February 9, 2021 By The Canadian Press
Canopy Growth Corp. reported a loss of $829.3 million in its latest quarter as it was hit by impairment and restructuring charges related to cuts it announced in late last year.
The cannabis company says the loss amounted to $2.43 per diluted share for the quarter ended Dec. 31, compared with a loss of $109.6 million or 26 cents per share a year earlier.
Canopy says the results for its most recent quarter included $416 million in impairment, restructuring and other related charges plus $291 million stemming from non-cash fair value changes, mostly driven by the company’s higher stock price.
The company said in December it would stop operations at five facilities across the country and lay off more than 200 workers in a move to cut costs.
Net revenue in what was the company’s third quarter amounted to $152.5 million, up from $123.8 million in the same quarter a year earlier.
Cannabis net revenue totalled $98.8 million, up from $90.4 million a year earlier, while other revenue rose to $53.7 million compared with $33.4 million.
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