Canadian cannabis producer Canopy Growth Corp. (WEED) has reported a net loss of $2.09
billion for its fiscal first quarter that ended on June 30.
The loss was due to a non-cash impairment charge of $1.72 billion. A year earlier, the Smiths
Falls, Ontario based company reported a net profit of $392,418.
Canopy Growth’s net revenue in the quarter fell 19% from a year ago to $110 million, below the
average analyst estimate of $112 million.
The company said that its total cannabis sales during the April through June period fell 29% to
$66 million. Of that amount, only $39 million was from recreational cannabis sales within
Canada, representing a 35% decline.
The lone bright spot for Canopy Growth in the quarter came from its BioSteel sports-drink,
which saw sales grow 169% to $17.9 million from a year earlier.
Canopy Growth’s stock is down 69% this year and currently trading at $3.50 per share. In the
past 12-months, the stock has declined 85%.
