A billion up in smoke... Earth's largest cannabis company, Canopy Growth, took a $1.3B hit last quarter. The Canadian pot producer saw a 14% decline in direct-to-consumer sales, which it blamed on "off-peak seasonal demand decline" and COVID-related store closures. Canopy burned its 2021 financial guidance and its stock dropped over 21% on the buzz-kill news.
When Liam Hemsworth can't extract you... Mobile-first streamer Quibi may be running out of time to turn its "meh" reputation around. Two months after launching, the $1.8B "quick bites" streamer hasn't lived up to the hype. Now advertisers are reportedly looking to defer payments over low viewership concerns. Those in-between moments in life Quibi was designed for aren't happening with COVID, so Quibi's adding AirPlay streaming in hopes that'll attract more at-home viewers.