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Thanks didn't catch that interview!
And d brown - I know they are beer, but Heineken is constellation direct competitor and I don't think they like getting beaten to the punch...albeit our punch may be better but the federal law stranglehold seems only applies to companies that choose t follow them?
Makes me at least ponder....if waiting for federal legalization is the best move when a direct competitor with a $57 billion market cap doesn't seem to care....
So looks like Heineken will beat us to market, selling in California cannabis infused sparkling water in July.
https://m.benzinga.com/article/11944645
A good chance the Dems take back the house though
Agree, but not just about delivering October 17....providences and stores want their supply - and Bruce said he anticipates that happening in July/August.
So if you are "under construction" now or adding space, when will you actually have the finished goods, packed and ready to ship?!?
Also, love the minimum of 18 retail stores and one "production site he expects to sell." I think they really want to sell out smith falls badly lol
Couldn't agree more dogger I am so concerned with how much medical revenue we had in January through March. That's definitely the big picture
By the way - excluding the non-cultivating sites, gross margin would be 63%.
Chapter 11 here we come! Not to be doom and gloom or anything lol
Mark Zekulin now President & Co-CEO
No longer reporting on cost per gram
-.31 EPS
$118 million in inventory & $323 mil in cash on hand
Record Germany sales $2.3 mil
Globe hit piece
https://www.theglobeandmail.com/investing/markets/inside-the-market/article-canopy-growths-share-count-is-exploding-alongside-its-stock-price/
Canopy stock could see a big move Wednesday. But the pot company’s explosive share count may matter more
Published June 26, 2018
Chris Wattie
Cannabis leader Canopy Growth Corp. is still at the early stage when profits are elusive, despite an exploding share price that has made the company worth more than $8-billion.
So while there’s a chance that the typical Street game of beat-or-meet earnings expectations will play out Wednesday morning when the company releases fourth-quarter and full-year earnings, investors will be well-advised to focus on Canopy’s exploding share count as well.
The issuance of new shares can bring much-needed capital to a company, or help compensate employees without using precious cash. But each new share gives existing stockholders a little bit less of the pie, and, all things equal, reduces earnings per share. The hope is that the benefits of the new shares outweigh this “dilutive” effect.
On Tuesday, Canopy filed a proxy circular for a special shareholders’ meeting July 30. (The company’s regular annual meeting is slated for September.) The good news is that the company seeks authorization to pursue a stock split – perhaps 2-for-1 or 3-for-1 – sometime in the future. Perhaps less exciting is that the company also wants to expand the number of shares available for its employee compensation plans.
Canopy, which has 201 million shares outstanding, has already promised another 17.2 million shares to employees for its stock plans, leaving just 2.7 million shares to go under its current, shareholder-approved program. The company is asking to amend the plan to reserve another 13.1 million shares, with a goal of keeping the total stock plan below 15 per cent of the company’s shares. (A 2017 study by compensation consultant FW Cook of 300 U.S. companies found the median “overhang,” the potential dilution from outstanding equity awards, of 3.4 per cent.)
Chief executive Bruce Linton said Tuesday afternoon that he wants Canopy’s compensation plans to make the company “feel like a tech company – doubling every year is not enough. I use options to create alignment so everyone feels like an owner.”
Indeed, in its proxy circular, Canopy explains to shareholders that equity-based compensation allows it to lower its cash compensation costs. And, throughout its history, “with limited access to debt financing, Canopy Growth is largely dependent upon equity financing to provide the capital necessary to grow its business.”
While shareholders must still approve the changes, there are more potential share issuances lurking. While many are aware international liquor giant Constellation Brands bought a stake equal to 9.9 per cent of Canopy’s shares last October, it’s less known that Constellation also got warrants to purchase another 18.9 million Canopy shares, potential dilution of an additional 9.9 per cent.
That block of Constellation warrants, combined with the outstanding stock awards, means the company has issued claims on 40.6 million, so-far-unissued new shares – nearly 20 per cent more than what’s outstanding today. The stock-plan amendment to be considered July 30 would push that above 25 per cent.
And those figures don’t include shares underlying a big new debt issue the company closed this week. Canopy sold $600-million worth of convertible debentures, which allow the holders to convert their bonds to Canopy common stock at the price of $48.18 a share. Canopy closed at $41.08 Tuesday.
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That means Canopy could issue another 12.4 million shares to the noteholders, who will receive 4.25 per cent annual interest as they watch Canopy’s share price. The deal was oversubscribed, given initial plans for a $460-million offering, and Canopy’s cost of funds came out lower than analyst Keith Carpenter of AltaCorp Capital expected, given his forecast of 7 per cent interest rate.
Mr. Linton says the notes have a feature that allows them to be settled in three years with the stock-conversion rights removed.
Enough about 2023: What about Wednesday’s report? Analysts expect, on average, a loss of 3 cents a share on just under $25-million in revenue. With Canopy’s quarterly EPS coming in at small losses each quarter, each penny deviation yields big percentage beats, so it may be helpful to look at the top line – and Canopy has missed revenue expectations in each of the past six quarters, with double-digit misses in four of them.
That’s led to some meaningful post-earnings drops – in four of those past six quarters, Canopy shares have fallen at least 5 per cent in the seven trading days after an earnings release.
The Canadian earnings calendar is otherwise light, with Corus Entertainment Inc. the only other member of the S&P/TSX Composite Index scheduled to report. Corus, which hovers around 52-week lows, is expected to report, on average, EPS of 36 cents on revenue of just more than $452-million.
While the company has posted big earnings beats in two of the past three quarters, including its most recent report, it missed EPS expectations in the five prior quarters, according to Thomson Reuters Eikon. And that one miss in the past three was a blow to shareholders: The stock fell 26 per cent over the seven trading days after the report on the November, 2017, quarter.
Split 9 times and Apple has split 4 times, including a 7-1.
Gonna be a while before we hit $67 now! Lol
Hahah I was wondering where you were last week! #fairwearherchartist
Yep, and my guess is these will begin as early as July 1 ( new quarter) and we will have a lot of rec sales on the books July 1 - September 30th.
Interesting - considering this
https://outline.com/6ZNvmz
"A drug derived from marijuana has become the first to win federal approval, and experts predict an avalanche effect"
https://read.bi/2K9Kbqv
I'm pretty sure after hours, but they did not see a boost in after hours trading
Cramer says buy haha (1:10 into video)
https://www.cnbc.com/video/7000027042
Really surprised now what isn't here saying he knew this was only going to go down haha
Keep the catalyst coming ?
B.C. Government to make an announcement tomorrow June 22nd on provincial #Cannabis licensing together with the B.C Liquor Distribution Branch (BCLDB).
— Deepak Anand (@_deepakanand) June 22, 2018
" Approximate Amount of Money Shorts Have Lost on the Day: $28.42 million"
https://www.shortpainbot.com/?s=CGC
Getting caught up over here, cheers longs!
Nice 16% bounce in Australia
$CGC climbing after hours, $34.85
8/20 is the new 4/20
Congrats all!
Senator @SenHarder presented a motion related to the House of Commons response to the Senate's amendments to Bill #C45, in the Senate. Debate has been adjourned. https://t.co/SzW7Azz4yq #SenCA #cdnpoli #cannabis pic.twitter.com/kqG7Uzca6Q
— Senate of Canada (@SenateCA) June 19, 2018
"the Company is committing to its customers that Spectrum Cannabis Softgels and oils will always be in stock moving forward."
https://www.newswire.ca/news-releases/the-simplicity-of-the-spectrumtm-meets-the-sophistication-of-softgels-685805361.html
Have a feeling we may purchase another 10% of them for cash...I think they are cash poor and likely don't have the access to bought deals yet in Australia like Canadian LP's do....just a hunch
Only thing I will say is that you made the $17 call because they were projected to have $100 mil in sales.
Now BMO is projecting over 1.2 billion in 2020.
Cheers though!
Lol finston and perry, hopefully they found new day jobs.
Revenue growth. From 21.7 mil last Q to 22.5-23 mil was not our finest moment
Not our best financials
As discussed here many of times, Bruce confirmed in an interview we have an entry into the US.
https://midasletter.com/2018/06/video-canopy-growth-corp-ceo-bruce-linton-responds-to-viewer-questions/
Bruce Linton:Our go-bag is about going there and not running away. When you do stuff that’s federally illegal usually your go bag is about getting away. So think of us as preparing a whole bunch of optionality. You know even we disclosed in the context of the B.C greenhouse. They have a greenhouse that’s in California that’s pretty ginormous.
James West: Really?
Bruce Linton: It’s growing currently I guess some fairly happy tomatoes. But, if and when it was federally legal that would be something we have now established a cap on purchase price and being able to be in there instantly. But, I’m not in there doing anything except hoping their tomatoes are profitable in the current period and in the future when we want it it’s ready to go.
James West: Right.