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Canopy Growth Corp (NYSE: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.
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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. (NYSE: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.
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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.
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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."
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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.