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On Wednesday, November 14, Canopy Growth Corp. (CGC) is doing smoking in morning trading, down more than 9% after second quarter fiscal year earnings were lower than analysts' estimates.
The shares of the company have decreased by more than 5%.
The Canadian Cannabis Society announced a 33% increase in its revenues, which stood at 23.3 million Canadian dollars. Canopy Growth also recorded a loss of $ 1 per share on an adjusted basis after losing 1 cent per share a year ago.
Analysts expected the company to report a turnover of $ 60 million.
"With substantial product inventories, new product formats coming to market as expected, a captive sales force driving demand growth through physical retail stores and increased channel efficiency and efficiencies, we We believe that, under current market conditions, we will achieve a significant and sustainable market share of the Canadian leisure market, "said Bruce Linton, President and CEO of Canopy Growth.
The company's oils and soft capsules accounted for 34% and 18% of total sales, respectively. However, the average selling price dropped from $ 6.79 per gram in the previous quarter to $ 6.70 per gram.
The company has high expectations after beer maker Constellation Brands Inc. (STZ) invested $ 5 billion in the company in August.
Canopy is the third stock to be published this week after Tilray Inc. (TLRY) and Cronos Group Corp. (CGC) earlier this week.
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