Marijuana giant Canopy’s revenues soar, but losses widen

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The world’s largest marijuana company, Canopy Growth, on Wednesday reported improved revenue in its latest quarter, but its losses widened substantially from the same period a year ago.

Smiths Falls, Ontario-based Canopy saw revenue rise 250% in the first fiscal quarter of 2020 to 90.5 million Canadian dollars ($67 million) compared with the same period last year.

Adjusted earnings before interest, tax, depreciation and amortization (EBITDA) in the quarter, which ended June 30, amounted to a CA$92 million loss, up more than 300% from a year ago.

Canopy attributed its net loss of CA$1.2 billion to a one-time, noncash loss on the extinguishment of warrants held by Constellation Brands – the Canadian company’s largest shareholder.

Canopy trades on the New York Stock Exchange as CGC and on the Toronto Stock Exchange as WEED.

The company’s stock was down almost 11% after releasing its earnings after the market close.

More earning details can be found here.

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