Fitch downgrades Canopy Growth again To CCC

MJ Biz report

Fitch downgraded the rating for Canadian cannabis producer Canopy Growth to CCC, the agency’s fifth-lowest rating, and warned of potential further negative actions.

Fitch’s CCC rating carries substantial credit risk with a “very low margin for safety” and a “real possibility” of default, per the agency’s ratings scale.

Canopy’s issuer default rating was previously rated B-, or highly speculative.

Fitch Ratings said the downgrade reflects:

  • Significant market-share losses in the Canadian cannabis market.
  • Execution missteps.
  • Challenges pivoting its cultivation strategy.

 

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