Canadian cannabis producer Canopy Growth says its business transformation is taking shape despite an 829.3 million Canadian dollar ($651 million) net loss for the third quarter of its 2021 fiscal year, which ended Dec. 31. Among other new financial targets, the Smiths Falls, Ontario-based company is now aiming for positive adjusted EBITDA, a measure of profitability, during the second half of its 2022 fiscal year. Canopy’s adjusted EBITDA loss for the third quarter was CA$68.4 million. On a Tuesday morning earnings call, Canopy’s chief financial officer Mike Lee warned that further EBITDA losses were likely in the first and second quarters of the next fiscal year. The company’s CA$829 million quarterly net loss was caused “primarily by impairment and restructuring charges,” Canopy said in a news release, including CA$382 million in charges related to facility closures announced December 9.
Marijuana Business Daily, 02/09/2021 11:48:00