Staff work in a marijuana grow room that can be viewed by at the new visitors centre at Canopy Growth facility in Smiths Falls, Ont. on Thursday, Aug. 23, 2018. Canopy Growth Corp.'s says it is expecting to face pressure on its gross margins in the coming quarters as it grapples with the COVID-19 pandemic. THE CANADIAN PRESS/Sean Kilpatrick
SMITHS FALLS, Ont. – Canopy Growth Corp. says it recorded an almost $42 million net loss in its most recent quarter as it reduced its costs by $47 million.
The Smiths Falls, Ont., cannabis company says its first-quarter net loss compared with a net loss of roughly $2.1 billion a year ago.
The net loss for the three months ended June 30 amounted to a loss of about seven cents per basic and diluted share compared with a loss of $5.24 per basic and diluted share a year ago.
Revenue in the quarter amounted to $121.1 million, up from $118.7 million in the first quarter of the prior fiscal year.
The pot company attributed the increase to higher revenues within its BioSteel business and growth in its Stroz & Bickel brand and the Canadian medical cannabis market.
It says these wins were offset by lower international medical cannabis sales due to bulk sales in Israel and decreased Canadian adult-use business-to-business revenue.
This report by The Canadian Press was first published Aug. 9, 2023.
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