Smiths Falls, Ontario-based Canopy Growth reported record net revenue of 135 million Canadian dollars ($104 million) in the second quarter ended Sept. 30, topping analyst expectations, along with a net loss of about CA$97 million. The revenue gain was led by dry bud sales in the Canadian recreational market, which grew 60% from the prior quarter to CA$64 million. That helped drive market share in Canada to 15.5% in the quarter, Canopy said in a news release. The “all other revenue” category grew to CA$43 for the quarter, a substantial improvement from the previous period’s CA$32 million. However, sales of cannabis 2.0 products, which Canopy has invested heavily in, rose marginally to CA$8 million. That covers sales of cannabis-infused chocolates, cannabis vape products, and cannabis-infused beverages. Medical cannabis sales continued to stall. International medical revenue declined 15% from the previous quarter to CA$17.5 million.
Marijuana Business Daily, 11/09/2020 09:17:33
Open article: https://mjbizdaily.com/canopy-reports-record-revenue-but-profit-remains-elusive/