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

Earnings

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

Oil Plunges To Lowest Level Since January—Here’s Why Experts Say Low Prices Won’t Last
As 30-year mortgage rates hit 6.7%, homebuyers are facing ‘payment shock.’ Here are ways to save
Lauren Taylor Wolfe says it’s just too risky for investors to ignore ESG amid recent pushback
Bond yields soar as markets weigh threat of a recession. What it means for your investments
Stocks making the biggest moves midday: FedEx, Boeing, Ally, Domino’s and more