Will This Recently Announced Acquisition Make Canopy Growth Profitable at Last?

Canopy Growth (NASDAQ: CGC) has struggled to break even for years. Under then-CEO Bruce Linton, the company focused primarily on generating sales growth and uncovering more opportunities for the long term. However, now that sales growth is harder to achieve, and the pandemic shining a light on struggling businesses, investors aren't as willing to overlook a poor bottom line.

That is putting pressure on a company like Canopy Growth to start delivering better results. It has laid off staff and shut down some of its facilities in an effort to get leaner. Most recently, the company announced plans to acquire Supreme Cannabis (OTC: SPRWF), a move that it says will help it achieve its goal of getting to profitability. Should investors believe it?

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