Why Canopy Growth Shares Are Trading Higher Today

Canopy Growth Corp CGC is trading higher Wednesday morning after the company announced its fiscal third-quarter financial results. 

Canopy Growth reported quarterly revenue of CAD$155 million ($122.14 million), which was down from CAD$169.9 million year-over-year. The company reported a quarterly earnings loss of CAD$0.28 per share, which was up from a loss of CAD$2.43 per share year-over-year. 

"Throughout fiscal 2022, we continued to reduce our operating expenses and capital investments," said Judy Hong, interim CFO of Canopy Growth.

Hong continued, "With a renewed sense of urgency, we are focused on achieving profitability in Canada by taking additional steps to simplify our business and optimize our expenses, while making strategic investments in key growth areas."

Headquartered in Smiths Falls, Canada, Canopy Growth cultivates and sells medicinal and recreational cannabis and hemp through a portfolio of brands.

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CGC Price Action: Canopy Growth has traded as low as $6.64 and as high as $56.49 over a 52-week period.

The stock was up 5.33% at $8.10 at time of publication.

Photo: greenserenityca from Pixabay.