Canopy’s stock price has fallen around 50% since April
The CEO of the world’s biggest cannabis company is on what might be termed an “everyone calm down” tour this week.
Canopy Growth (CGC) interim CEO Mark Zekulin on Thursday packed in nine media interviews — including one with CNN Business — as part of his company’s efforts to push back against a wave of investor dissatisfaction that has tanked its stock in recent months. His message: The Canadian cannabis giant is playing the long game, and the billions it has invested in infrastructure and R&D over the past five years will soon pay off.
“We have been in construction for 70 months,” Zekulin said. “We have four months left on that expansion plan.”
In recent quarters, Wall Street has walloped Canopy — the stock is down about 50% since April — as the company missed expectations because of the slow-to-develop Canadian recreational cannabis market, higher-than-expected stock compensation expenses, and a C$1.2 billion charge related to its acquisition of US cannabis firm Acreage Holdings (ACRGF).
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