- Cannabis stock Canopy Growth reported its fiscal Q3 2024 financials indicating a decline in losses as gross margins rise
- The Canadian multinational cannabis company earned C$78.5 million in net revenue, a 7 per cent drop year-over-year
- Its Canadian medical cannabis business generated record net revenue in Q3, increasing 11 per cent to C$15.6 million compared to the prior year’s C$14.1 million
- Canopy Growth stock last traded at C$5.56 per share
Cannabis stock Canopy Growth (TSX:WEED; NDAQ:CGC) reported its fiscal Q3 2024 financials indicating a decline in losses as gross margins rise.
The Canadian multinational cannabis company earned C$78.5 million in net revenue, a 7 per cent drop year-over-year because of a decline in Canadian cannabis revenue. Overseas cannabis sales rose 81 per cent year-over-year to C$10.5 million.
Canopy Growth achieved its third quarter of sequential revenue growth across its Canadian cannabis businesses. The company narrowed its net loss by 18 per cent since last year to C$216.8 million from C$264 million. The company’s cash and cash equivalents decreased to C$142.7 million from C$667.7 million at the end of last year.
Its Canadian medical cannabis business generated record net revenue in Q3, increasing 11 per cent to C$15.6 million compared to the prior year’s C$14.1 million. The increase in Canadian medical cannabis revenue was mainly because of a shift in the customer mix and a larger assortment of cannabis products.
In a news release on these results, the company’s CEO, David Klein called this the dawn of a new era at Canopy Growth.
“We’re singularly focused on cannabis and demonstrating growth across all of our business units. With our Canopy USA strategy now moving forward, we expect to be the first and only U.S. listed company offering shareholders a unique opportunity to gain exposure to the fastest growing cannabis market in the world.”
Canopy Growth is a North American cannabis and consumer packaged goods company. Its brands include Doja, 7ACRES, Tweed, Deep Space, Martha Stewart CBD and Storz & Bickel.
The Smith Falls, Ontario-based company has positioned itself to capitalize on U.S. cannabis legalization through its rights to Acreage Holdings, a vertically integrated multi-state cannabis operator, Wana Brands, a cannabis edibles brand, and Jetty Extracts, a producer of cannabis extracts and a pioneer of clean vape technology.
Canopy Growth stock last traded at C$5.56per share. The stock has fallen nearly 81 per cent year-over-year and 99 per cent since 2019.
Join the discussion: Find out what everybody’s saying about this cannabis stock on the Canopy Growth Bullboard, and check out the rest of Stockhouse’s stock forums and message boards.
The material provided in this article is for information only and should not be treated as investment advice. For full disclaimer information, please click here.
