MJ Biz sat in on the call and write..

International cannabis giant Canopy Growth Corp. lost ground in Canada’s growing recreational marijuana market in its fourth quarter, with net revenue dropping 13% compared to the previous quarter.

Canopy posted a fourth-quarter net loss of 1.3 billion Canadian dollars ($944 million) and an adjusted EBITDA loss of CA$102 million.

Recreational marijuana revenue tumbled 28% from the previous quarter to CA$49.8 million for the last quarter of its 2020 fiscal year, which ended March 31 – a time when overall recreational cannabis sales were growing in Canada amid the COVID-19 pandemic.

Read their full report

 

Cannabis firm Canopy Growth reshapes strategy after reporting CA$1.3 billion loss