Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
Canopy Growth Corp (NYSE:CGC), the largest cannabis company in Canada, reported fiscal third-quarter earnings after the close Thursday evening, with net revenue that rose 283 percent to CA $83.048 million ($62.4 million) year-over-year.
What Happened
ENTER TO WIN $500 IN STOCK OR CRYPTO
Enter your email and you'll also get Benzinga's ultimate morning update AND a free $30 gift card and more!
Canopy's net revenue — after excise taxes of CA $14.655 million — rose 256 percent from the $23.327 million the cannabis company posted in the second quarter.
Canada legalized adult-use cannabis nationwide Oct. 17, 2018.
Canopy's pre-excise tax revenue of CA $97.7 million surpassed analyst expectations of $90 million.
Moreover, Canopy reported net income of CA $74.86 million, or CA $0.22 per basic share.
On a diluted basis, the company posted a net loss of CA $121 million, or CA $0.38 per share, due to the dilutive impact of convertible debt. For the second quarter, Canopy reported a net loss of CA $330.6 million, or CA $1.56 per share.
Canopy sold 10,102 kilograms and kilogram equivalents during Q3, which represents a 360-percent increase over the second quarter.
FREE REPORT: How To Learn Options Trading Fast
In this special report, you will learn the four best strategies for trading options, how to stay safe as a complete beginner, a 411% trade case study, PLUS how to access two new potential winning options trades starting today.Claim Your Free Report Here.
Out of this amount, 8,288 kilograms and kilogram equivalents were sold to the recreational market, with 89 percent sold directly to provinces and the rest through direct retail and online.
During the same period, Canopy harvested 7,556 kilograms, down from 7,961 kilograms in the prior quarter.
Canopy Growth saw a lower average sales price per gram of CA $7.33 (net of excise tax), down from CA $9.87 in the second quarter. The lower price was due to a higher amount sold to B2B markets.
Why It's Important
As the largest cannabis company, Canopy Growth sets the tone for the industry, and metrics such as revenue growth and cost to produce allow analysts to evaluate the health of the cannabis market in Canada.
Canopy Growth shares closed Thursday at $46.12.
The company's Q3 conference call is scheduled for 8:30 a.m. ET Friday.
Related Links:
Aurora Cannabis Revenue More Than Doubles Quarter-Over-Quarter
Constellation Brands Made The Right Move With Early Cannabis Investment, Wells Fargo Says
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.