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Staff work at a Canopy Growth facility in Smiths Falls on Aug. 23, 2018.Sean Kilpatrick/The Canadian Press

Canopy Growth Corp WEED-T. says it recorded an almost $42 million net loss in its most recent quarter as it reduced its costs by $47 million.

The Smiths Falls, Ont., cannabis company says its first-quarter net loss compared with a net loss of roughly $2.1 billion a year ago.

The net loss for the three months ended June 30 amounted to a loss of about seven cents per basic and diluted share compared with a loss of $5.24 per basic and diluted share a year ago.

Analysts question Canopy Growth’s viability as it reveals new financial problems

Revenue in the quarter amounted to $121.1 million, up from $118.7 million in the first quarter of the prior fiscal year.

The pot company attributed the increase to higher revenues within its BioSteel business and growth in its Storz & Bickel brand and the Canadian medical cannabis market.

It says these wins were offset by lower international medical cannabis sales due to bulk sales in Israel and decreased Canadian adult-use business-to-business revenue.

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