Canadian licensed cannabis producers close higher thanks to Canopy Growth earnings

Medical Oil Cannabis - marijuana oil, resin and flowers with Canada flag on the mirror black background.

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  • The Canadian licensed cannabis producers ("LPs") sector as a whole had one of its best days so far this year thanks to Canopy Growth's (NASDAQ:CGC) FQ3 2022's results released this morning.
  • Canopy closed up 15%.
  • Other Canadian LPs also did well today: Tilray (NASDAQ:TLRY) up 11%, Cronos (NASDAQ:CRON) up 6%, Aurora Cannabis (NASDAQ:ACB) up 11%, OrganiGram Holdings (NASDAQ:OGI) up 6%, and HEXO Corp (NASDAQ:HEXO) up 8%.
  • Sundial Growers (NASDAQ:SNDL) was also up 11%, though that may be the results of yesterday's after the bell announcement it was given 180 additional days to regain minimum bid requirements to list on the NASDAQ.
  • Despite Canopy's quarterly results, Stifel analyst W. Andrew Carter is keeping his sell rating on shares, noting that without accounting for M&A, company revenue declined 17% year over year.
  • He added that Canopy's performance indicates continued fundamental deterioration with no clear evidence confirming the company's strategy or execution.
  • Check out why Seeking Alpha contributor Stone Fox Capital today called Canopy a sell.

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