Cannabis producer Canopy Growth (WEED) has reported a net loss of $648 million for its fiscal fourth quarter and announced that it is laying off some staff at its BioSteel sports nutrition unit.
Canopy Growth’s latest loss is $59 million more than the company incurred a year earlier. It attributed much of the loss to $164 million in asset impairment and restructuring costs.
Canopy's net revenue for the fiscal quarter ended March 31 totalled $88 million, 14% lower than a year ago.
Canopy Growth is undertaking a restructuring plan that has included the departure of 800 staff, about 35% of its workforce, since February of this year. The company has also closed multiple production facilities.
Canopy Growth has also run into problems with the financial results reported by its BioSteel division.
The sports nutrition business unit had made “material misstatements” in previous financial filings. As a result, Canopy Growth has had to refile three of its past quarterly financial statements.
It is not clear exactly how many BioSteel employees have been let go by Canopy Growth.
In the last 12 months, Canopy Growth’s stock has declined 84%. The shares now trade at just 77 cents each.
