Cannabis company Canopy Growth reports Q3 loss, sales down from year ago

SMITHS FALLS, Ont. — Canopy Growth Corp. reported a net loss of $115.5 million in its latest quarter compared with a net loss of $829.3 million a year earlier, while its net revenue fell eight per cent as Canadian cannabis sales fell.

The company says its loss amounted to 28 cents per diluted share for the quarter ended Dec. 31 compared with a loss of $2.43 per diluted share a year earlier.

Net revenue for what was Canopy’s third quarter totalled nearly $141 million, down from $152.5 million in the same quarter a year earlier.

The company says global cannabis net revenue amounted to $83 million in the quarter, down from $103.8 million, while other consumer products revenue totalled $58 million, up from $48.7 million a year earlier.

Canadian recreational cannabis sales fell 25 per cent compared with a year earlier, while Canadian medical cannabis sales lost seven per cent.

International and other cannabis sales dropped 16 per cent.

This report by The Canadian Press was first published Feb. 9, 2022.

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The Canadian Press