Canopy Growth Corp CGC's adjusted EBITDA loss skyrocketed from CA$22.5 million ($16.8 million) to CA$92 million ($69.1 million) year-over-year, the Canadian cannabis company said in its first-quarter report Wednesday.
Canopy's first-quarter net loss rose from CA$90.9 million a year ago to CA$1.281 billion.
The largest contributor to the CA$1-billion-plus loss was a non-cash charge of CA$1.2 billion due to the extinguishment of warrants held by Constellation Brands, Inc. STZ, the company said.
The EPS loss rose from 40 cents last year to $3.70.
Sales rose from CA$25.9 million to CA$90.5 million year-over-year.
The stock was down 6.58% at $29.83 in after-hours trading Wednesday. The stock closed the regular session down 6.6% at $31.93.
Dried cannabis sales in Canada's recreational market rose by 94% quarter-over-quarter, according to Canopy. The company said it harvested 40,960 kg of cannabis, a 183% quarter-over-quarter increase.
The harvest during the quarter was the first full-scale one completed since Canopy began retrofitting its large-scale greenhouse facilities last year, the company said.
Canopy said it will bring CBD products to the U.S. market by the close of fiscal 2020.
Don’t miss out on the top cannabis stories of the day. Click here to sign up for our daily insider newsletter.
Canopy has two main objectives as it looks to the remainder of fiscal 2020, CEO Mark Zekulin said in a statement.
"First, the company remains focused on laying the foundation for dominance in an emerging global opportunity. This means investments in developing intellectual property, building brands, building international reach and ensuring scaled production capability for current and future products," he said.
"Second, we are fixated on the process of evolving from builders to operators over the remainder of this fiscal year, meaning that as our expansion program comes to a close in Canada, and as new value-add products come to market in Canada, we demonstrate a sustainable, high margin, profitable Canadian business."
Related Links:
Greenlane Posts 30.6% Sales Increase In Q2
Canopy Growth Acquires Medical Research Company To Expand R&D Initiatives
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Date | ticker | name | Actual EPS | EPS Surprise | Actual Rev | Rev Surprise |
|---|
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
The Benzinga Cannabis Capital Conference is coming to Florida
The Benzinga Cannabis Capital Conference is returning to Florida, in a new venue in Hollywood, on April 16 and 17, 2024. The two-day event at The Diplomat Beach Resort will be a chance for entrepreneurs, both large and small, to network, learn and grow. Renowned for its trendsetting abilities and influence on the future of cannabis, mark your calendars – this conference is the go-to event of the year for the cannabis world.
Get your tickets now on bzcannabis.com – Prices will increase very soon!