The world’s largest cannabis company by market value, Canopy Growth Corp., said Thursday that it lost C$26.9 million ($20.3 million) on returned cannabis oil products that retailers in Canada did not want. U.S.-traded shares of Canopy Growth (CGC)(CA:WEED) fell 13.7% in late afternoon trading Thursday. For Canopy Growth’s fiscal second quarter, the miscalculated demand for oil will cost the company C$32.7 million in revenue, bringing the company’s fiscal second-quarter sales to C$76.5 million, excluding excise taxes. Read More...
Canopy Growth CEO defends ugly quarter as one-time event
The world’s largest cannabis company by market value, Canopy Growth Corp., said Thursday that it lost C$26.9 million ($20.3 million) on returned cannabis oil products that retailers in Canada did not want. U.S.-traded shares of Canopy Growth (CGC)(CA:WEED) fell 13.7% in late afternoon trading Thursday. For Canopy Growth’s fiscal second quarter, the miscalculated demand for oil will cost the company C$32.7 million in revenue, bringing the company’s fiscal second-quarter sales to C$76.5 million, excluding excise taxes.
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