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CGC

Canopy Growth

$27.21

0.48 (1.80%)

17:35
08/20/19
08/20
17:35
08/20/19
17:35

GTEC provides update on acquisition of Canopy Growth cultivation facility

GTEC Holdings provided an update to its plans to acquire a cultivation facility located in Kelowna, British Columbia. On July 22, 2019 GTEC issued a news release regarding its plans to acquire a Kelowna cultivation facility from Canopy Growth Corporation. This facility is purpose-built to produce premium cannabis, near completion, and will have estimated annual output of 4,000 KG when complete. GTEC and Canopy Growth have entered into an Amending Agreement that extends the Purchaser's Condition Waiver Date to September 16, 2019. This extension provides GTEC with additional time to pursue satisfactory financing options in order to complete the transaction. GTEC would also like to confirm that based on current market conditions, it does not intend to finance this acquisition by issuing equity or convertible equity/debt instruments at an issuance price less than its most recent financing which closed on March 21, 2019. The company is currently exploring alternative financing options, including commercial debt and/or divesting of certain non-core non-operational assets. If the company is unable to obtain financing that is satisfactory to its Board of Directors; then it will not proceed with the transaction and be entitled to a full refund of its $250,000 deposit, without any further liabilities, penalties or obligations.

CGC Canopy Growth
$27.21

0.48 (1.80%)

07/17/19
LTCO
07/17/19
INITIATION
Target $18
LTCO
Buy
Acreage Holdings initiated with a Buy at Ladenburg
Ladenburg Thalmann analyst Glenn Mattson started Acreage Holdings (ACRGF) with a Buy rating and $18 price target. Within the cannabis space, the analyst favors Canadian companies who are focused on long-term value creation and gaining market share as well as those with a well-defined plan for potentially entering the U.S. market. He initiated coverage on the cannabis space with a "bullish long-term outlook." Acreage has a "solid position" in the most attractive areas of the U.S., Mattson tells investors in a research note. Further, the company trades at a "significant discount" to the implied conversion from the proposed Canopy Growth (CGC) transaction, which will execute upon federal legalization of cannabis in the U.S., the analyst ads.
08/16/19
PIPR
08/16/19
NO CHANGE
Target $49
PIPR
Overweight
Canopy Growth price target lowered to $49 from $54 at Piper Jaffray
Piper Jaffray analyst Michael Lavery lowered his price target for Canopy Growth to $49 from $54 citing his updated enterprise value and sales estimates. Derivative product sales, like vapes, edibles, are expected to begin in January, but Canopy could possibly record sales in December if it ships products to retailers ahead of the holidays, Lavery tells investors in a research note. He expects these to allow the legal market to compete more effectively with illicit trade and views the rollout as a catalyst for Canopy Growth. The analyst maintains an Overweight rating on the shares. Lavery expects the company's cash flows to improve over the next two years.
08/16/19
STFL
08/16/19
NO CHANGE
STFL
Buy
Canopy Growth price target lowered to C$44 from C$50 at Stifel
Stifel analyst W. Andrew Carter called Canopy Growth's Q1 earnings report "underwhelming" and he believes the 14.5% post-earnings pullback reflects both disappointment in the company's performance and little confidence in the company's outlook. He cut his price target on Canopy shares to C$44 from C$50 to reflect the near-term headwinds being faced, but he still sees sales and gross margins sequentially strengthening through the fiscal year and keeps a Buy rating on the stock.
08/16/19
BNCH
08/16/19
NO CHANGE
BNCH
Buy
Canopy Growth price target lowered to C$60 from C$100 at Benchmark
Benchmark analyst Mike Hickey noted that Canopy Growth reported "disappointing" Q1 sales and continued to struggle with profitability and he suspects investors are now favoring disciplined growth and a path to profitability as the global cannabis market has not been achieving the presumed near-term growth. He noted, though, that Canopy realized an "enormous" harvest in Q1, which leads Hickey to anticipate near-term performance trends will improve. The analyst, who also points to Canadian legalization of new cannabis product categories and the U.S. CBD market as upcoming catalysts, keeps a Buy rating on Canopy shares but lowered his price target on the stock to C$60 from C$100.

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TTEC Holdings

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IRBT

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0.56 (2.58%)

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LOGM

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$68.03

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GE

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EE

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ADVM

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