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Fly News Breaks for March 5, 2020
CGC
Mar 5, 2020 | 07:02 EDT
BofA analyst Christopher Carey noted that Canopy Growth announced it was permanently shuttering about 3M licensed square feet of production capacity in British Columbia, which he said is roughly half its licensed footprint in Canada. It is a "bold move," which is also a "clear positive," as it offloads a weight on Canopy results and likely frees up significant working capital as well, Carey tells investors. He sees the cuts as "an acknowledgement of past transgressions" and also a sign that the company now has the the "courage in place today to make right, and difficult, decisions" for longer term value, added the analyst, who has a Buy rating and C$36 price target on Canopy shares.
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