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Cannabis company Canopy Growth reports $216.8M Q3 net loss

Canopy Growth Corp. reported a net loss of $216.8 million in its latest quarter compared with a loss of $264.4 million a year earlier.

The cannabis company says the loss amounted to $2.62 per diluted share for the quarter ended Dec. 31 compared with a loss of $5.34 per diluted share a year earlier when it had fewer shares outstanding.

Net revenue for what was the company’s third quarter totalled $78.5 million, down from $84.9 million in the same quarter a year earlier.

Excluding the impact of the sale of its Canada national retail business, the company says consolidated net revenue grew by six per cent year-over-year.

Canada adult-use cannabis business-to-business net revenue rose nine per cent year-over-year, while Canadian medical cannabis net revenue climbed 11 per cent compared with a year earlier.

On an adjusted basis, Canopy says its earnings before interest, taxes, depreciation and amortization came to a loss of $9.0 million compared with a loss of $49.7 million a year earlier.

This report by The Canadian Press was first published Feb. 9, 2024.