CGC - Canopy Growth: Reiterate Strong Sell Dilutive Offering Likely First Of Many To Come
2024-02-06 08:45:00 ET
Summary
- Canopy Growth stock has fallen recently due to a dilutive secondary offering and ongoing financial troubles.
- With $411 million in net debt, I expect more dilution to come moving forward.
- Investors may be betting on a federal rescheduling of cannabis, but that is unlikely to benefit the company.
- I reiterate my strong sell rating for CGC stock due to the myriad of negative fundamental factors.
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Canopy Growth: Reiterate Strong Sell, Dilutive Offering Likely First Of Many To Come