Canopy Growth Corp. (CGC), the largest cannabis company in the world by market capitalization, has seen its stock plunge by more than 50% over the last 11 months, dragging down its value from about $20 billion to $9.5 billion today. Now, the Canadian grower faces even more trouble ahead as it racks up an estimated $500 million in losses for the two-year period ending March of 2021, according to Oppenheimer analyst Rupesh Parikh, according to Barron’s as outlined in detail below. The woes at Canopy Growth, whose stock initially soared several-fold after it went public, illustrates both the massive operating and market challenges facing cannabis producers, and waning investor optimism for cannabis stocks such as Aurora Cannabis Inc. (ACB), Tilray Inc. (TLRY) and Cronos Group Inc. (CRON).
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