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Bloomberg Markets: The Close (clip)

Name: Bloomberg


Event location
Not online media
11/15/2019 02:32 pm
MP4 (1280x720) Use clipper to adjust file type
RUSH TRANSCRIPT Thank you ░░░░░░░░ much We will stick ░░░░░░░░ canopy and earnings at ░░░░░░░░ the cannabis industry plus ░░░░░░░░ insight onthe Vaping crackdown ░░░░░░░░ guest is the founder ░░░░░░░░ entourage affect capital You ░░░░░░░░ the report on the ░░░░░░░░ which one analyst called ░░░░░░░░ for canopy Expectations were ░░░░░░░░ low heading into this ░░░░░░░░ season That is usually ░░░░░░░░ of the earnings game ░░░░░░░░ expectations then you beat ░░░░░░░░ The company has already ░░░░░░░░ lowered estimates Why are ░░░░░░░░ getting it wrongso much ░░░░░░░░ think that number one ░░░░░░░░ doesn t surprise me ░░░░░░░░ bit The reality is ░░░░░░░░ the canadianlps are swimming ░░░░░░░░ The market is not ░░░░░░░░ enough forthem to be ░░░░░░░░ the amount of money ░░░░░░░░ spent on infrastructure There ░░░░░░░░ a supply glut The ░░░░░░░░ opportunities that they thought ░░░░░░░░ exist in thatcountry just ░░░░░░░░ t happened yet I ░░░░░░░░ agree with the earlier ░░░░░░░░ that if any of ░░░░░░░░ canopy is in the ░░░░░░░░ shape policy possible because ░░░░░░░░ the cash they have ░░░░░░░░ their balance sheet Next ░░░░░░░░ they can ride out ░░░░░░░░ headwinds in Canada How ░░░░░░░░ or long term are ░░░░░░░░ The fact that it ░░░░░░░░ not financially viable or ░░░░░░░░ toexport at the moment ░░░░░░░░ you have the U ░░░░░░░░ For example as well ░░░░░░░░ still diving out on ░░░░░░░░ illicit market rather than ░░░░░░░░ regulated market Hell and ░░░░░░░░ high bars be jumped ░░░░░░░░ s going to be ░░░░░░░░ while Canopy is better ░░░░░░░░ than the other lps ░░░░░░░░ to their impending potential ░░░░░░░░ acquisition of a great ░░░░░░░░ Canopy was one of ░░░░░░░░ only companies in Canada ░░░░░░░░ have the foresight to ░░░░░░░░ merger with au S ░░░░░░░░ multistate operator and when ░░░░░░░░ happens they willhave a ░░░░░░░░ grasp on the U ░░░░░░░░ Market The others are ░░░░░░░░ don t have that ░░░░░░░░ they don t have ░░░░░░░░ cash the canopy has ░░░░░░░░ re going to need ░░░░░░░░ weatherthe storm for several ░░░░░░░░ Canopy has the ability ░░░░░░░░ do that unlike the ░░░░░░░░ Tax part of it ░░░░░░░░ the backdrop has changed ░░░░░░░░ a lot of these ░░░░░░░░ After the wework debacle ░░░░░░░░ IPO that never happened ░░░░░░░░ are demanding and have ░░░░░░░░ profitability and they want ░░░░░░░░ see it now Short ░░░░░░░░ canopy which you say ░░░░░░░░ bigger better prospects how ░░░░░░░░ companies deliver a compelling ░░░░░░░░ This is a different ░░░░░░░░ Remember there are very ░░░░░░░░ institutions that own cannabis ░░░░░░░░ If are talking about ░░░░░░░░ investors that may not ░░░░░░░░ the staying power or ░░░░░░░░ not want tostay in ░░░░░░░░ game long term like ░░░░░░░░ institutional investors do Having ░░░░░░░░ that that narrative is ░░░░░░░░ to be hard to ░░░░░░░░ In the United States ░░░░░░░░ are talking about conversion ░░░░░░░░ the just out there ░░░░░░░░ now Projections are being ░░░░░░░░ by theoperators here based ░░░░░░░░ what they thought they ░░░░░░░░ going to convert from ░░░░░░░░ illicit to be legalized ░░░░░░░░ and it just hasn ░░░░░░░░ happened My best guess ░░░░░░░░ we re talking about ░░░░░░░░ 10 to 20 conversion ░░░░░░░░ and that has a ░░░░░░░░ impact on what is ░░░░░░░░ with the United States ░░░░░░░░ stocks that are listed ░░░░░░░░ of the impediments perhaps ░░░░░░░░ more generally in the ░░░░░░░░ S Is a roadblock ░░░░░░░░ been the concern about ░░░░░░░░ in particular related to ░░░░░░░░ related products or that ░░░░░░░░ not only in the ░░░░░░░░ S But it is ░░░░░░░░ global How much of ░░░░░░░░ hit to pr for ░░░░░░░░ has that been and ░░░░░░░░ true do you think ░░░░░░░░ of the negative press ░░░░░░░░ I think it is ░░░░░░░░ us The CDC just ░░░░░░░░ out with a pretty ░░░░░░░░ report that really only ░░░░░░░░ the illicit market That ░░░░░░░░ that the vitamin e ░░░░░░░░ is what was in ░░░░░░░░ lungswhere we have the ░░░░░░░░ deaths in the industry ░░░░░░░░ good news is during ░░░░░░░░ Vaping crisis almost all ░░░░░░░░ the product manufacturers and ░░░░░░░░ really did not see ░░░░░░░░ drop off in overall ░░░░░░░░ They saw some categories ░░░░░░░░ but all of their ░░░░░░░░ categories went up We ░░░░░░░░ other ways of delivering ░░░░░░░░ product through different form ░░░░░░░░ etc In the industry ░░░░░░░░ doesn t have that ░░░░░░░░ has unfortunately cigarettes and ░░░░░░░░ instruments and that s ░░░░░░░░ problemfor them On the ░░░░░░░░ side cannabis side it ░░░░░░░░ a weathering the storm ░░░░░░░░ the industry did It ░░░░░░░░ going to be used ░░░░░░░░ a tool to convert ░░░░░░░░ of the illicit market ░░░░░░░░ the regulated market because ░░░░░░░░ e acetate is notused ░░░░░░░░ the legal marketplace systems ░░░░░░░░ entirely used You cannot ░░░░░░░░ with these pens and ░░░░░░░░ illicit ones that were ░░░░░░░░ overseas are the problem.
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