CANOPY GROWTH REPORTS RECORD 226 MILLION ANNUAL REVENUE - RICH TV LIVE - JUNE 20, 2019 - Canopy’s stock is up 58% YTD, but all of this growth came in the first month of the year and the stock has struggled to maintain the levels it hit earlier this year. Canopy’s stock, similar to the stocks of other big cannabis companies such a Cronos CRON and Aurora Cannabis ACB, had a rough past 3 months, losing 8%. New Acquisition
It’s an important couple of days for Canopy Growth. On Wednesday, both Canopy and Acreage Holdings Inc. shareholders will vote on whether or not Canopy can buy Acreage. If half of Canopy shareholders agree and two-thirds of Acreage shareholders agree, Canopy would have the rights to purchase Acreage as soon as cannabis is federally legalized in the U.S. If the deal were to be approved, Acreage would receive $300 million and shareholders would receive 0.5818 Canopy common shares per Acreage subordinate voting share held.
As of the time this article was published, no news had come out regarding the results of the vote.
Expectations
Canopy is also set to release its Q4 and fiscal year earnings for the quarter and year ended March 2019 on Thursday. Zacks Consensus Estimates call for Q4 revenue of $71.06 million, which represents year over year growth of 293.66%.
Although quarterly revenue is expected to grow substantially, Q4 EPS is expected to be -0.17, a 70% decline. Additionally, fiscal year 2019 earnings is expected to be down 237.50%. It is important to note that although these numbers look bad, they are the expectations. So, if the company were to beat expectations, even if it still were to not have positive earnings, its stock could receive a boost.
The earnings report may also provide guidance as to the expectations for fiscal year 2020 and Q1. Current Zacks Consensus Estimates call for Q1 year over year earnings growth to surge 45% on the back of 346% top line growth. Looking even further, fiscal 2020 estimates predict Canopy will have 58% earnings growth and 213% revenue growth on top of the fiscal 2019 estimates. But of course, these estimates are likely to change based on the firm’s actual Q4 results and guidance.
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