Despite Canopy Growth quarterly results, Canadian cannabis names not trading much lower

Aug. 05, 2022 12:42 PM ETTilray Brands, Inc. (TLRY), ACB, CGC, CRONOGI, CRON:CA, TLRY:CA, ACB:CABy: Jonathan Block, SA News Editor21 Comments

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

Kazyaka

  • Even though Canopy Growth Corp. (NASDAQ:CGC) reported fiscal 2022 Q1 results that saw its net loss widen and revenue decline leading to a 8% decline on Friday, other Canadian cannabis companies  are not seeing as big of a drop.
  • In early Friday afternoon trading, Tilray Brands (NASDAQ:TLRY) is down 2.6%, Aurora Cannabis (NASDAQ:ACB-2%, Cronos Group (NASDAQ:CRON-1.2%, Sundial Growers -0.6%, and OrganiGram Holdings (OGI-0.5%.
  • The sector has had a tough year so far. The New Cannabis Ventures Canadian Cannabis LP Index is down 51% year to date. Canopy Growth is down ~72% over that period.
  • Seeking Alpha's Quant Rating views Canopy Growth (CGC) as a hold with an "F" for momentum.

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