Canopy Growth CEO says ‘For sure there’s a marijuana bubble’
Marijuana Industry NewsRecreational Marijuana November 16, 2018 MJ Shareholders 0
Canopy Growth Corporation saw its shares fall 13% on Wednesday after reporting disappointing earnings that included a revenue decline. Analysts had expected better results from Canopy after Canada launched legal recreational marijuana sales on Oct. 17.
But Canopy’s (CGC) shares are still up 30% this year. And its cannabis industry peer Tilray is up 360% this year. The frenzy over weed stocks continues. Many have called it a bubble.
Canopy Growth CEO Bruce Linton doesn’t disagree.
“For sure there’s a marijuana bubble,” he said on Yahoo Finance’s Midday Movers show on Wednesday. “I don’t know somebody who’s not talking about it. And I don’t know somebody who isn’t putting out a press release that says they’re in the business. And when they put the press release out, their company is worth half a billion dollars.”
That being said, Linton says Canopy’s six years of experience in the industry, plus a big recent investment from Constellation Brands, give it an edge amidst the noise.
“We have about four-and-a-half million square feet of production in Canada,” Linton says. Constellation Brands (STZ), which brews Corona and Modelo beer among others “just invested $4 billion U.S. in us after working with us for two years and getting to know us very well. [Read more at Yahoo Finance]
MJShareholders.com is the largest dedicated financial network and leading corporate communications firm serving the legal cannabis industry. Our network aims to connect public marijuana companies with these focused cannabis audiences across the US and Canada that are critical for growth: Short and long term cannabis investors Active funding sources Mainstream media Business leaders Cannabis consumers
No comments so far.
Be first to leave comment below.