Canopy Growth delays profitability target after reporting $16.3M loss in Q2
SMITHS FALLS, Ont. — Canopy Growth Corp. pushed back its profitability target as it reported a $16.3 million loss in its second quarter.
The Smiths Falls, Ont. cannabis company previously predicted it would be profitable in the second half of its fiscal 2022, but now says it has delayed that target because of market share challenges and a slower-than-expected U.S. launch of its BioSteel products.
The $16.3 million loss the company reported for the period ended Sept. 30 was less than the $96.5 million loss Canopy recorded during the same quarter last year.
Canopy says its basic and diluted loss per share amounted to three cents, down from a loss of nine cents during its previous second quarter.
Analysts on average had expected a loss of 21 cents per share, according to financial markets data firm Refinitiv.
The company says its revenue totalled $131.3 million, down from $135.2 million at the same time last year.
This report by The Canadian Press was first published Nov. 5, 2021.
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Provided Content: Content provided by Canadian Press. The Globe and Mail was not involved, and material was not reviewed prior to publication.
