Canopy Growth Corp

WEED: XTSE (CAN)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	CAD 31.00	Hypgq	Fpkrf

Canopy Earnings: Continued Equity Dilution Overshadows Progress Toward Profitability

Kristoffer Inton

Feb 11, 2024

Following no-moat Canopy’s fiscal third-quarter earnings, we expect to trim our fair value estimates of $8.50 and CAD 10 per share by a mid to high-single-digit percentage, mostly due to continued dilutive share issuances. Even though the shares trade well below our valuation, we reiterate our Extreme Morningstar Uncertainty Rating.

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