Canopy Growth reports increased marijuana revenue, mounting losses

(This story has been updated to correct the NYSE ticker symbol for Canopy.)

Ontario, Canada-based marijuana firm Canopy Growth reported net revenue of 94.1 million Canadian dollars ($71.5 million) for the fiscal fourth quarter ended March 31, up from CA$22.8 million in the same period a year ago.

Net loss for the quarter was CA$323.4 million compared with CA$54.4 million a year ago.

Full fiscal year net revenue totaled CA$226.3 million, nearly three times the revenue reported for fiscal 2018, while net loss was CA$670.1 million compared with a net loss of CA$54.1 million in 2018.

The company’s international cannabis revenue also nearly tripled year-over-year to CA$10.1 million for fiscal 2019.

Canopy had CA$4.5 billion of cash on hand as of March 31, compared with CA$4.2 billion at that time in 2018.

Canopy, whose shareholders this week approved a planned acquisition of New-York based Acreage Holdings, trades on the New York Stock Exchange under the ticker symbol CGC and on the Toronto Stock Exchange as WEED.

For more details about Canopy’s financial report, click here.

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