Do Canopy Growth's Improved Q3 Numbers Give Investors Hope for a Turnaround?
It hasn't been a great start to the year for cannabis producer Canopy Growth (NASDAQ: CGC), as its shares are already down 29% this year. The stock has struggled to win over investors in recent years. A highly competitive Canadian cannabis market has made it difficult for the company to grow without burning through cash and incurring hefty losses along the way.
Earlier this month, the company released its latest quarterly results, which showed a significant improvement in the bottom line. Does this indicate something positive, that perhaps the stock can finally turn things around this year?
For the last three months of 2023, Canopy Growth reported net revenue of 78.5 million Canadian dollars, which was down 7% on a year-over-year basis. A big part of the reason for the decline in the top line was that the company has gotten smaller by divesting its sports nutrition business BioSteel, which Canopy Growth previously said was a significant drain on cash.
Source Fool.com
