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Canopy Growth Reports Net Loss Of $216.8 Million

Canadian cannabis producer Canopy Growth (WEED) has reported a net loss of $216.8 million as part of its latest financial results.

The loss for the quarter ended Dec. 31, 2023, compares with a net loss of $264.4 million a year earlier.

Canopy Growth says the loss equated to $2.62 per share versus a loss of $5.34 per share a year earlier. However, the per share loss improvement was due to Canopy Growth issuing more stock over the last 12 months.

Revenue for what was the company's fiscal third quarter totalled $78.5 million, down 8% from $84.9 million a year earlier.

Canopy Growth continues to struggle with declining sales and a loss of market share. In recent months, the company has sold its corporate headquarters in Smiths Falls, Ontario and placed part of its business under creditor protection.

The stock of Canopy Growth has declined 82% over the last 12 months, and now trades at $5.38 per share. In the past five years, the stock has lost 99% of its value.