HEXO - Cronos Organigram and HEXO fall after Canopy Growth missed estimates

Canadian cannabis stocks, Cronos Group ([[CRON]] -7.8%), OrganiGram Holdings ([[OGI]] -6.9%) and HEXO ([[HEXO]] -4.3%) have joined Canopy Growth ([[CGC]] -3.6%) to lose sharply in morning hours after the latter disappointed with its Q4 results for fiscal 2021.Revenue for full-year FY21 at Canopy Growth has increased ~37% YoY indicating a steep deceleration from ~67% YoY recorded in FY20.In mid-May, MKM upgraded the stock from neutral to buy with a C$55 price target. The firm expected the company to benefit from reopening the Canadian economy and argued that its share price did not reflect potential federal legalization of marijuana in the U.S.Canada-based marijuana companies posted a rally last week after HEXO announced an agreement to acquire Redecan in a transaction valued at $925M.The privately-held Redecan was a “gem business,” BMO analyst Tamy Chen noted expecting HEXO to complete its M&A spree with its latest acquisition.

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Cronos, Organigram and HEXO fall after Canopy Growth missed estimates