Canopy Growth Shares Drop as Canadian Adult-Use Cannabis Drags Total Revenue in 2Q

Dow Jones11-08

By Adriano Marchese

Canopy Growth shares fell as a decline in Canadian adult-use cannabis weighed heavily on the company's revenue in the second fiscal quarter, days after an industry-wide collapse in cannabis stocks.

Shares traded 7.8% lower at 5.81 Canadian dollars ($4.19).

The Smiths Falls, Ontario-based cannabis company reported a 9% decline in total revenue to C$63 million, missing consensus expectations of C$64.2 million, according to FactSet.

Canopy saw a significant decline in Canadian adult-use cannabis, where revenue fell 24% to C$18.4 million. This offset 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.

The decline follows recent industry-wide pullback in cannabis stocks, in which Canopy wasn't spared, after initiatives to legalize recreational marijuana in Florida, North Dakota and South Dakota failed to receive enough votes.

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

(END) Dow Jones Newswires

November 08, 2024 10:50 ET (15:50 GMT)

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

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