Losses continue to pile up at Smiths Falls-based Canopy Growth even as the licensed cannabis producer rapidly grows its revenues from legal cannabis sales, according to the firm’s quarterly earnings released after markets closed on Wednesday.
The Ottawa-area company reported revenues of $103.4 million for the three months ended June 30, nearly four times the company’s sales from the same quarter a year earlier – before recreational cannabis became legal for sale in Canada.
Net losses, meanwhile, ballooned as the company spent heavily on R&D, increased production capacity and positioned itself for further global expansion. Canopy reported a net loss of $1.28 billion for the quarter, compared with roughly $91 million last year.
OBJ360 (Sponsored)
World Junior Championships set to boost Ottawa’s economy and global reputation
The World Junior Championships will kick off in Ottawa in December, bringing tens of millions of dollars of economic activity to the city, as well as a chance for local
How the uOttawa faculty of engineering instills an ‘entrepreneurial mindset’ in students
A decade ago, Terrafixing chief operating officer Vida Gabriel was a chemistry-loving student in high school with little to no interest in business or entrepreneurship. “I didn’t like the sales
Canopy’s sizeable losses frustrated investor Constellation Brands last quarter, which reported a loss of its own in part due to the cannabis firm’s performance. Bruce Linton was subsequently ousted as co-CEO of the company.
Chief executive Mark Zekulin will discuss the company’s earnings on a call with analysts Thursday morning.
