Fitch Ratings on Monday downgraded its debt rating on Canopy Growth Corp. /zigman2/quotes/200603886/composite CGC +18.14% /zigman2/quotes/202205609/delayed CA:WEED +19.33% and said uncertainty remains whether the company can sustain its capital structure. "It is highly doubtful that Canopy can improve [its] earnings before interest, taxes, depreciation and amortization (Ebitda) to reach operating cash flow breakeven in fiscal 2025 as Fitch previously expected," the ratings firm said. Fitch cut its long-term issuer default rating on Canopy Growth to CCC from B- to reflect "significant market share losses in the Canadian market, given execution missteps and operating challenges with pivoting its cultivation strategy, which has resulted in weak operating results with an uncertain path to profitability and reduced liquidity." Shares of Canopy Growth fell 1.3% on Tuesday and have shed 57.2% of their value in 2022, compared to a year-to-date loss of 52% by the Cannabis ETF /zigman2/quotes/213173823/composite THCX +3.86% . The company is backed by U.S. spirits giant Constellation Brands /zigman2/quotes/207737284/composite STZ +1.10% .