Canopy Growth jumps 16% on the stock market
Canadian cannabis giant's stock Canopy Growth took a little more than 16% last Friday, just a few hours after the publication of the company's financial report.
Net revenues for Canopy's fiscal third quarter were up 62% on the second quarter, and 49% on its previous third quarter.
Canopy now estimates its market penetration at 22% of the Canadian recreational cannabis market. The company reported revenues of 123.8 million $CA (85 million euros) in the quarter ending December 31, 2019, compared with 76 million $CA in the previous quarter and 83 million $CA a year earlier.
Canopy «recorded a significant gross improvement in the third quarter thanks to higher revenues» and other factors, CEO David Klein said in a press release.
The company will continue to reduce costs and «right-size» the business, added Mike Lee, Executive Vice President and CFO.
Essentially, the group made fewer losses than announced, 124 million $CA (86 million euros) for the quarter ending December 31, 2019, compared with a loss of 1.7 billion $CA a year ago.
Canopy benefited in particular from the opening of 140 new stores in Canada in the last quarter and from the sales of medical cannabis on the rise in Germany. It also reassures investors with its hemp/CBD positioning in the United States and the’acquisition of Acreage, in anticipation of potential federal legalization of cannabis in the United States.
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