WatchCanopy Growth revenue soars but so does its loss from operations

SMITHS FALLS, Ont. — Canopy Growth Corp. says it generated $97.7 million of revenue in the three months ended Dec. 31, including its first sales of non-medical cannabis products, up from $21.7 million in the previous year’s fiscal third quarter.The Ontario-based company — one of Canada’s largest cannabis producers — recorded a loss from operations for the quarter, but turned a net profit due to gains on the fair value of its assets and liabilities.Loss from operations was $157.2 million, compared with a loss of $26 million a year earlier. Companies backed by major cannabis producers are inking deals with Ontario retail lottery winners Aurora Cannabis CEO: ‘I lose sleep over our ability to supply this global cannabis market’ The cannabis industry could be worth billions less than Canada thought Net income attributable to shareholders, including net gains on the fair value of its assets, was $67.6 million or 22 cents per basic share, up from $1.6 million or one cent per basic share a year earlier.Adjusted EBITDA (earnings before taxes, depreciation and amortization) was negative $75.1 million, compared with a year earlier adjusted loss of $5.68 million.Canopy also reported that if all of its convertible debt had been converted to equity at the beginning of the quarter, it would have had a net loss of 38 cents per diluted share.The company said Tim Saunders has decided to retire as chief financial officer later this year after assisting with the transition to a new CFO, but will remain on the board of directors as a strategic adviser.

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