Monday, September 11, 2023 2:35:33 PM
Canopy Growth shares were under pressure for a second day as analysts questioned whether the Canadian cannabis grower could reduce it cash burn and turnaround operations. Benchmark slashed its price target on the firm to zero.
The stock has dropped 78% this year amid a broader selloff in the increasingly competitive marijuana market and little progress on federal legislation in the US, closing unchanged at C$0.68 Monday. Its market capitalization has slumped from C$25 billion ($19 billion) in 2021 to less than C$400 million, leading to its expulsion from the S&P/TSX Composite Index earlier this month. https://fortune.com/2023/06/26/cannabis-pot-marijuana-canopy-growth-shares-analyst-zero-price-target/
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