Wednesday , May 5 2021

Canopy Growth reports Q2 loss on upgraded expenses before pot legalization | Business

SMITH FALLS, Ont. – Canopy Growth Corp reported a loss of $ 330.6 million in the last quarter as it increased expenses prior to the legalization of recreational marijuana in Canada.

The company says the loss amounted to $ 1.52 per share, compared with a loss of $ 1.6 million or a penny per share a year ago.

Revenues for the quarter ended September 30 amounted to $ 23.3 million, an increase of $ 17.6 million.

The quarter included $ 700,000 in revenue from what Canopy said were test consignments to test the supply chain system before the launch of the recreational marijuana on October 17th.

During the quarter, the company sold 2,197 kilograms and kilo equivalents at an average selling price of $ 9.87 per gram, up from 2,020 kilos and kilo equivalents to an average price of $ 7.99 a year ago.

Canopy says it had 84,400 active registered medical marijuana patients, up from 63,000 a year ago.

Companies in this story: (TSX: WEED)

The Canadian press

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