After the first nearly full quarter of recreational cannabis sales, the world’s largest pot producers had a shot to prove they belonged among blue-chip stocks.
They mostly failed.
For a sector crawling toward legitimacy, the first crop of recreational cannabis earnings did little to dispel longstanding clichés about those involved in the industry. Earnings were late, or in some cases not filed at all, they contained errors that required restatements, and many had massive paper losses that were poorly explained to investors, among other issues.
Here are several examples:
• Canopy Growth Corp. CGC, +1.30% , WEED, +1.02% the world’s largest cannabis company by market capitalization, decided to release its earnings at roughly 8:30 p.m. Eastern time — 30 minutes after the extended session closes in