Canopy Growth posts smaller-than-expected loss, to cut more costs


Marijuana plants grow in the Mother Room at the Canopy Growth Corp. facility in Smith Falls, Ontario, Canada, on Tuesday, Dec. 19, 2017.

Chris Roussakis | Bloomberg | Getty Images

Canopy Growth said on Friday it will focus on reducing costs as the pot producer struggles with a slump in weed prices from oversupply and growing expenses that led to a bigger adjusted loss in the quarter.

The Ontario-based company said its adjusted loss before interest, tax, depreciation, and amortization was C$91.7 million ($69.25 million) in the third quarter ended Dec. 31, compared with C$74.8 million a year earlier.

Net revenue rose to C$123.8 million from C$83 million a year earlier, as it sold more cannabis in international and domestic markets.

Products You May Like

Articles You May Like

Buffett says it’s ‘almost certain’ stocks will beat bonds over long term if rates, taxes stay low
Free trading fuels rampant speculation in stocks like Tesla and Virgin Galactic
2020 Chevrolet Corvette: 5 unique features of the mid-engine supercar
Boston Beer founder Jim Koch defends hard seltzer investment after disappointing earnings report
Airline stocks tumble as the coronavirus spreads outside of China

Leave a Reply

Your email address will not be published. Required fields are marked *