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Stock Alert: Canopy Growth Up 15% On Q3 Results

Shares of Canopy Growth Corp. (CGC) are currently gaining over 15% Friday morning, after the cannabis company reported third-quarter results.

Canopy's revenues surged to C$123.8 million from C$83.0 million. Cannabis gross revenue rose 8%. The company said it maintained its leading market share in retail, at an estimated 22% of the Canadian pot market.

Net loss for the quarter were C$124.2 million or C$0.35 per share, compared to net income of $74.9 million or C$0.22 per share.

"We delivered significant gross improvement in the third quarter driven by stronger revenues and higher capacity utilization," Chief Financial Officer Mike Lee said in a statement. "Actions taken earlier this year are expected to meaningfully reduce stock-based compensation in FY21, and we have started to implement tighter cost controls across the organization."

CGC is currently trading at $22.39, up $2.87 or 14.70%, on the NYSE.

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