In early trading on the NYSE, Canopy stock (ticker: CGC) slid 14.3%, to $15.85, after it said that net revenue of 77 million Canadian dollars in the September quarter was 15% lower than the previous quarter. Although it shipped C$118 million worth of product (or US$90 million), Canopy’s government wholesale customers returned previously-sold stuff and received price adjustments totaling C$33 million. “The last two quarters have been challenging for the Canadian cannabis sector as provinces have reduced purchases to lower inventory levels, retail store openings have fallen short of expectations,” said Chief Executive Mark Zekulin. Read More...
In early trading on the NYSE, Canopy stock (ticker: CGC) slid 14.3%, to $15.85, after it said that net revenue of 77 million Canadian dollars in the September quarter was 15% lower than the previous quarter. Although it shipped C$118 million worth of product (or US$90 million), Canopy’s government wholesale customers returned previously-sold stuff and received price adjustments totaling C$33 million. “The last two quarters have been challenging for the Canadian cannabis sector as provinces have reduced purchases to lower inventory levels, retail store openings have fallen short of expectations,” said Chief Executive Mark Zekulin.
Add Comment