SMITHS FALLS, Ont. — Canopy Growth Corp. reported a loss in its latest quarter as its revenue fell compared with a year ago.
The cannabis company says its net loss amounted to $231.9 million or 47 cents per diluted share for the quarter ended Sept. 30, compared with a net loss of $16.3 million or three cents per share a year ago.
Canopy says the bigger loss was primarily due to non-cash fair value changes and an increase in asset impairment and restructuring costs, partially offset by improved margins.
Net revenue for the three-month period amounted to $117.9 million, down from $131.4 million in the same quarter last year.
Canopy says the drop in revenue was due to increased competition in the Canadian adult-use cannabis market, the sale of C3 Cannabinoid Compound Company GmbH and softer performance from This Works, offset by growth at BioSteel.
Last month, Canopy announced a plan to speed up its foray into the U.S. market with a new U.S.-domiciled company meant to hold its cannabis investments made in the United States.
This report by The Canadian Press was first published Nov. 9, 2022.
Companies in this story: (TSX:WEED)
Note to readers: This is a corrected story. The headlines in an earlier version included the wrong fiscal quarter.
