Can Cannabis Therapy Drive Canopy Growth's (CGC) Q1 Earnings?
Zacks Investment Research | Aug 12, 2019 07:57AM ET
Canopy Growth Corp (NYSE:CGC) is scheduled to report first-quarter fiscal 2020 results on Aug 14, after market close.
In the fourth quarter of fiscal 2019, the company's loss per share of 67 cents was narrower than the Zacks Consensus Estimate of a loss of 17 cents. The company missed estimates in each of the trailing four quarters, the average miss being 320.9%.
Let's take a look at how things are shaping up prior to this announcement.
Factors at Play
Over the past few quarters, Canopy Growth has been seeing robust performance by its key business segment viz. cannabis therapy.
In May 2019, the company acquired Europe's largest cannabinoid-based pharmaceutical manufacturer C3 along with five approved cannabinoid therapies. These acquisitions are expected to have significantly contributed to the company’s top line in the first quarter.
The company has also taken over This Works, a global leader in natural skincare and sleep solutions. This deal is expected to strengthen Canopy Growth’s position in the market and enable it to offer CBD-based products.The merger between Canopy Growth and Acreage Holdings has been progressing well and is expected to have benefited the former in the first quarter as well.
Canopy Growth Corporation Price and EPS Surprise
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