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Canopy Rivers Reports Q1 Earnings Growth

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Canopy Rivers Reports Q1 Earnings Growth

Canopy Rivers Inc. (TSXV:RIV)(OTC: CNPOF) released financial results for the fiscal first quarter of 2020, ended June 30, reporting operating income of CA $2.7 million, compared to CA $744,000 in the previous quarter.

The company showed a net operating loss of CA $3.08 million for the quarter, versus a net operating loss of CA $6.6 million in the prior quarter. Diluted loss per share was CA 2 cents, compared to diluted loss per share of CA 5 cents in the previous quarter.

The company reported first-quarter operating expenses of CA $5.8 million, of which CA $3.7 million (around 64%) was related to share-based compensation.

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“In Q1 2020, we made several exciting investments in plant sciences and cannabis brands, two areas that we think are primed for real growth in the cannabis sector, ” Narbe Alexandrian, President and CEO, said in a statement.

“In addition to our new investments, as lifecycle investors, it was also rewarding to see so much positive news coming from our portfolio companies this quarter. From PharmHouse entering into a significant supply agreement with Canopy Growth to TerrAscend becoming, to our knowledge, the first and, so far, only cannabis company with sales in Canada, the U.S., and the European Union, our portfolio companies were busy creating significant value."

The stock closed Monday's session at $1.79 per share.

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Posted-In: Cannabis Earnings News Markets Best of Benzinga

 

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