Canopy Growth’s cash burn raises analyst concerns

Benchmark analysts on Monday reiterated their sell rating on Canopy Growth Corp. as it burns cash at a rate that’s more “intense than a midnight blaze” while TD Cowen sounded a more positive tone on improved gross margins at the Canadian cannabis company.

Benchmark analyst Mike Hickey said Canopy Growth Corp.’s CGC CA:WEED third-quarter results released Thursday revealed “severe cash flow deficits” and decreasing revenues in its Canadian cannabis business.

Its…