Adobe Stock
A sector that once delivered piles of green to its investors is now largely being drowned in red.
Canopy Growth has joined Tilray and a slate of other cannabis companies to recently deliver unexpectedly poor results or news to shareholders. The industry bellwether posted a significant miss of both top and bottom line estimates in its fiscal first quarter, with an eye-popping net loss of $1.28 billion ($961 million).
“Canopy Growth is under a microscope, especially with its recent CEO departure,” Innovation Shares’ Matt Markiewicz told Yahoo Finance’s The Ticker. Markiewicz runs The Cannabis ETF (THCX) — the first “pure-play” cannabis ETF to trade on the New York Stock Exchange.
