Canopy Growth reports $61.5M Q4 loss as it prepares for legal marijuana market

Canopy Growth reports $61.5M Q4 loss as it prepares for legal marijuana market
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SMITHS FALLS, Ont. — Canopy Growth Corp. reported a fourth-quarter loss of $61.5 million as it prepared for the launch of the legal Canadian recreational cannabis market later this year.

The loss amounted to 31 cents per share for the quarter ended March 31 compared with a loss of $12 million or eight cents per share a year ago.

Revenue totalled $22.8 million, up from $14.7 million in the same quarter last year.

During the quarter, the company sold 2,528 kilograms and kilogram equivalents at an average sales price of $8.43 per gram.

That compared with 1,740 kilograms and kilogram equivalents at an average price of $8.03 per gram a year earlier.

Canopy Growth also announced that president Mark Zekulin has added the role of co-chief executive. Zekulin will continue to report to chairman and chief executive Bruce Linton, who oversees the company’s global strategy and execution.

Analyzing marijuana company earnings is tough because of accounting rules used in the agriculture industry that require companies to put a value on their pot plants before they are harvested, and approaches differ between producers on how to apply these guidelines.

 

Companies in this story: (TSX:WEED)

 

The Canadian Press

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