Canopy Growth reports Q2 loss, revenue up 77 per cent compared with a year ago

Canopy Growth reports Q2 loss, revenue up 77 per cent compared with a year ago
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SMITHS FALLS, Ont. — Canopy Growth Corp. reported a loss in its latest quarter as its revenue grew 77 per cent compared with a year ago.

The cannabis company says its net loss of the quarter ended Sept. 30 was $96.6 million or nine cents per diluted share compared with net income of $242.7 million or 25 cents per diluted share a year ago.

Net revenue in what was the second quarter of its 2021 financial year totalled a record $135.3 million, up from $76.6 million in the same quarter a year earlier.

Canopy says the growth was driven by an increase in Canadian recreational cannabis revenue and continued strength in Storz & Bickel (S&B) vaporizer sales and skincare company This Works.

S&B vaporizer revenue doubled compared with a year ago, while This Works sales gained 34 per cent.

The quarter also included sales from BioSteel, which was acquired in October 2019.

This report by The Canadian Press was first published Nov. 9, 2020.

Companies in this story: (TSX:WEED)

The Canadian Press

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