BNN BLOOMBERG POLL: What’s your strategy with pot stocks right now?
Canopy Growth Corp. said it took a non-cash impairment representing all of the goodwill value of its cannabis operations in the latest quarter, in the latest sign of the rough patch that the country’s large pot producers have been mired in.The Smiths Falls, Ont. cannabis company said the non-cash goodwill impairment was almost $1.73 billion, and was booked due to the drop in the company’s market value during its fiscal first quarter, which ended June 30.
Through the close of trading Thursday, its TSX-listed shares had lost 95 per cent of their value since the legalization-era peak. By comparison, the S&P/TSX Composite Index has rallied 27 per over that span.But Canopy isn’t alone, and it’s not even top laggard. Aurora Cannabis Inc.’s stock price has plummeted 98.9 per cent over that period.
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