significance for investors navigating the evolving cannabis industry.
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<h3 class="wp-block-heading">Unique Structure For U.S. Expansion</h3>
CUSA's innovative structure is designed to comply with NASDAQ and SEC regulations while preparing for potential federal cannabis reform. &#8220;The structure allows us to keep Canopy Growth compliant while positioning CUSA to grow independently in the U.S.,&#8221; Klein said.
This arrangement prevents Canopy Growth from directly financing CUSA but allows for co-investments alongside third-party investors when necessary. Additionally, Canopy Growth holds a beneficial interest in CUSA through exchangeable shares, which can be converted into voting shares once regulatory conditions permit.
Hong revealed CUSA's long-term potential, noting it could generate up to $300 million in revenue annually with EBITDA margins of approximately 20%. She emphasized the importance of maintaining operational independence until a "federal permissibility event" allows for broader integration.
<h3 class="wp-block-heading">TerrAscend And Acreage: Growth Potential In Key States</h3>
Canopy Growth's U.S. footprint includes significant stakes in key cannabis brands:
<ul>
<li>100% ownership of Wana and Acreage Holdings upon Acreage's acquisition closure in 2025.</li>
<li>77% stake in Jetty.</li>
<li>21% beneficial interest in TerrAscend, subject to the full exercise of warrants and exchangeable shares.</li>
</ul>
TerrAscend (OTC:<a class="ticker" href="https://www.benzinga.com/stock/TSNDF#OTC">TSNDF</a>) supports Wana's operations in <a href="https://www.benzinga.com/topic/maryland-cannabis">Maryland</a> and <a href="https://www.benzinga.com/topic/new-jersey-cannabis">New Jersey</a>, generating mutual benefits for both companies. Meanwhile, Acreage is actively expanding in <a href="https://www.benzinga.com/topic/ohio-cannabis">Ohio</a>, where it operates five dispensaries and holds licenses for three more.
"Acreage's transition to a wholly owned subsidiary will improve efficiency and enable cost savings," Hong said, adding that these changes position Acreage to better compete in states like New Jersey,<a href="https://www.benzinga.com/topic/illinois-cannabis"> Illinois</a>, and Ohio, where adult-use markets are booming.
Read Also: <a href="https://www.benzinga.com/markets/cannabis/24/11/41791053/terrascend-expands-footprint-despite-q3-losses-can-a-move-to-ohio-turn-the-tide">TerrAscend Expands Footprint Despite Q3 Losses, Can A Move To Ohio Turn The Tide?</a>
<h3 class="wp-block-heading">Global Success And Local Challenges</h3>
Canopy Growth's influence extends beyond the U.S., with strong performance in international markets. Germany, for instance, imported 20 tons of cannabis in Q3, up from 7 tons in Q1, driven by Canadian exporters like Canopy.
Domestically, CUSA is addressing challenges in mature markets such as <a href="https://www.benzinga.com/topic/colorado-cannabis">Colorado</a>, where price compression and competition have intensified. Wana has proactively adjusted its supply chain to lower costs, while Jetty's focus on solventless extraction has solidified its reputation in <a href="https://www.benzinga.com/topic/california-cannabis">California</a> and Colorado.
<h3 class="wp-block-heading">Brand Synergies And Market Penetration</h3>
Collaboration between CUSA's brands is a cornerstone of its strategy. <a href="https://www.benzinga.com/markets/cannabis/24/05/38671962/canopy-growth-expands-u-s-reach-by-acquiring-these-two-key-cannabis-brands">Wana and Jetty have begun joint marketing efforts</a> in New York and Colorado, leveraging a consumer packaged goods (CPG) approach to cannabis sales.
&#8220;Collaboration between <a href="https://www.benzinga.com/topic/wana-brands">Wana</a> and<a href="https://www.benzinga.com/topic/jetty-extracts"> Jetty</a> is already <a href="https://www.benzinga.com/markets/cannabis/24/08/40375216/jetty-extracts-teams-up-with-licensed-cannabis-wholesale-platform-sets-sights-on-nationwide-cann">yielding results</a>,&#8221; Klein noted, with plans to further integrate operations once Acreage Holdings is acquired. Wana's expansion into non-dispensary channels such as liquor stores has also helped broaden its consumer base, particularly with its hemp-derived product line.
Read Also: <a href="https://www.benzinga.com/24/11/42009069/canopy-growths-acquisition-target-acreage-reports-30-yoy-decline-in-q3-revenue-achieves-record-cannabis-wholesale-revenue-in-new-york">Canopy Growth Acquisition Target Acreage Reports 30% YoY Decline In Q3, Record Cannabis Wholesale Revenue In NY</a>
<h3 class="wp-block-heading">Investor Perception And Market Positioning</h3>
Despite its strategic advancements, Canopy Growth faces challenges in convincing the market of CUSA's value. &#8220;It's a real business generating revenue daily, but the complexity of our structure sometimes overshadows its value,&#8221; Klein acknowledged.
Hong added that audited financial statements for CUSA expected in 2025 will provide much-needed transparency. "This should make it easier for investors to understand CUSA's role within the broader Canopy Growth story," she explained.
<h3 class="wp-block-heading">Investor Takeaways</h3>
CUSA offers investors exposure to the U.S. cannabis market without direct regulatory risk. Its portfolio, including brands like Wana and Jetty and its strategic collaborations with TerrAscend, position Canopy Growth to capitalize on evolving market opportunities.
Read Next:<a href="https://www.benzinga.com/news/earnings/24/11/41843751/canopy-growth-q2-net-revenue-drops-9-yoy-projects-positive-earnings-ahead"> Canopy Growth: Q2 Net Revenue Drops 9% YoY, Projects Positive Earnings Ahead</a>

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The U.S. Cannabis Strategy No One's Talking About: Inside Canopy's $300M Plan

Several major players in the cannabis industry are expanding their product offerings in Canada and the U.S. through new partnerships and innovative product launches.
<h3 class="wp-block-heading">Canopy Growth</h3>
Canopy Growth Corporation (TSX:<a class="ticker" href="https://www.benzinga.com/stock/WEED#TSX">WEED</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CGC#NASDAQ">CGC</a>) is launching the award-winning California-grown Claybourne brand in Canada, via an exclusive licensing agreement.
The initial launch brings Claybourne&#8217;s Frosted Flyers Infused Pre-Rolls to Canadian medical and recreational consumers in five distinct offerings, including:
<ul>
<li>Blue Dream 3&#215;0.5g pack (sativa): 42-48% THC (myrcene, pinene and caryophyllene);</li>
<li>Strawberry Cough 3&#215;0.5g pack (sativa): 42-48% THC (myrcene, pinene and caryophyllene);</li>
<li>Pineapple Express 3&#215;0.5g pack (hybrid): 42-48% THC (myrcene, pinene and caryophyllene);</li>
<li>Grape Gasolina 3&#215;0.5g pack (indica): 42-48% THC (myrcene, linalool and caryophyllene);</li>
<li>Banana OG 3&#215;0.5g pack (indica): 42-48% THC (limonene, myrcene and caryophyllene); and</li>
<li>Variety Pack 5&#215;0.5g pack (Sa-Hybri-Ca): 36-40% THC.&nbsp;&nbsp;&nbsp;</li>
</ul>
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<h3 class="wp-block-heading">Aurora Cannabis</h3>
Canadian medical cannabis company Aurora Cannabis Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ACB#NASDAQ">ACB</a>) (TSX:<a class="ticker" href="https://www.benzinga.com/stock/ACB#TSX">ACB</a>) revealed its latest lineup of innovations from Greybeard, San Rafael &#8217;71 and Tasty&#8217;s brands for Canadian consumers.
The latest products available across Canada include the following:
<ul>
<li>Greybeard &#8211; Banana Gas Pure Live Resin Vape, awakens senses with authentic notes of gassy bananas on the inhale and a savoury, umami finish on the exhale;</li>
<li>Greybeard &#8211; Country Lemon Terp Slush (1g); live resin extract featuring a bright, golden hue and a smooth, sugary texture;</li>
<li>Greybeard &#8211; Critical Diesel Pre-Rolls (3 x 0.5g); crafted from 100% whole milled bud, not trim, these pre-rolls are an effortless way to experience Greybeard&#8217;s latest craft sativa – known for its unique blend of cherry, grape, strawberry, vanilla and gas aromas;</li>
<li>San Rafael &#8217;71 &#8211; 20 Pack Pre-Rolls (20 x 0.5g); made in response to the growing demand for bulk pre-roll options; perfect for those who appreciate consistency and value;</li>
<li>Tasty&#8217;s &#8211; Mango Diamond Infused Pre-Rolls, Indica (3 x 0.5g), infused with ultra-powerful THC-A diamonds, with a burst of tangy, sun-kissed mango flavors enhanced by botanical terpenes;</li>
<li>Tasty&#8217;s &#8211; Honeydew Diamond Infused Pre-Rolls, Sativa (3 x 0.5g), infused with THC-A diamonds, with ripe, refreshing honeydew flavor;</li>
<li>Tasty&#8217;s &#8211; Melon Diamond Infused Pre-Rolls, Sativa (3 x 0.5g), created with THC-A diamonds and refreshing sweet melon flavors; and</li>
<li>Tasty&#8217;s &#8211; Grape 510 Vape (1.2g), offers an unbeatable combination of taste and 1000mg of THC to deliver a tongue-tickling sweetness with subtle tanginess.</li>
</ul>
<h3 class="wp-block-heading">The Cannabist</h3>
Cannabis producer and retailer The Cannabist Company (Cboe CA: CBST) (OTCQX:<a class="ticker" href="https://www.benzinga.com/stock/CBSTF#OTCQX">CBSTF</a>) (FSE: 3LP) announced on Wednesday the launch of its partnership with Veda Warrior, a New Jersey-based minority woman-owned Ayurvedic wellness brand.
The initial launch in the New Jersey market includes three cannabis-infused cooking essentials, including ghee butter, olive oil and coconut oil, which will be available at the company's two Cannabist locations as well as across its wholesale network.
Cannabis-infused edibles and topicals incorporating Ayurvedic herb blends are to follow, the company said. The second phase of the partnership launch will feature nine uniquely formulated effects-based products, including five infused edibles and four infused topicals.

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Canopy Growth, Aurora And Another Cannabis Giant Unveil Product Innovations, Here's What's New

Canopy Growth Announced Through An Exclusive Licensing Agreement The Launch Of The Award-winning California Grown Claybourne Brand In Canada

Vertically integrated cannabis operator Acreage Holdings, Inc. (CSE:<a class="ticker" href="https://www.benzinga.com/stock/ACRG#CSE">ACRG</a>, ACRG.B.U)) (OTCQX:<a class="ticker" href="https://www.benzinga.com/stock/ACRHF#OTCQX">ACRHF</a>, ACRDF)) reported its financial results Thursday for the third quarter ended Sept. 30, 2024.
"In the third quarter, we continued to focus on re-accelerating growth across our core states, including Connecticut, Illinois, and New Jersey, while also executing on the highly anticipated launch of non-medical sales in Ohio,&#8221; said CEO Dennis Curran. &#8220;With our strengthened financial position, we have bolstered our capacity to pursue opportunities in these markets as they continue to mature, which is expected to play a pivotal role in driving both revenue generation and improvements in Adjusted EBITDA as we close out 2024."
<h3 class="wp-block-heading">Q3 2024 Financial Highlights</h3>
<ul>
<li>Consolidated revenue totaled $39.6 million, representing a 30% decrease YoY.</li>
<li>Gross margin was 35%, down from 38% in the third quarter of 2023.</li>
<li>Total operating expenses amounted to $22.6 million, down from $24 million in the same period of last year.</li>
<li>Net loss was $22.2 million, up from a loss of $7.9 million in the previous year's quarter.</li>
<li>Adjusted EBITDA came in positive at $0.6 million, representing a drop from $6.6 million in the third quarter of 2023.</li>
</ul>
Read Also: <a href="https://www.benzinga.com/markets/cannabis/24/08/40398055/acreage-holdings-q2-revenue-drops-invests-in-ohio-growth-as-canopy-acquisition-nears">Acreage Holdings Q2 Revenue Drops, Invests In Ohio Growth As Canopy Acquisition Nears</a>
<ul>
<li>Get Benzinga's exclusive analysis and the top news about the cannabis industry and markets daily in your inbox for free. Subscribe to our newsletter <a href="https://newsletteremail.benzinga.com/subscribe" target="_blank" rel="noreferrer noopener">here</a>. If you're serious about the business, you can't afford to miss out.</li>
</ul>
<h3 class="wp-block-heading">Q3 2024 Operational Highlights</h3>
<ul>
<li>Launched recreational cannabis sales in Ohio at five Botanist retail locations, contributing to 38% of third-quarter revenue in the state.</li>
<li>Debut Superflux flower in Illinois, with strong wholesale penetration.</li>
<li>Achieved record wholesale revenue performance in New York.</li>
<li>Secured a $65 million credit agreement, resulting in the repayment of prior debts.</li>
<li>Gained green light for a new dispensary in Collingswood, New Jersey.</li>
</ul>
<h3 class="wp-block-heading">Outlook</h3>
Canopy USA, Canopy Growth Corporation&#8216;s (TSX:<a class="ticker" href="https://www.benzinga.com/stock/WEED#TSX">WEED</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CGC#NASDAQ">CGC</a>) strategy to consolidate its U.S.-based assets &#8211; is set to acquire Acreage in 2025.
Curran emphasized efforts to boost growth in key markets like Connecticut, Illinois, and New Jersey while leveraging Acreage&#8217;s strong medical reputation in Ohio.
<h3 class="wp-block-heading">ACRHF Price Action</h3>
Acreage's shares traded 4.29% lower at $0.134 per share after the market close on Thursday afternoon.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/markets/cannabis/24/09/40742561/ohios-cannabis-sales-reach-44m-as-new-customers-just-keep-coming-and-demand-is-not-slowing">Ohio&#8217;s Cannabis Sales Reach $44M As New Customers Just Keep Coming And Demand Is Not Slowing</a></li>
</ul>

Earnings

ACRDF

ACRHF

CSE:ACRG

Canopy Growth Acquisition Target Acreage Reports 30% YoY Decline In Q3, Record Cannabis Wholesale Revenue In NY

<a href="https://www.marijuanamoment.net/newly-elected-republican-senate-majority-leader-opposes-marijuana-legalization-rescheduling-and-industry-banking-access/">https://www.marijuanamoment.net/newly-elected-republican-senate-majority-leader-opposes-marijuana-legalization-rescheduling-and-industry-banking-access/</a>
Senate Republicans on Wednesday <a href="https://www.marijuanamoment.net/every-gop-senate-majority-leader-candidate-opposes-marijuana-legalization/">elected a new majority leader who not only opposes legalizing marijuana</a> but has also called for a reversal of the Biden administration's plan to reschedule cannabis and has criticized Democrats for working to increase the industry's access to banking services.
Thune, who defeated Sens. John Cornyn (R-TX) and Rick Scott (R-FL) in an election for the leadership slot, joined other GOP lawmakers in a letter in July <a href="https://www.marijuanamoment.net/gop-lawmakers-push-justice-department-to-reverse-course-on-marijuana-rescheduling/">challenging the current administration's marijuana rescheduling push</a>, urging that the policy proposal be trashed.
The rescheduling rule "fails to provide adequate science and data to support moving marijuana to schedule III and should not have been signed or published," the letter Thune signed says, calling it "irresponsible" for federal health officials to "make this determination when emerging research shows that there are significant health concerns associated with marijuana use."
The letter details Thune's and other Republican lawmakers' concerns about marijuana's health effects, suggesting that there is a "clear association between cannabis use and psychosis, anxiety, cognitive failures, respiratory adverse events, cancer, cardiovascular outcomes and gastrointestinal disorders."
It also claims that "sexual disfunction was twice as high in men who used marijuana" and that "marijuana use among veterans with PTSD was associated with worse PTSD symptoms, more violent behavior, and alcohol use."
Beyond criticizing cannabis use and policy reform, the letter Thune signed further calls into question whether marijuana has any medical value.
"Medical marijuana dispensaries sell edibles and vapes that come in flavors like passion raspberry, blueberry calm, wild cherry, and sour apple," it says. "Pretending that these products are medicine that can treat health conditions is doing a disservice to Americans."
"It remains the case that marijuana has no currently accepted medical use," Thune and his Republican colleague wrote. "The fact that states have labeled marijuana as ‘medicine' does not change the nature of the drug… We urge you to withdraw this proposal and maintain marijuana as a schedule I drug."
Separately, as Senate Democrats moved to advance a marijuana legalization bill in 2021, Thune <a href="https://twitter.com/JulieNBCNews/status/1384583108410978312">said</a> that cannabis reform is "something we'll probably have to grapple with here." But he's consistently opposed even modest proposals to allow marijuana industry banking.
Earlier this year, Thune said attaching cannabis banking legislation to an aviation bill would be "a non-starter," <a href="https://www.bloomberg.com/news/newsletters/2024-05-01/pot-industry-banking-bill-still-in-limbo-but-not-dead-yet">noting</a> that Republican&nbsp; opposition to the idea is "very strong."
He <a href="https://www.congress.gov/congressional-record/volume-166/issue-96/senate-section">called</a> the then-Democratic-controlled House's proposal to include marijuana banking reform in a large-scale coronavirus relief bill "crazy stuff" in 2020, complaining in a floor speech that the text of the underlying legislation mentions "cannabis" more times than "jobs."
"In case Democrats didn't realize, Americans aren't suffering from a lack of cannabis right now," Thune <a href="https://www.thune.senate.gov/public/index.cfm/2020/5/thune-senate-focused-on-american-people-while-house-is-distracted-by-liberal-agenda">said</a> in a speech on the Senate floor. "They're suffering from a lack of employment."
He also said that Democrats' push to advance a marijuana legalization bill was a "great illustration of the gap in priorities."
"While Republicans are continuing to negotiate on COVID relief, Democrats are holding votes on a Tiger King bill &amp; legalizing cannabis," he said. "Let's get serious &amp; do our job for Americans."
Back in 2014, Thune said that while he understands that "people have strong opinions on both sides of this debate, I do not support legalizing the use of marijuana."
"Currently, the medical benefits from the use of marijuana are still inconclusive, and I believe that we must be careful not to increase the availability of marijuana and the use of marijuana for non-medical reasons," the senator <a href="https://www.facebook.com/permalink.php?story_fbid=1423720604579857&amp;id=1374412469510671">said</a> in a constituent letter. "However, I support the development of alternative medications that will provide relief to patients without opening the door to substance abuse."
The next year, he called legalization a "dangerous path," <a href="https://vote.norml.org/politicians/398">adding</a> that voters who enacted the reform in Colorado are "going to pay a price for it."
In 2021, Thune acknowledged that cannabis is an "area that's still evolving, and our country's views on it are evolving," <a href="https://www.politico.com/news/2021/06/27/republicans-weed-496390">adding</a> that "how we deal with it nationally I think is still an open question."
"Medical's getting big — the recreational not as big yet, but it's growing — and there'll be more initiatives on the ballot," he said.
For what it's worth, voters in Thune's home state of South Dakota approved a marijuana legalization initiative at the ballot in 2020, but it was overturned by the state Supreme Court. Voters subsequently <a href="https://www.marijuanamoment.net/south-dakota-voters-reject-marijuana-legalization-ballot-initiative-after-third-attempt-from-advocates/">rejected legalization proposals in 2022 and 2024</a>.

Macro Economic Events

Legal

Economics

General

AKAN

CRON

GRWG

IMCC

LFLY

MAPS

'Newly Elected Republican Senate Majority Leader Opposes Marijuana Legalization, Rescheduling And Industry Banking Access' - Marijuana Moment

WIIM

Canopy Growth shares are trading lower. The company reported Q2 financial results.

Canopy Growth Corporation (TSX:<a class="ticker" href="https://www.benzinga.com/stock/WEED#TSX">WEED</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CGC#NASDAQ">CGC</a>) announced its financial results on Friday for the second quarter of fiscal 2025, which ended Sept. 30, 2024.
The Canadian cannabis giant reported a 9% year-over-year decrease in net revenue to CA$63 million ($45.4 million). Canopy said excluding net revenue from businesses divested during the prior fiscal year, net revenue increased 3%.
David Klein, the company's CEO, said the company "delivered a solid second quarter led by strong growth across our Storz &amp; Bickel, Canadian medical, and European cannabis businesses," adding Canopy is "well positioned to accelerate momentum in the second half of our fiscal year."
Read Also: <a href="https://www.benzinga.com/markets/cannabis/24/10/41251114/cannabis-giant-canopy-expands-us-presence-with-acquisition-of-top-edibles-brand-what-it-means-fo">Canopy Growth Q1 Revenue Drops 13% YoY, Reports Wider Net Loss</a>
<h3 class="wp-block-heading">Q2 2025 Financial Highlights</h3>
<ul>
<li>Canada&#8217;s cannabis net revenue was CA$37 million, representing a decrease of 8% year over year. Canada&#8217;s medical cannabis net revenue increased 16% over the same period, while Canada&#8217;s adult-use cannabis declined 24%, in part due to an interruption in the supply of Wana edibles.</li>
<li>International market&#8217;s net revenue was CA$10 million, representing an increase of 12% year over year. Strong growth in Poland and Germany was partially offset by a decline in Australia.</li>
<li>Storz &amp; Bickel delivered net revenue of CA$16 million, representing a 32% increase year-over-year driven primarily by strong growth in Germany following regulatory reform/</li>
<li>Consolidated gross margin increased by 100 basis points to 35% year-over-year due to the realized benefit of the company's cost-savings program as well as a shift to higher-margin medical cannabis sales.</li>
<li>Operating loss from continuing operations was CA$46 million, compared to a loss of CA$7 million in the same quarter of last year.</li>
<li>Adjusted EBITDA loss was CA$6 million, representing a 54% improvement year-over-year, driven primarily by the realized benefit of the company's cost savings program.</li>
<li>Free cash flow was an outflow of CA$56 million, representing a 16% improvement compared to the second quarter of last year, primarily driven by a reduction in cash interest expenses.</li>
<li>Cash and short-term investments balance increased to CA$231 million on Sept. 30, 2024, from CA$195 million on June 30, 2024.</li>
</ul>
"With expected improvement in top-line growth in the second half of the fiscal year and continued cost discipline, we believe we remain on a path to achieve positive Adjusted EBITDA at the consolidated level in the coming quarters," said Judy Hong, the company's CFO.
<h3 class="wp-block-heading">Canopy USA</h3>
Canopy USA, LLC completed its acquisition of Wana in October, which included Wana Wellness, LLC, The CIMA Group LLC, and Mountain High Products, LLC. The top edibles brand, Wana, generated roughly $150 million in retail sales across 19 states in 2023.
Combined with the <a href="https://www.benzinga.com/markets/cannabis/24/10/41251114/cannabis-giant-canopy-expands-us-presence-with-acquisition-of-top-edibles-brand-what-it-means-fo">wrapped-up acquisition</a> of roughly 75% of the shares of cannabis edibles producer,&nbsp;Lemurian, Inc. (Jetty) as <a href="https://www.benzinga.com/markets/cannabis/24/06/39166300/canopy-growth-doubles-down-on-its-usa-strategy-announces-exercise-of-acreage-options">announced this past June</a>, Canopy USA has fulfilled its plan to set up a brand-focused cannabis company in the U.S.
The completed acquisitions of Wana and roughly 75% of Jetty shares followed by the contemplated acquisition of Acreage Holdings, Inc., are expected to enable Canopy USA to boost its financial position.
Klein, who recently announced his plan to <a href="https://www.benzinga.com/markets/cannabis/24/08/40419783/canopy-growth-ceo-departure-leaves-nasdaq-listed-company-poised-for-profit-surge-what-investors-">retire at the end of the company's fiscal year</a> on March 31, 2025, said, &#8220;In addition, we remain highly optimistic about the momentum building within Canopy USA as this strategy was uniquely designed to succeed independent of the need for federal legalization."
Read Next:
<ul>
<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41230957/why-canopys-brand-first-strategy-could-set-it-apart-from-tilray-and-aurora-heres-wh">Why Canopy's ‘Brand-First' Strategy Could Set It Apart From Tilray And Aurora – Here's What Investors Should Watch</a></li>
</ul>
<h3 class="wp-block-heading">CGC Price Action</h3>
Canopy Growth's shares traded 4.4% lower at $4.35 per share during the pre-market session on Friday morning.

Canopy Growth: Q2 Net Revenue Drops 9% YoY, Projects Positive Earnings Ahead

Canopy Growth (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CGC#NASDAQ">CGC</a>) reported quarterly sales of $63.00 million which beat the analyst consensus estimate of $61.94 million by 1.71 percent. This is a 21.44 percent increase over sales of $51.88 million the same period last year.

Earnings Beats

Canopy Growth Q2 Sales CAD$63.00M Beat CAD$61.94M Estimate

Canopy Growth (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CGC#NASDAQ">CGC</a>) is set to give its latest quarterly earnings report on Friday, 2024-11-08. Here's what investors need to know before the announcement.
Analysts estimate that Canopy Growth will report an earnings per share (EPS) of $-0.32. 
The announcement from Canopy Growth is eagerly anticipated, with investors seeking news of surpassing estimates and favorable guidance for the next quarter.
It's worth noting for new investors that guidance can be a key determinant of stock price movements.
<h3>Overview of Past Earnings</h3>
In the previous earnings release, the company missed EPS by $0.84, leading to a 0.0% drop in the share price the following trading session.
Here's a look at Canopy Growth's past performance and the resulting price change:

<table>
<thead>
<tr>
<th>Quarter</th>
<th>Q1 2025</th>
<th>Q4 2024</th>
<th>Q3 2024</th>
<th>Q2 2024</th>
</tr>
</thead>
<tbody>
<tr>
<td>EPS Estimate</td>
<td>-0.35</td>
<td>-0.33</td>
<td>-0.37</td>
<td>-1.3</td>
</tr>
<tr>
<td>EPS Actual</td>
<td>-1.19</td>
<td>-0.79</td>
<td>-2.04</td>
<td>-1.6</td>
</tr>
<tr>
<td>Price Change %</td>
<td>-8.0%</td>
<td>-1.0%</td>
<td>-2.0%</td>
<td>-0.0%</td>
</tr>
</tbody>
</table>

<img src="https://www.benzinga.com/files/images/story/2024/1730998951_0_0.png" alt="eps graph" />
<h3>Stock Performance</h3>
Shares of Canopy Growth were trading at $4.41 as of November 06. Over the last 52-week period, shares are down 13.04%. Given that these returns are generally negative, long-term shareholders are likely unhappy going into this earnings release. 
<a href="https://www.benzinga.com/quote/CGC/earnings">To track all earnings releases for Canopy Growth visit their earnings calendar on our site.</a>
This article was generated by Benzinga's automated content engine and reviewed by an editor.

Canopy Growth's Earnings Outlook

Aurora Cannabis Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ACB#NASDAQ">ACB</a>) recently reported strong quarterly earnings that outpaced market expectations, despite a downturn across the cannabis sector.&nbsp;
Aurora's share price fell 18% following the earnings report, reflecting broader sector pressures, with the MSOS ETF down 29%. As of this morning, November 7, 2024, Aurora's stock is trading at $5.25 in pre-market, showing a 2.54% increase from its previous close.
"Despite having no U.S. exposure, Aurora surpassed consensus estimates on sales and EBITDA, encouraging guidance for the December quarter," observed analyst Pablo Zuanic of Zuanic &amp; Associates. 
<ul>
<li>Get Benzinga's exclusive analysis and the top news about the cannabis industry and markets daily in your inbox for free. Subscribe to our newsletter&nbsp;<a href="https://newsletteremail.benzinga.com/subscribe" target="_blank" rel="noreferrer noopener">here</a>. You can&#8217;t afford to miss out if you're serious about the business.</li>
</ul>
<h3 class="wp-block-heading">International Medical Cannabis Growth Drives Revenue</h3>
Aurora's international medical cannabis (MMJ) business significantly bolstered its revenue, with European sales doubling quarter-over-quarter to $20 million, led by strong demand in <a href="https://www.benzinga.com/topic/germany-cannabis">Germany</a> and Poland.&nbsp;
Australian MMJ sales also rose from $9.3 million to $15.1 million, benefiting from an August inventory drawdown following the MedReleaf <a href="https://www.benzinga.com/topic/australia-cannabis">Australia</a> acquisition.
<h3 class="wp-block-heading">Profit Margins Reflect International Expansion</h3>
The company's profitability has improved as higher-margin international markets now make up 57% of Aurora's global MMJ sales from 42% a year ago. This <a href="https://www.benzinga.com/markets/cannabis/24/11/41774692/aurora-cannabis-reports-strong-q2-growth-driven-by-international-medical-marijuana-sales">boosted adjusted cash gross margins to 68%</a> for MMJ products, a 5% increase year-over-year, with total company margins rising 450 basis points to over 55%.&nbsp;
Operating expenses remained steady at $35 million per quarter, resulting in an EBITDA margin increase from 5% to 12% year-over-year.
Read Also:<a href="https://www.benzinga.com/markets/cannabis/24/11/41793174/cannabis-stocks-collapse-after-trump-win-major-players-see-double-digit-declines-at-wednesdays-c"> Cannabis Stocks Collapse After Trump Win: Major Players See Double-Digit Declines At Wednesday&#8217;s Close</a>
<h3 class="wp-block-heading">December Quarter Guidance And Challenges</h3>
Aurora anticipates stable sales and EBITDA for the December quarter, exceeding consensus by 9% and 90%, respectively. The outlook includes a seasonal decline in its propagation business but projects positive EBITDA and free cash flow, supported by<a href="https://www.benzinga.com/markets/cannabis/24/11/41774692/aurora-cannabis-reports-strong-q2-growth-driven-by-international-medical-marijuana-sales"> Aurora's net cash position</a> of $27 million (cash of $85 million against $58 million in Bevo-related debt).&nbsp;
Zuanic noted that international growth remains promising, although "shipments can be inconsistent, making end-market growth predictions difficult."
<h3 class="wp-block-heading">Valuation Compared To Peers</h3>
According to Zuanic, with a valuation of 1.4x its annualized sales, Aurora appears undervalued compared to competitors Tilray (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TLRY#NASDAQ">TLRY</a>) and Canopy Growth (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CGC#NASDAQ">CGC</a>), which trade at multiples of 3-4x sales.&nbsp;
"Though business models differ, operational trends and lower valuation offer potential upside for ACB shares," Zuanic commented. Aurora's combination of higher-margin international revenue and more conservative valuation may present an opportunity amid sector volatility. 
Read Next:<a href="https://www.benzinga.com/markets/cannabis/24/11/41791833/curaleaf-q3-results-strong-margins-but-44m-loss-whats-next-for-investors"> Curaleaf Q3 Results: Strong Margins But $44M Loss, What&#8217;s Next For Investors?</a>

Analyst Color

Commodities

Global

Analyst Ratings

Aurora vs. Canopy & Tilray: Which NASDAQ-Listed Cannabis Stock Offers The Best Growth Potential?

Following Donald Trump's presidential <a href="https://www.benzinga.com/news/24/11/41768178/donald-trump-defeats-kamala-harris-to-win-2024-election">election victory Tuesday</a>, the cannabis sector took a sharp downturn.
Here's a summary of the largest stock declines across the industry based on<a href="https://www.benzinga.com/pro/"> data from Benzinga Pro</a>. 
<ul>
<li>Get Benzinga&#8217;s exclusive analysis and the top news about the cannabis industry and markets daily in your inbox for free. Subscribe to our newsletter&nbsp;<a href="https://newsletteremail.benzinga.com/subscribe" target="_blank" rel="noreferrer noopener">here</a>. You can't afford to miss out if you&#8217;re serious about the business.</li>
</ul>
<h3 class="wp-block-heading">Top Cannabis Stocks And ETFs Facing Major Losses Post-Election</h3>
<ul>
<li>Trulieve Cannabis (OTC:<a class="ticker" href="https://www.benzinga.com/stock/TCNFF#OTC">TCNFF</a>): Closed at $7.136, down $5.564 (-43.81%). Volume: 3,590,905 shares.</li>
<li>Cansortium (OTC:<a class="ticker" href="https://www.benzinga.com/stock/CNTMF#OTC">CNTMF</a>): Ended at $0.09803, falling $0.058 (-37.16%). Volume: 2,226,672 shares.</li>
<li>AdvisorShares Pure US Cannabis ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MSOS#NYSE">MSOS</a>): Closed at $4.935, down $1.935 (-28.17%). Volume: 35,572,290 shares.</li>
<li>Curaleaf Holdings (OTC:<a class="ticker" href="https://www.benzinga.com/stock/CURLF#OTC">CURLF</a>): Closed at $2.23, down $0.884 (-28.39%). Volume: 3,072,876 shares.</li>
<li>Cresco Labs (OTC:<a class="ticker" href="https://www.benzinga.com/stock/CRLBF#OTC">CRLBF</a>): Ended at $1.1342, dropping $0.3958 (-25.87%). Volume: 3,163,255 shares.</li>
<li>C21 Investments (OTC:<a class="ticker" href="https://www.benzinga.com/stock/CXXIF#OTC">CXXIF</a>): Closed at $0.17, down $0.0536 (-23.97%). Volume: 218,362 shares.</li>
<li>Canopy Growth (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CGC#NASDAQ">CGC</a>): Closed at $4.285, losing $1.305 (-23.35%). Volume: 10,958,783 shares.</li>
<li>Scotts Miracle-Gro (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SMG#NYSE">SMG</a>): Closed at $74.46, falling $19.01 (-20.34%). Volume: 2,562,247 shares.</li>
<li>Green Thumb Industries (OTC:<a class="ticker" href="https://www.benzinga.com/stock/GTBIF#OTC">GTBIF</a>): Finished at $8.61, down $2.07 (-19.38%). Volume: 2,503,233 shares.</li>
<li>Amplify Alternative Harvest ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MJ#NYSE">MJ</a>): Closed at $2.71, down $0.61 (-18.37%). Volume: 3,404,675 shares.</li>
<li>Aurora Cannabis (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ACB#NASDAQ">ACB</a>): Closed at $5.01, down $1.10 (-18.00%). Volume: 3,702,665 shares.</li>
<li>Jushi Holdings (OTC:<a class="ticker" href="https://www.benzinga.com/stock/JUSHF#OTC">JUSHF</a>): Closed at $0.391, down $0.0753 (-16.15%). Volume: 587,553 shares.</li>
<li>AdvisorShares Pure Cannabis ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/YOLO#NYSE">YOLO</a>): Closed at $2.7896, down $0.5304 (-15.98%). Volume: 314,508 shares.</li>
<li>Vext Science (OTC:<a class="ticker" href="https://www.benzinga.com/stock/VEXTF#OTC">VEXTF</a>): Closed at $0.1165, down $0.021 (-15.27%). Volume: 379,172 shares.</li>
<li>SNDL (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SNDL#NASDAQ">SNDL</a>): Closed at $2.035, down $0.355 (-14.85%). Volume: 6,016,260 shares.</li>
<li>Tilray Brands (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TLRY#NASDAQ">TLRY</a>): Closed at $1.52, down $0.25 (-14.12%). Volume: 45,915,711 shares.</li>
<li>Medical Marijuana Inc. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/MJNA#OTC">MJNA</a>): Closed at $0.0007, down $0.0001 (-12.5%). Volume: 25,466,093 shares.</li>
<li>OrganiGram Holdings (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/OGI#NASDAQ">OGI</a>): Closed at $1.675, down $0.175 (-9.46%). Volume: 1,274,063 shares.</li>
<li>Village Farms International (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VFF#NASDAQ">VFF</a>): Closed at $0.8332, down $0.0659 (-7.33%). Volume: 1,133,165 shares.</li>
</ul>
Read Next: <a href="https://www.benzinga.com/markets/cannabis/24/11/41792417/cannabis-reit-giant-iipr-reports-q3-39-7m-profit-despite-rent-delays-in-sector">Cannabis REIT Giant IIPR Reports Q3 $39.7M Profit Despite Rent Delays In Sector</a>

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Cannabis Stocks Collapse After Trump Win: Major Players See Double-Digit Declines At Wednesday's Close

The cannabis market is experiencing a rough patch after <a href="https://www.benzinga.com/markets/cannabis/24/11/41744722/election-day-2024-will-florida-nebraska-north-and-south-dakota-join-the-marijuana-revolution">election day</a>, with many top U.S. and Canadian cannabis stocks under pressure following Donald Trump&#8216;s victory, the prospect of a GOP-controlled Senate and <a href="https://www.benzinga.com/markets/cannabis/24/11/41763514/florida-rejects-cannabis-legalization-amendment-supported-by-trump-detested-by-desantis">Florida&#8217;s rejection of Amendment 3</a> that would have legalized cannabis.
As of Wednesday mid-morning, key cannabis players experienced notable drops in share prices, reflecting investor caution and panic sales as the sector faces a wave of political uncertainty.
For instance, shares of cannabis leader Tilray Brands Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TLRY#NASDAQ">TLRY</a>) are trading at $1.53, down $0.25, or -13.7%. Tilray&#8217;s chart shows a sharp decline with increased trading volume nearing 10 million shares.
<figure class="wp-block-image size-large is-resized"><img loading="lazy" decoding="async" width="1024" height="475" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/06122623/tilray-1024x475.png" alt="" class="wp-image-633330" style="width:656px;height:auto" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/06122623/tilray-1024x475.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/06122623/tilray-300x139.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/06122623/tilray-768x356.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/06122623/tilray-1536x713.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/06122623/tilray.png 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
Chart <a href="https://pro.benzinga.com/dashboard">created using Benzinga Pro</a>
Here's how other top U.S. and Canadian cannabis stocks are trading as of Wednesday mid-morning:
<ul>
<li>Curaleaf Holdings Inc (OTC:<a class="ticker" href="https://www.benzinga.com/stock/CURLF#OTC">CURLF</a>) shares are trading at $2.38, down $0.74.</li>
<li>Green Thumb Industries Inc (OTC:<a class="ticker" href="https://www.benzinga.com/stock/GTBIF#OTC">GTBIF</a>) shares are trading at $8.78, down $1.90.</li>
<li>Trulieve Cannabis Corp (OTC:<a class="ticker" href="https://www.benzinga.com/stock/TCNNF#OTC">TCNNF</a>) <a href="https://www.trulieve.com/" target="_blank" rel="noreferrer noopener"></a>shares are trading at $7.27, down $5.43.</li>
<li>Canopy Growth Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CGC#NASDAQ">CGC</a>) shares are trading at $4.35, down $1.25.</li>
</ul>
A look at how some of the most traded cannabis ETFs are trading:
<ul>
<li>AdvisorShares Pure US Cannabis ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/YOLO#NYSE">YOLO</a>) shares are trading at $5.01, down $1.87.</li>
<li>ETFMG Alternative Harvest ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MJ#NYSE">MJ</a>) shares are trading at $2.74, down $0.59.</li>
<li>AdvisorShares Pure Cannabis ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MSOS#NYSE">MSOS</a>) shares are trading at $2.80, down $0.52.</li>
</ul>
Read Also: <a href="https://www.benzinga.com/markets/cannabis/24/11/41780079/floridas-cannabis-initiative-defeated-trulieve-ceo-kim-rivers-nfls-ricky-williams-and-others-res">Florida&#8217;s Cannabis Initiative Defeated: Trulieve CEO Kim Rivers, NFL&#8217;s Ricky Williams And Others Respond</a>
Get Benzinga&#8217;s exclusive analysis and the top news about the cannabis industry and markets daily in your inbox for free. Subscribe to our newsletter&nbsp;<a href="https://newsletteremail.benzinga.com/subscribe" target="_blank" rel="noreferrer noopener">here</a>. If you&#8217;re serious about the business, you can&#8217;t afford to miss out.
<h3 class="wp-block-heading">Market Takes A Toll On Trulieve Bet</h3>
Trulieve Cannabis Corp (OTC:<a class="ticker" href="https://www.benzinga.com/stock/TCNNF#OTC">TCNNF</a>) stands out in this market slump, experiencing a -43% at the moment of writing. 
Trulieve, which invested heavily in Florida's <a href="https://www.benzinga.com/markets/cannabis/24/11/41780079/floridas-cannabis-initiative-defeated-trulieve-ceo-kim-rivers-nfls-ricky-williams-and-others-res">Amendment 3 campaign</a> &#8211; over $110 million &#8211; saw its shares tumble from nearly $12 to $7.27, losing $5.43.
This drastic drop comes on the heels of both the company&#8217;s <a href="https://www.benzinga.com/markets/cannabis/24/11/41743807/trulieves-q3-revenue-up-slightly-year-over-year-net-loss-grows-amid-48m-in-cannabis-legalization">Q3 earnings report</a> and the failed Florida legalization measure.
Trulieve reported $284 million in revenue, a modest 3% year-over-year increase, but the substantial campaign investment weighed heavily on its financials. 
<figure class="wp-block-image size-large is-resized"><img loading="lazy" decoding="async" width="1024" height="608" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/06114215/Captura-de-pantalla-2024-11-06-a-las-13.18.34-1024x608.png" alt="" class="wp-image-633191" style="width:655px;height:auto" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/06114215/Captura-de-pantalla-2024-11-06-a-las-13.18.34-1024x608.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/06114215/Captura-de-pantalla-2024-11-06-a-las-13.18.34-300x178.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/06114215/Captura-de-pantalla-2024-11-06-a-las-13.18.34-768x456.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/06114215/Captura-de-pantalla-2024-11-06-a-las-13.18.34-1536x911.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/06114215/Captura-de-pantalla-2024-11-06-a-las-13.18.34.png 1820w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
Chart <a href="https://pro.benzinga.com/dashboard">created using Benzinga Pro</a>
The chart for Trulieve shows a sharp drop from over $12 to the $7 range, with significant volume spikes, indicating heavy selling pressure. 
Had the amendment passed, a clear win for Trulieve, the situation would probably be quite different.
<ul>
<li>Read Next: <a href="https://www.benzinga.com/markets/cannabis/24/11/41780260/canopy-growth-and-other-top-cannabis-companies-to-report-earnings-will-results-get-pot-stocks-on">Canopy Growth And Other Top Cannabis Companies To Report Earnings: Will Results Get Pot Stocks On Track Following Post-Election Dip?</a></li>
</ul>
Cover: AI-generated image

Regulations

Tilray, Trulieve And Other Cannabis Stocks Nosediving As Industry Faces New Wave Of Political Uncertainty

U.S.-focused cannabis stocks and ETFs <a href="https://www.benzinga.com/markets/cannabis/24/11/41775201/cannabis-reform-stumbles-in-2024-elections-a-state-by-state-breakdown-as-stocks-take-a-hit">may have taken a dip</a> in pre-market trading on Wednesday in response to <a href="https://www.benzinga.com/news/24/11/41768178/donald-trump-defeats-kamala-harris-to-win-2024-election">2024 U.S. election outcomes</a>. However, with earnings season gearing up it remains to be seen whether the latest earnings reports would get stocks back on track.
<h3 class="wp-block-heading">Canopy Growth</h3>
Canopy Growth Corporation (TSX:<a class="ticker" href="https://www.benzinga.com/stock/WEED#TSX">WEED</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CGC#NASDAQ">CGC</a>) will report the second quarter of fiscal year 2025 ended Sept. 30, before financial markets open&nbsp;on Friday, Nov. 8, 2024.
The Canadian cannabis giant will host an audio webcast with CEO David Klein, who recently announced his plan to <a href="https://www.benzinga.com/markets/cannabis/24/08/40419783/canopy-growth-ceo-departure-leaves-nasdaq-listed-company-poised-for-profit-surge-what-investors-">retire at the end of the company&#8217;s fiscal year</a> on March 31, 2025, and CFO Judy Hong the same at 10 am Eastern Time.
Canopy's first quarter earnings report made public in August showed Canadian medical marijuana revenue surged 20% year-over-year. Over the same period, the company has been amping up its efforts to expand in the U.S. market via the Canopy USA business unit.
Canopy USA, LLC has completed its acquisition of Wana last month. The deal included Wana Wellness, LLC, The CIMA Group, LLC, and Mountain High Products, LLC. The top edibles brand, Wana, generated roughly $150 million in retail sales across 19 states in 2023.
Combined with the <a href="https://www.benzinga.com/markets/cannabis/24/10/41251114/cannabis-giant-canopy-expands-us-presence-with-acquisition-of-top-edibles-brand-what-it-means-fo">wrapped-up acquisition</a> of roughly 75% of the shares of cannabis edibles producer,&nbsp;Lemurian, Inc. (Jetty) as <a href="https://www.benzinga.com/markets/cannabis/24/06/39166300/canopy-growth-doubles-down-on-its-usa-strategy-announces-exercise-of-acreage-options">announced this past June</a>, Canopy USA has fulfilled its plan to set up a brand-focused cannabis company in the U.S.
The completed acquisitions of Wana and roughly 75% of the shares of Jetty, followed by the contemplated acquisition of Acreage Holdings, Inc., are expected to enable Canopy USA to boost its financial position.
Read Also: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41230957/why-canopys-brand-first-strategy-could-set-it-apart-from-tilray-and-aurora-heres-wh">Why Canopy&#8217;s &#8216;Brand-First&#8217; Strategy Could Set It Apart From Tilray And Aurora – Here&#8217;s What Investors Should Watch</a>
Canopy made headlines earlier in October by making an early payment of $100 million on its senior secured loan at a <a href="https://www.benzinga.com/markets/cannabis/24/10/41381387/canopy-growth-slashes-debt-with-100m-loan-prepayment-saves-14m-in-interest">discounted price of $97.5 million</a>. The move reduced the company's debt and saved around $14 million in annual interest costs while highlighting its focus on financial discipline.
Canopy Growth's shares traded 20.7513% lower at $20.7513% per share at the time of writing on Wednesday morning.
<ul>
<li>Get Benzinga's exclusive analysis and the top news about the cannabis industry and markets daily in your inbox for free. Subscribe to our newsletter <a href="https://newsletteremail.benzinga.com/subscribe" target="_blank" rel="noreferrer noopener">here</a>. If you're serious about the business, you can't afford to miss out.</li>
</ul>
<h3 class="wp-block-heading">IM Cannabis</h3>
IM Cannabis Corp. (CSE:<a class="ticker" href="https://www.benzinga.com/stock/IMCC#CSE">IMCC</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/IMCC#NASDAQ">IMCC</a>) a medical cannabis company with operations in Israel and Germany, will report operational and financial results for the third quarter ended Sept. 30 on Nov. 14, 2024, before the market opens.
The company will host a Zoom web conference on the same day at 9:00 am Eastern Time to discuss the results, followed by a question-and-answer session for the investment community.
IM Cannabis announced a <a href="https://www.benzinga.com/markets/cannabis/24/07/39647965/im-cannabis-announces-major-share-consolidation-plan-what-investors-need-to-know">major share consolidation plan in June</a>. Its board of directors approved a consolidation of its issued and outstanding common shares under which every six pre-consolidated common shares will convert into one post-consolidated share. The strategic decision reduced its outstanding shares from 13,394,136 to 2,232,357, at the time, making the stock more attractive to <a href="https://www.benzinga.com/markets/cannabis/24/07/39753035/im-cannabis-shares-surge-586-after-6-1-consolidation-what-investors-need-to-know">institutional investors and improving liquidity.</a>
The company announced last month it intends to undertake a non-brokered private placement offering of up to $1,613,000 through the sale of roughly 625,000 units. The company plans to close the offering in <a href="https://www.benzinga.com/markets/cannabis/24/10/41189535/im-cannabis-1-6m-non-brokered-private-placement-offering-heres-what-investors-need-to-know">one or more tranches.</a>
Prior to that, the company announced the preliminary sales results in Germany by its subsidiary operating in the country, Adjupharm GmbH, for the third quarter of 2024. The results have significantly exceeded expectations, reporting a 50% increase in revenue compared to the previous quarter.
IM Cannabis' shares traded 2.43% lower at $2.0002 per share at the time of writing on Wednesday morning.
Read Also: <a href="https://www.benzinga.com/markets/cannabis/24/10/41382195/german-medical-marijuana-sales-to-reach-1-09b-by-2028-new-report">German Medical Marijuana Sales To Reach $1.09B By 2028, New Repo</a><a href="https://www.benzinga.com/markets/cannabis/24/10/41382195/german-medical-marijuana-sales-to-reach-1-09b-by-2028-new-report">rt</a>
<h3 class="wp-block-heading">Auxly Cannabis</h3>
Auxly Cannabis Group Inc. (TSX:<a class="ticker" href="https://www.benzinga.com/stock/XLY#TSX">XLY</a>) (OTCQB:<a class="ticker" href="https://www.benzinga.com/stock/CBWTF#OTCQB">CBWTF</a>) will report earnings results for its third quarter ended Sept. 30 on Friday, Nov. 8, 2024, before the financial markets open.
The cannabis consumer packaged goods company reported in August a <a href="https://www.benzinga.com/markets/cannabis/24/08/40397950/auxly-cannabis-co-sets-q2-record-in-revenue-following-33-yoy-increase-reports-best-quarter-in-hi">new quarterly record in revenue</a> of CA$29.2 million ($21.3 million). "After our best start to a year ever, we are thrilled to report our best Q2 in history, with exceptional financial performance setting a new Q2 record in revenue and all-time records in gross margin and adjusted EBITDA,&#8221; CEOHugo&nbsp;Alves said at the time.
Auxly&#8217;s shares traded 4.07% lower at $0.033 per share at the time of writing on Wednesday morning.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/markets/cannabis/24/05/38793658/auxly-cannabis-achieves-record-q1-adjusted-ebitda-soars-1-523-revenue-grows-5-strong-2024-ahead">Auxly Cannabis Achieves Record Q1: Adjusted EBITDA Soars 1,523%, Revenue Grows 5%, Strong 2024 Ahead</a></li>
</ul>

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Canopy Growth And Other Top Cannabis Companies To Report Earnings: Will Results Get Pot Stocks On Track Following Post-Election Dip?

Shares of cannabis stocks are trading lower after a cannabis legalization initiative did not pass in Florida.

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AP Reports Florida Voters Reject Cannabis Legalization; Amendment 3 Did Not Secure 60% Of Vote

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