Canopy Growth’s share prices dropped sharply during late trading hours on Wednesday after the company revealed a net loss of almost C$1.3 billion in its Q1 report of its fiscal 2020 year. Shares of the company in Toronto opened at C$38.30 on Thursday (August 15), down 15 percent from the C$45.17 at Tuesday’s close, the lowest they’ve been since January. In New York, shares opened at US$28.79, down almost 16 percent from US$34.20 since closing on Tuesday. The Ontario-based company said that loss was primarily attributed to the non-cash charge of C$1.2 billion on the retirement of warrants held by alcohol maker Constellation Brands, which invested C$5 billion into Canopy last year. In a statement, Canopy CEO Mark Zekulin said the company remains focused on laying the groundwork for its global operations as well as “evolving from builders to operators over the remainder of this fiscal year.”
Hemp Land, Cannabis Hemp Blog, 02/26/2021 21:53:00
Open article: https://hempland.net/canopy-growth-shares-slump-after-c1-3-billion-loss/