Canopy Growth (CGC) Reports Q3 Loss of Cdn$0.38
Canopy Growth (NYSE: CGC) reported Q3 EPS of (Cdn$0.38), versus Cdn$0.01 reported last year. Revenue for the quarter came in at Cdn$83 million, versus Cdn$21.7 million reported last year.
"Our successful first full quarter with recreational sales in Canada reinforces our long held strategy of making meaningful investments early in order to secure market share," said Bruce Linton , Chairman & Co-CEO, Canopy Growth. "With a strong cash position, we added strategic assets and IP through acquisitions to accelerate the sophistication of our inputs with ebbu, and our consumer-facing outputs with Storz and Bickel."
"The Canadian recreational cannabis market will be dominated in the long term by businesses delivering excellent products and consumer experiences. Sales from the first wave of products and retail environments launched in the third quarter demonstrate that we are capturing consumers' attention."
Concluded Linton, "We have developed an unprecedented and unparalleled fully integrated platform at scale and will continue to expand by making strategic production investments in regions with federally permissible paths to market for our cannabis and hemp offerings. We believe this strategy will develop a significant and sustained return on invested capital over the long-term."
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