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Canada

Canopy Growth says more cost cuts coming as it reports $124.17-million loss

SMITHS FALLS, Ont. - Canopy Growth Corp. says it’s planning further cost cuts as it reported a $124.17-million loss in its third quarter of 2020, though that was less than analysts had expected.

The cannabis company says it lost 35 cents per share in the quarter ending Dec. 31, compared with earnings of $74.86 million or 22 cents per share for the same quarter last year.

The loss was on revenue of $135.55 million, compared with revenue of $97.7 million for the same quarter last year.

Analysts had expected a loss of $156.78 million, or 47 cents per share, according to financial markets data firm Refinitiv.

CEO David Klein says the company has taken steps to reduce stock-based compensation and implemented tighter cost controls, but still has a lot of work to do.

Canada’s cannabis industry has seen a wave of layoffs this year, including upwards of 500 at Aurora Cannabis and about 140 jobs at Tilray Inc., as it struggles for profitability.

This report by The Canadian Press was first published Feb. 14, 2020.

Companies in this story: (TSX:WEED)

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