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Cannabis stocks slammed as analysts say Canopy’s new CEO faces big challenges

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Canopy Growth's new CEO is expected to bring some fiscal discipline to the company, but an analyst says he may need to: 1. lower head count 2. lower salaries 3. lower discretionary pay

Cannabis stocks fell Tuesday, as analysts weighing in on Canopy Growth’s new chief executive took a cautious stance, highlighting the continuing challenges facing the company and the broader sector.

“We have harped on some of Canopy’s spending items that seem excessive: 1) equity comp greater than revenue; 2) G&A greater than revenue; and 3) inventory levels which likely don’t match the demand curve,” Kirk wrote in a note to clients. “We expect that Klein will move quickly to pursue profitability within Canopy, with an overriding focus on this metric,” Hundley wrote in a note. “Canopy has burned $800MM in cumulative funds over the past two quarters, driving a cumulative adjusted Ebitda loss of almost $250MM.

Last week, AgMedica Bioscience acknowledged a “liquidity crisis” that requires “immediate interim financing” to implement a restructuring. Wayland MRRCF, -40.29%, meanwhile, filed for creditor protection. Aleafia Health ALEAF, -0.61% ALEF, -3.03% was flat, Hexo HEXO, -4.37% HEXO, -4.95% was down 3.9% and Organigram OGI, -4.09% was down 3.4%.

 

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