Canopy Growth Down 9% in US Pre-Mkt As Posts Big Q2 Loss, Big Expenses
31 minutes ago by MT Newswires
Companies Mentioned:
WEED,
HMMJ
08:15 AM EST, 11/14/2018 (MT Newswires) -- Canopy Growth Corporation (WEED.TO, CGC) was at last look down near 9% in US pre-market trade after reporting a big second quarter loss, including big quarterly expenses. WEED said the after-tax net loss in...
08:15 AM EST, 11/14/2018 (MT Newswires) -- Canopy Growth Corporation (WEED.TO, CGC) was at last look down near 9% in US pre-market trade after reporting a big second quarter loss, including big quarterly expenses.
WEED said the after-tax net loss in the quarter, inclusive of non-cash share-compensation expenses, fair value impacts and other non-cash expenses as described above amounted to a loss of $330.6 million or $1.52 per basic share compared to a net loss of $1.6 million or $0.01 per basic and diluted share in the comparative period last year. It added $115.7 million in other expenses accounted for $0.52 of the reported $1.52 loss per basic and diluted share in the quarter, compared to net loss of $0.01 per basic and diluted share in the comparative period last year.
Revenue for the second quarter fiscal 2019 was $23.3 million, representing an increase of 33% over the prior year's quarter in which revenue was $17.6 million. The company said "as planned" it made only limited 'test' shipments of $0.7 million into recreational channels during the second quarter to confirm supply chain systems functionality before the launch of recreational cannabis on October 17.
Oils, including the company's Softgel capsules, accounted for 34% and 18%, in the respective second quarters of fiscal 2019 and 2018, of the product revenue for each period.
During the quarter, Canopy Growth secured capital via a strategic $5 billion investment from Fortune 500 beverage leader Constellation Brands, which closed subsequent to the quarter.