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Sourasis Bose - 2 Chris Wattie - 1 Judy Hong - 1 Shounak Dasgupta - 1 David Klein - 1 Klein - 1 Bernstein - 1 Nadine Sarwat - 1
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Canada Bengaluru Smiths Falls , Ontario United States
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Search resuls for: "Canopy USA"


5 mentions found


☆ Canopy Growth's second-quarter core loss narrows on easing costs
  + stars: | 2023-11-09 | by ( Sourasis Bose | ) www.reuters.com   time to read: +2 min
A sign featuring Canopy Growth Corporation's logo is pictured at their facility in Smiths Falls, Ontario, Canada, January 4, 2018 .Picture taken January 4, 2018. REUTERS/Chris Wattie/File Photo Acquire Licensing RightsNov 9 (Reuters) - Pot producer Canopy Growth (WEED.TO) reported a smaller second-quarter adjusted core loss on Thursday on the back of cost cuts. Canopy Growth said it cut another C$54 million in costs during the reported quarter. The company's adjusted core loss narrowed to C$11.9 million ($8.62 million) for the three months ended Sept. 30, compared with a loss of C$56.4 million a year earlier. Canopy Growth's net revenue fell 21% to C$69.6 million in the quarter as the company exited its retail Canadian business.
Persons: Chris Wattie, Judy Hong, Sourasis Bose, Shounak Dasgupta Organizations: REUTERS, U.S . Securities, Exchange, Holdings, Wana, Thomson Locations: Smiths Falls , Ontario, Canada, United States, Bengaluru
☆ Pot producer Canopy raises going concern doubts, shares tumble
  + stars: | 2023-06-23 | by ( ) www.reuters.com   time to read: +2 min
June 23 (Reuters) - Shares of Canada's Canopy Growth (WEED.TO) fell 6.5% on Friday after the pot producer posted a wider quarterly loss over the previous year and raised doubts about the company's ability to continue as a going concern. Canopy said it identified certain trends in the booking of sales for BioSteel, leading it to launch an internal review. As a result of the review, Canopy said it has let go of several members of BioSteel's leadership team. Sarwat added that Canopy was still burning through cash and including going concern risk in the filing makes Canopy USA's rationale unclear, as cash won't flow back to the U.S. unit without federal legalization. Canopy is eyeing an entry into the U.S. cannabis market through Canopy USA.
Persons: David Klein, Klein, Bernstein, Nadine Sarwat, Sarwat, Sourasis Bose, Pooja Desai Organizations: Reuters Graphics, U.S, Canopy USA, Thomson Locations: Canada, Bengaluru
☆ Cannabis giant Canopy Growth crafted a complex plan to get into the US and reverse a stock slump. But some analysts say it could backfire.
  + stars: | 2022-10-28 | by ( Jeremy Berke | ) www.businessinsider.com   time to read: +6 min
It's another consequence of the quasi-legality of the cannabis industry in the US. The Canadian cannabis giant Canopy Growth has long searched for a way to give its stock a much-needed boost. "We continue to have open conversations with the exchanges," Klein said. He added that Canopy's deal could provide a model for other Canadian cannabis companies that want to do business in the US. Jefferies said Nasdaq's objection to Canopy's plan was a key risk and that the rest of the cannabis industry should pay close attention.
☆ Pot producer Canopy sets up holding entity for speedy U.S. market entry
  + stars: | 2022-10-25 | by ( ) www.reuters.com   time to read: +2 min
The pot producer will not right away benefit from the transactions as weed remains federally illegal and Canadian companies that grow or sell marijuana cannot do so in the United States. read moreIn anticipation of the changes, Canopy on Tuesday outlined a complex holding company structure to set up Canopy USA LLC. Canopy USA will now skip the wait and take over the firm right away, it said. Canopy USA will also take over Wana and Jetty, streamlining ownership. Constellation could still choose not to convert its stake, in which case Canopy USA will not proceed with these deals.
☆ Canopy Growth looks to speed up entry into U.S. cannabis market with new holding company
  + stars: | 2022-10-25 | by ( Stefan Sykes | ) www.cnbc.com   time to read: +1 min
Canadian cannabis company Canopy Growth said Tuesday it's consolidating its U.S. assets into a new holding company to speed up its entry into the U.S. market. The company said the creation of Canopy USA will help it reduce costs and tap into the U.S. market, which is projected to be more than $50 billion by 2026. Spirits giant Constellation Brands , which acquired a stake in Canopy Growth in 2017 for $190 million, said it will convert its existing common shares in Canopy into new exchangeable shares, which it said will protect shareholder value while retaining its interest in Canopy through non-voting and non-participating shares. Constellation said in a statement that the transition is aligned with its decision to focus on its core beer, wine and spirits businesses. "We believe that the conversion of our ownership interest will maintain Constellation's ability to realize the potential upside of our investment in Canopy," said Constellation's CEO and President Bill Newlands.
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