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Canopy Growth beats analyst targets as its 'asset-light' strategy bears fruit, but Curaleaf's miss weighs on pot stocks

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While Canopy Growth continues to post losses, it outperformed analyst expectations as its effort to contain costs starts yielding results Canada

Canopy Growth Inc. disclosed another quarterly loss but managed to beat analysts’ expectations as its efforts to contain costs in its Canadian business start to pay off.

However, an earnings miss from U.S. cannabis company Curaleaf CURLF weighed on the sector, and many cannabis stocks moved into the red on Thursday. Meanwhile, a revenue beat from Verano Holdings Corp. VRNOF failed to provide a lift to the stock. Canopy Growth is launching a strategic review of its BioSteel business, which booked C$32.5 million in sales in the first quarter.

TD Cowen analyst Vivien Azer reiterated a market-perform rating on Canopy Growth and said the company’s BioSteel sports drink powered its top-line results as revenue rose 2.6% over the year-ago period. She also cited strength in its core cannabis business. Curaleaf stock drops after revenue, earnings miss the mark Curaleaf Growth Corp.’s CURLF stock fell 3.8% after the U.S. cannabis company’s second-quarter loss of 9 cents a share fell short of the FactSet consensus estimate for a loss of 5 cents a share. The company’s revenue of $338.6 million fell short of analysts’ forecast of $339.3 million.

Curaleaf CEO Matt Darin said, “The fact is that no company is better positioned than Curaleaf to capitalize on the global cannabis market opportunities when the sector eventually and fully unlocks,” according to a statement.

 

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