SMITH FALLS, Ont. — Canopy Growth Corp. says its revenues surged in the first quarter on a record harvest of cannabis.
The company based in Smith Falls, Ont., says it generated $90.5 million in net revenues, up from $25.9 million a year earlier.
It was driven by a record harvest of more than 40,000 kilograms — the first full-scale harvest since retrofitting its large greenhouses — that was 183 per cent more product than in the fourth quarter.
Most of the additional revenues in the quarter came from the sale of recreational marijuana that was legalized last October. Medical cannabis revenues decreased five per cent, with a 39 per cent drop in Canada offset by a large growth in international sales.
Canopy lost $1.28 million during the three months ended June 30, compared with a loss of $91,000 in the first quarter of fiscal 2019. The increased loss is mainly due to a non-cash loss of $1.18 million on the extinguishment of warrants held by Constellation Brands Inc., which invested $5 billion last November.
The loss equalled $3.70 per share, compared with a loss of 40 cents per share in the prior year.
“Our recent harvests are proof that our focus on operational excellence is working, and we look forward to showing both our Canadian and U.S. customers what we’ve been working on behind the scenes to prepare for the next wave of products coming later this year,” stated interim CEO Mark Zekulin, who was appointed in July upon the termination of Bruce Linton as co-chief executive officer.
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The Canadian Press