Canopy Growth reports quarterly earnings in-line with analyst expectations; net loss of C$90.9mln

Canopy Growth Corp. (NYSE:CGC, TSE:WEED), the world’s largest marijuana company and the first to trade on the New York Stock Exchange, reported its quarterly earnings today, posting a net loss of C$90.9mln and a net loss per share of C$0.40.

The company reported its earnings today ahead of a monumental move for Canada in a few months, which will legalize recreational marijuana.

Canopy Growth reported revenue of C$25.9mln, in line with analyst expectations. 

Analysts expected the company to report C$25.8mln, an increase of 62.76% over the prior year’s quarter.

Earlier on Tuesday, shares of Canopy Growth dipped after news that the government of Ontario announced it would allow recreational sales in privately-run pot retailers starting by April 1, months later than expected. Customers will be able to buy cannabis online as of Oct. 17, the day recreational sales in Canada are legal. 

READ: Cannabis stocks plummet in Canada on the back of Ontario rule changes

The company announced on Tuesday that it has issued C$2,500,000 in common shares of Canopy Growth in connection with the expansion of an existing commercial arrangement.

Last week, the company received a go-ahead from the Veterinary Drug Directorate of Health Canada to research the effectiveness of cannabidiol (CBD) to treat anxiety in certain animals.

Shares of Canopy Growth closed down 8.2% in Toronto on Tuesday at C$32.15.

Story by ProactiveInvestors