Canopy Growth reports Q2 loss, revenue up

SMITH FALLS, Ont. -- Canopy Growth Corp. has reported a loss in its latest quarter as it more than doubled its revenue compared with a year ago.

The marijuana producer (TSX:WEED) says it lost $1.3 million attributable to shareholders, or a penny per share for the quarter, compared with a profit of $5.4 million, or five cents per share in the same quarter last year.

Revenue in its second quarter totalled $17.6 million, up from $8.5 million last year.

During the quarter ended Sept. 30, Canopy says it sold 2,020 kilograms and kilogram equivalents at an average price of $7.99 per gram, up from 1,169 kilograms and kilogram equivalents at an average price of $7.01 per gram during the same period last year.

It says the higher average price was due to an improved mix of oil products, including oil-based capsules introduced late in its first quarter.

Last month, Constellation Brands signed a deal to acquire a nearly 10 per cent stake in Canopy for $245 million.

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