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Jan. 8, 2020, 10:53 a.m. EST

Canopy Growth's stock falls, as stake-holder Constellation Brands writes down more equity losses

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By Tomi Kilgore

The U.S.-listed shares of Canopy Growth Corp. /zigman2/quotes/200603886/composite CGC +0.69% /zigman2/quotes/202205609/delayed CA:WEED -6.68% slumped 2.8% in morning trading Wednesday, after Canada-based cannabis company's largest shareholder announced a writedown of its investment that was greater than previous writedowns. Constellation Brands Inc. /zigman2/quotes/207737284/composite STZ +0.28% , which owns about a 35% stake in Canopy, announced fiscal third-quarter Canopy equity losses of 25 cents a share, which reduced the company's comparable EPS for the quarter to $2.14 from $2.39. Constellation had reported Canopy equity losses of 20 cents a share in its fiscal second quarter and losses of 20 cents a share in the first quarter. In April 2019, the company had said it said fiscal 2019 earnings included $1.97 billion in unrealized gains from its Canopy investments. Canopy's stock has tumbled 59% since the end of Constellation's fiscal 2019 on Feb. 28, 2019, while the ETFMG Alternative Harvest ETF /zigman2/quotes/204332491/composite MJ -4.57% has plunged 57% and the S&P 500 /zigman2/quotes/210599714/realtime SPX +0.32% has gained 16%.

/zigman2/quotes/200603886/composite
US : U.S.: NYSE
$ 20.44
+0.14 +0.69%
Volume: 46,756
Feb. 25, 2020 9:33a
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$7.10 billion
Rev. per Employee
$115,039
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/zigman2/quotes/202205609/delayed
CA : Canada: Toronto
$ 26.98
-1.93 -6.68%
Volume: 2.38M
Feb. 24, 2020 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$9.43 billion
Rev. per Employee
$150,142
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/zigman2/quotes/207737284/composite
US : U.S.: NYSE
$ 202.11
+0.57 +0.28%
Volume: 793.00
Feb. 25, 2020 9:32a
P/E Ratio
50.76
Dividend Yield
1.49%
Market Cap
$38.16 billion
Rev. per Employee
$842,260
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/zigman2/quotes/204332491/composite
US : U.S.: NYSE Arca
$ 15.73
-0.75 -4.57%
Volume: 1.12M
Feb. 25, 2020 9:32a
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/zigman2/quotes/210599714/realtime
US : S&P US
3,236.17
+10.28 +0.32%
Volume: 69.43M
Feb. 25, 2020 9:33a
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