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Canopy Growth Sales Growing Like Weed

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Canopy Growth Corp. (WEED.TO) Tuesday reported a loss of C$1.6 million for the second quarter, as the medical marijuana company gears up for legalization of recreational cannabis in Canada. The Smiths Falls, Ontario-based Canopy's revenues for the quarter surged 107%.

Second-quarter revenues were $17.6 million, a 107% increase over last year's $8.5 million. The company said it sold 2,020 kilograms and kilogram equivalents; a 73% increase over second quarter last year.

The weighted average cost per gram1 before shipping and fulfillment was $1.25 per gram as compared to $1.27 per gram in the first quarter of fiscal 2018 and $1.70 per gram in the second quarter of fiscal 2017.

The company reported a loss of $1.6 million or $0.01 per share, compared to net earnings of $5.4 million or $0.05 per share last year.

Management believes the ongoing spending on building the company's significant and diversified production platform, world-leading brands, unparalleled international reach, and iconic partnerships, all of which directly impacted profitability during the current period, is a prudent long-term investment to strengthen the company's global leadership position heading into next year.

by RTT Staff Writer

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