Canopy Growth Q1 Earnings: Cannabis Company Beats Sales Estimates, Rises In After-Hours Trading

Canopy Growth Corporation CGC shares are trading higher in the after-hours market after the cannabis company reported first-quarter earnings. Here's a summary of the details.

What To Know: Canopy reported quarterly sales of CA$109 million ($81.2 million), which beat the analyst consensus estimate of CA$67.98 million, a 26.32% increase over sales of CA$86.29 million the same period last year.

Free cash flow in the first quarter was an outflow of CA$151 million, a 6% increase in outflow versus the first quarter last year. 

"Our performance in the first quarter of Fiscal 2024 validates the difficult but transformative changes we made over the last twelve months," said David Klein, CEO.

"Canopy Growth's businesses demonstrated stability, consistency, and signs of positive momentum, while realizing a substantial reduction in expenses across the enterprise. Our asset-light approach is enabling the agile execution of business initiatives, allowing us to move faster and to be more responsive to consumers."

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CGC Price Action: Shares of CGC were up 2.89% at 48 cents in the after-hours session at the time of publication, according to Benzinga Pro.

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