Cannabis company Canopy Growth reports $648 million net loss in fourth quarter

SMITHS FALLS, Ont. – Canopy Growth Corp. says its net loss grew in its most recent quarter as the company continued with an overhaul of its business.

The Smiths Falls, Ont. cannabis company says its fourth quarter net loss amounted to $648 million, $59 million more than the loss it incurred a year earlier.

It attributed much of the loss to $164 million in asset impairment and restructuring costs, but says those costs were partially offset by improved gross margins.

The company's net revenue for the period ended March 31 totalled $88 million, 14 per cent lower than the revenue reported a year prior.

Canopy's adjusted loss for the quarter was $96 million, a $36 million improvement from its negative adjusted earnings before interest, taxes, depreciation, and amortization a year earlier.

The earnings come as Canopy has been consolidating its cultivation across several facilities and after it revealed in February that it will cut 800 staff.

This report by The Canadian Press was first published June 22, 2023.

Companies in this story: (TSX:WEED)