Canopy Growth Corp. reports net loss of $324.8 million in second quarter

SMITHS FALLS, Ont. 鈥� Canopy Growth Corp. says its net loss for the second quarter was $324.8 million, compared with $305.8 million a year earlier. The company says its net loss from continuing operations was $148.2 million, compared with $196.

Canadian Press Nov 9, 2023 5:19 PM Nov 9, 2023 5:35 PM

20231109171116-654d5aeb9105fd40a6d4a287jpeg — Staff work in a marijuana grow room at Canopy Growth's Tweed facility in Smiths Falls, Ont. on Thursday, Aug. 23, 2018. THE CANADIAN PRESS/Sean Kilpatrick

SMITHS FALLS, Ont. 鈥� Canopy Growth Corp. says its net loss for the second quarter was $324.8 million, compared with $305.8 million a year earlier.

The company says its net loss from continuing operations was $148.2 million, compared with $196.5 million during the same quarter last year.聽

Revenues for the quarter were $82.1 million, down from $100.4 million a year earlier.聽

The company says its Canadian cannabis business delivered its third consecutive quarter of organic revenue growth while significantly reducing costs.聽

This September, the company obtained creditor protection for BioSteel Sports Nutrition Inc. and said it intends to sell the business.

In August, the company announced it had signed a deal to sell the Hershey building in Smiths Falls, Ont., back to the chocolate maker for around $53 million.聽

This report by The Canadian Press was first published Nov. 9, 2023.

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