Canadian cannabis producer Canopy Growth (WEED) has posted a $42 million net loss in its most recent quarter as it continues to restructure its operations and reduce costs.
The Smiths Falls, Ontario-based company said its fiscal first quarter result compared with a net loss of $2.1 billion a year earlier.
The net loss for the three months ended June 30 amounted to a loss of $0.07 per share compared with a loss of $5.24 a share in the same quarter of 2022.
Revenue in the most recent quarter totaled $121.1 million, up 2% from $118.7 million in the first quarter of the previous year.
Canopy Growth said it managed to reduce its operating costs by $47 million in its latest quarter and noted that it is seeing higher revenues from its BioSteel sports drink unit and also in the medical cannabis market.
The company added though that its latest financial results were hurt by lower international medical cannabis sales, particularly in Israel and Canada.
Canopy Growth’s stock has declined 85% over the last 12 months to trade at $0.61 per share.
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