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CGC - Canopy Growth News Story

$18.28 -0.3  -1.7%

Last Trade - 31/07/20

Sector
Healthcare
Size
Large Cap
Market Cap £5.17bn
Enterprise Value £4.49bn
Revenue £227.2m
Position in Universe 932nd / 6362

UPDATE 1-Pot producer Canopy Growth posts dismal results, shares tumble 13%

Fri 29th May, 2020 12:45pm
(Compares with estimates, adds details on financials,
background)
    May 29 (Reuters) - Pot producer Canopy Growth Corp  WEED.TO 
 CGC.N  on Friday reported a bigger loss for the fourth quarter,
hit by non-cash charges of C$743 million related to its recent
restructuring actions and impairment of some assets.
    The company's U.S.-listed shares fell over 13% in premarket
trading and dragged down other stocks in the industry between 2%
and 5%.
    Medical cannabis was the only bright spot, while Canopy's
revenue from recreational markets at home in Canada and
internationally slumped in double-digit percentages.
    The COVID-19 pandemic, which has upended financial markets,
was expected to give cannabis companies a boost as customers
were seen stockpiling pot brownies and other products to cope
with lockdowns.
    However, Canopy struggled as it had to temporarily shutter
most of its retail stores in mid-March and it undertook a
massive restructuring program that included divestitures and
layoffs in its efforts to find a path to profitability.
    Ontario-based Canopy Growth's net loss attributable to the
company widened to C$1.30 billion ($946.21 million), or C$3.72
per share, in the quarter ended March 31, from C$379.5 million,
or C$1.10 per share, a year ago.  urn:newsml:reuters.com:*:nCNWyNTmJa

($1 = 1.3739 Canadian dollars)

 (Reporting by Arunima Kumar and Shariq Khan in Bengaluru;
Editing by Maju Samuel)
 ((Shariq.Khan@thomsonreuters.com; Within U.S.+1 646 223 8780,
outside U.S. +91 80 6182 2681; Twitter: @shariqrtrs))
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