Canopy Lower After Slightly Weaker Than Forecast Earnings

Stock Markets44 minutes ago (Jun 01, 2021 09:30AM ET)

(C) Reuters

By Dhirendra Tripathi

Investing — Canopy Growth (NASDAQ:CGC) was lower on Tuesday after the pot producer reported slightly weaker than expected fourth quarter earnings.

The Canadian company narrowed its net loss to C$617 million ($512.11) from the C$1.3 billion it had booked in the same period a year ago and reassured investors that its is on track to be profitable by the end of the current fiscal year.

The company reported strong double-digit growth across both cannabis and other consumer products businesses.

“. . .Our cost savings program is on track to deliver $150-$200 million of savings within the next 18 months, and we remain committed to our path to profitability by the end of Fiscal 2022…,” Canopy chief financial officer Mike Lee said in its earnings note.

Canopy reported net revenues of C$148.4 million, a rise of 38% year-on-year.

Canopy Lower After Slightly Weaker Than Forecast Earnings

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