Canopy Growth Reports a Huge Fourth-Quarter Loss
Canopy Growth (NYSE: CGC) announced its fiscal 2020 fourth-quarter and full-year results before the market opened on Friday. For the period ending March 31, the cannabis producer reported net revenue of 107.9 million Canadian dollars, an increase of 15% year over year but a 13% decline from its fiscal third quarter. Canopy also posted a net loss of CA$1.3 billion, or CA$3.72 per share.
The Ontario-based company didn't come close to meeting analysts' average estimates for revenue of CA$128.9 million and a net loss of CA$0.59 per share. Canopy's revenue miss resulted from a 28% quarter-over-quarter drop in Canadian adult-use (recreational) marijuana sales.
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Source Fool.com
