More steep losses for Canadian cannabis company Canopy Growth Corp. (TSX:WEED)
The Smiths Falls, Ontario based cannabis producer reported Friday a bigger loss for the fourth quarter, hit by non-cash impairment and restructuring-related charges of $743 million. The net loss attributable to the company widened to $1.30 billion, or $3.72 a share, in the quarter ended March 31. That compares to a net loss of $379.5 million, or $1.10 per share, a year ago.
Canopy Growth reported net revenue of $399 million for its 2020 fiscal year, up 76% from fiscal 2019. The company also announced a gross margin of 85% in the fourth quarter, excluding restructuring and other charges and achieved adjusted gross margin of 42%.
Canopy Growth has been restructuring its workforce and operations over the past year in an effort to achieve profitability.
