Canopy Growth 2Q Revenue Miss Due to Wana Supply Issue -- Market Talk

Dow Jones11-09

1425 ET - Canopy Growth probably would have beat 2Q revenue estimates were it not for a disruption in the supply of its Wana edibles, Bernstein analysts say in a research note. Instead, the top line missed analyst expectations by about 2%, but was actually up 3% when adjusting for the company's divestitures, the analysts say. The interruption in Wana supply drove a 24% decline in Canadian recreational cannabis revenue, which was the biggest disappointment of the report, the analysts say. Shares are down 9%, extending downward pressure from an industrywide selloff this week following the defeat of cannabis legalization efforts in Florida, North Dakota and South Dakota. (dean.seal@wsj.com)

(END) Dow Jones Newswires

November 08, 2024 14:25 ET (19:25 GMT)

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