August 10, 2020 By The Canadian Press
Canopy Growth Corp. reported a net loss of $128.3 million in its latest quarter compared with a net loss of $194.1 million in the same quarter last year.
The cannabis producer and retailer says the loss amounted to 30 cents per diluted share for the quarter ended June 30 compared with a loss of 54 cents per share in the same quarter a year ago.
Net revenue in what was the first quarter of Canopy’s 2021 financial year totalled $110.4 million, up from $90.5 million a year ago.
Canopy, which is behind brands including Tweed and Tokyo Smoke, says the increased revenue was due to higher medical cannabis sales in Canada and Germany, strong vaporizer sales and the benefit of a full quarter of contribution from a pair of acquisitions.
It says the growth was partially offset by a decline in Canadian recreational cannabis sales due to the COVID-19 pandemic and increased competition in dried flower-based products.
Canopy has cut more than 18 per cent of its workforce since the start of the calendar year in a move to reduce costs.
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