Canopy Growth Loss Narrows While Revenue Falls in 2Q

Dow Jones11-08

By Adriano Marchese

Canopy Growth reported lower revenue in its fiscal second quarter as its Canadian adult-use cannabis segment performance declined by nearly a quarter.

For the three months ended Sept. 30, the Smiths Falls, Ontario-based cannabis company on Friday posted net income attributable to the company of 128.3 million Canadian dollars ($92.6 million) or C$1.48 a share, compared with a loss of C$310 million, or C$4.33 a share, in the comparable quarter a year ago.

According to FactSet, analysts were expecting an even narrower loss of C$0.50 a share.

Net revenue fell by 9% to C$63 million, more than analysts had expected, pegging the figure at C$64.2 million.

The company saw a huge decline in Canadian adult-use cannabis, with revenues down 24% at C$18.4 million from that category, offsetting the 16% gain from Canadian medical cannabis which reached C$18.7 million, and international markets cannabis which rose 12% to C$10.1 million.

Canopy Growth shares weren't spared the industry-wide stock decline on Wednesday, which collapsed after initiatives to legalize recreational marijuana in Florida, North Dakota and South Dakota failed to receive enough votes. Voters in North Dakota and South Dakota also defeated ballot initiatives for recreational cannabis legalization in those states.

Shares closed Thursday about 23% lower than a year ago at C$6.30.

Write to Adriano Marchese at adriano.marchese@wsj.com

(END) Dow Jones Newswires

November 08, 2024 07:37 ET (12:37 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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