Canopy Growth (CGC) Reports Q2 Loss of C$1.52/Share, Revenues Rise 33%

Canopy Growth (NYSE: CGC) reported Q2 EPS of (C$1.52), versus (C$0.01) reported last year. Revenue for the quarter came in at C$23.3 million, versus C$17.6 million reported last year.

Management Commentary

"With extensive investments over the past year, including most notably in the second quarter, in branding and retail development, our entrance into the retail cannabis market has been a success with our SKU assortment obtaining over 30% listings market share in multi-store physical retail store networks nationwide. With substantial product inventories on hand, new product formats coming to market as planned, a captive sales force driving increased demand through physical retail stores and increasing internal and channel efficiencies, we believe based on market conditions today that we will attain significant and sustainable market share of the Canadian recreational market," Bruce Linton, Chairman & Co-CEO, Canopy Growth.

"With business opportunities expanding globally, we continue to make significant investments in building our international team and footprint including through multiple acquisitions in Latin America completed during the quarter. The completion of, to our knowledge, a world first Canadian export of a US federally legal DEA permitted product, and the announced acquisition of US federally legal hemp R&D specialists, ebbu, are critical stepping stones for our broader entrance into the US market when it is federally-permissible to do so," concluded Linton.

"With global management infrastructure in place, the Company is building an international platform in order to drive medical market growth, which will in turn drive innovation applicable to recreational cannabis markets. This approach requires large-scale production capacity, value-add processing, diversified intellectual property, and clinical research – all things we have prioritized and invested heavily into this past quarter."

For earnings history and earnings-related data on Canopy Growth (CGC) click here.

You May Also Be Interested In

• Visa (V) stock rises as Q2 earnings, revenue come ahead of estimates
• Tesla touts acceleration of new models, but Q1 results fall short of estimates
• Stride Inc. (LRN) Tops Q3 EPS by 17c, provides guidance