Canopy Growth Corp
posted a higher-than-expected loss for the third quarter of fiscal year Tuesday, but earnings exceeded estimates causing the stock to fall and then rebound in premarket trading – Smith Falls, Ontario’s Canopy, posted a net loss of 829 million CAD ($ 650) 9 million) or CAD43 a share for the quarter ended December 31, wider than the C $ 6 million or 26 cents per share loss posted in the prior year period The FactSet consensus was for a loss of 32 Cents Per Share Excise sales rose to C1525 million from $ 123 million, above the FactSet consensus of $ 149 million “We are working against our cost-saving program Several initiatives have already been completed and are ongoing to build a leaner and more agile business, “said CFO Mike Lee in a statement.” These cost savings, plus our revenue growth and continued cost discipline, put Canopy firmly on the path to achieving profitability in fiscal 2022 Further improvements are also expected “Net sales of cannabis amounted to 99 million CAD, which was fueled by an increase in Canadian recreational and international medical product sales, growth was also fueled by an increase in sales of S&B vapes, health and wellness products from This Works, and demand for the company’s US CBD products and consumer goods under the BioSteel Sporternahrung brand acquired in 2019 Net loss was due to impairments and restructuring charges Shares rose 2% prior to IPO and rose 123% over the past 12 months, during the cannabis ETF
won 93% and the S&P 500
has gained 18%

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Canopy Growth Corporation

World News – CA – Canopy Growth is down above expectations, but sales beat estimates