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A lot can happen to a company over the course of a year and Canopy Growth Corporation (TSX: WEED) (Nasdaq: CGC) is the perfect example of that.
A few years ago, the Canadian Licensed Producer (LP) was considered to the biggest name in the cannabis industry. Fast forward to today and the landscape of the legal cannabis industry has changed.
Canopy Growth is not the leader it once was and we have been cautiously optimistic since the firing of former CEO and Chairman Bruce Linton. The change in the management team has not worked out and the company has faced numerous challenges since.
Last week, Canopy Growth announced further changes to the management team and reported that Mike Lee, Executive Vice President and Chief Financial Officer (CFO), and Rade Kovacevic, President and Chief Product Officer (CPO), will depart from the company before the new year.
From closing production facilities to writing off previously acquired assets, the recent trend has been challenging for Canopy Growth. The main bright spot of the story is related to the amount of cash the business has and we will monitor how the new management team can use the resources in ways that are accretive to the entire business.
In the back half of the year, many analysts lost confidence in Canopy Growth and several broker-dealers lowered their rating and price target on it. Going forward, the name of the game for the Canadian LP is execution and we will monitor how the story evolves in 2022 and beyond.
If you are interested in learning more about Canopy Growth’s management changes, please send an email to support@technical420.com with the subject “Canopy Growth’s Management Changes” to be added to our distribution list.
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