Marijuana giant Canopy’s revenues soar, but losses widen

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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