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Canopy Growth posts bigger quarterly loss on C$1.2 billion charge

Key Points
  • Canopy Growth, Canada's largest cannabis company, reported a bigger quarterly loss on Wednesday, as it took a one-time charge of C$1.2 billion related to the expiry of warrants held by Constellation Brands, which holds a major stake in the company.
  • The Smith Falls, Ontario-based company's net loss widened to C$1.28 billion ($961.32 million), or C$3.70 per share, in the first quarter ended June 30, from C$91 million, or 40 Canadian cents per share, a year earlier.
Employees inspect and sort marijuana buds for packaging at the Canopy Growth Corp. facility in Smith Falls, Ontario, Canada.
Chris Roussakis | Bloomberg | Getty Images

Canopy Growth, Canada's largest cannabis company, reported a bigger quarterly loss on Wednesday, as it took a one-time charge of C$1.2 billion related to the expiry of warrants held by Constellation Brands, which holds a major stake in the company.

The Smith Falls, Ontario-based company's net loss widened to C$1.28 billion ($961.32 million), or C$3.70 per share, in the first quarter ended June 30, from C$91 million, or 40 Canadian cents per share, a year earlier.

Net revenue rose to C$90.5 million from C$25.9 million. ($1 = C$1.33)

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Key Points
  • "Our board was uniform. We were unanimous that we needed a different leader to take us to the next phase of growth," Constellation Brands CEO Bill Newlands says about the removal of Bruce Linton as Canopy CEO.
  • "No, there were no problems with the financials," he tells CNBC's Jim Cramer.
  • "There's a lot of opportunity to make sure Canopy is well positioned to win in the long run in this category," he says.