Canopy Growth (CGC -2.61%) emerged as a leader in the cannabis industry when Canada legalized recreational, adult use of the substance in 2018. Investors had high hopes for the company and the rest of the market but, unfortunately, these hopes have now evaporated.
Over the past five years, Canopy Growth has lost 99% of its value, and the company's shares now trade for under $2 apiece. Yet the stock remains unattractive. Here's why.
Terrible financial results
Canopy Growth has a deep footprint in the Canadian cannabis market, encompassing both recreational and medical sectors, but the company's business extends far beyond this neighbor to the north. The pot grower has significant international operations, notably through Storz & Bickel, a subsidiary that manufactures and markets vape devices in various countries. Canopy Growth's suite of products spans dried flower, vapes, pre-rolls, oils, cannabis-infused drinks, and more.
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