On June 22, Canopy Growth (CGC) hosted a virtual investor meeting where the company discussed the future of cannabis in great detail. Whether intentional or not, the large Canadian cannabis company highlighted how the business model continues to waste too much money chasing the wrong markets. My investment thesis remains highly negative on the stock here with a market cap of nearly $6.5 billion and a long road to profits ahead.
Image Source: Tweed website
U.S., Not Global
Canopy Growth was built on chasing the potentially massive global cannabis opportunity and eschewing the