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Canopy Growth reports rising pot sales in the late earnings report



The market's largest pot company, Canopy Growth Corp., reported a 283% increase in quarterly revenues when marijuana became legal in Canada, but earnings were impacted by paper losses, according to a filing filed Thursday night. [19659002] canopy

CGC, + 0.15%

WEED, + 0.29%

The third quarter results were closely monitored as investors looked for another view of cannabis sales sought for recreational activities in Canada. After rival Aurora Cannabis Inc. announced results earlier this week. However, you would have to look closely to find them: the company released the results late Thursday in the Canadian Securities and Exchange Commission's database, just before a deadline of 45 days elapsed.

If you were asked on an earlier Thursday afternoon when the results would arrive, a The company's spokeswoman, based in Smiths Falls, Ontario, said Canopy had decided to report the results at the close of the extended trading session at the time and to minimize the news between the release of late Thursday winnings and a scheduled 8:30 (Eastern Time) conference call Friday morning.

A Guide to Pot Stocks: What You Need to Know to Invest in Cannabis Companies

The pot maker had a net taxable income of $ 67.6 million in the third quarter compared to C $ 1

1 million in the previous year. Revenues increased to $ 83.1 million, compared to $ 9.8 million in the same period last year, excluding excise duties. Overall, Canopy Growth reported that quarter sales of 10,102 kilograms of pot and equivalents – compared to just 2,250 kilograms in the same quarter last year – had been at an average price of $ 7.33 per gram instead of $ 8.33 in the previous year.

Other findings made managers' desire to explain them rational. For example, an adjustment of convertible convertible convertible bonds has cut $ 185.8 million of Canopy's profits, part of the impact of a turbulent market for pot stocks. This loss was taken out of diluted earnings per share, but not adjusted, so that a gain of 22 cents per share was converted into a loss of 38 cents per share in the next and last line.

Canada's big pot companies said that before legalization, they spent most of their time on marketing. However, these costs would diminish when legalization occurs. The sales and market costs of Canopy made a deep impact and increased to $ 44.9 million, compared to $ 9.4 million in the same period of the previous year. General and administrative expenses increased to $ 46.1 million from $ 11.1 million in the same quarter last year.

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Analysts had expected Canopy to sell 12,782 kilograms at a price of C $ 6.58 per gram and at Showing a loss of 11 cents for sales of $ 81 C According to FactSet, there were only a few estimates, which makes the overall estimate less reliable. The Company also reported that it had a cash flow of nearly C $ 5 billion, largely due to the results of Constellation Brands Inc.

STZ, -0.46%

Investment last year.

The Canopy share closed the extended session by 0.9%. Canopy shares more than doubled last year as the S & P 500 index

SPX, -0.27%

has increased by 2%.

Aurora announced profits on Monday, saying Health Canada sold more than one-fifth of the country's potential. Canopy, however, sold more: Aurora sold 6,999 kg of marijuana during the quarter. Rival Aphria Inc.

APHA, -1.62%

APHA, -0.82%

which is the target of an enemy bid, reported results in January, though its quarter ended on November 30 , and did not give a full picture of leisure sales in Canada.

Also Read: The Weed Mediator Who Will Make Billions As Sunkist of Pot

Pot stocks were mixed on Thursday, albeit mostly lower, before Canopy's earnings were released. Aurora

ACB, -2.07%

ACB, -1.36%

closed 2.3%, Cronos Group Inc.

CRON, + 1.81%

CRON, + 2.11%

won 1.8% and Tilray Inc.

TLRY, -0.87%

fell 0.9%. The ETFMG Alternative Harvest ETF

MJ, + 0.03%

which tracks a basket of top stocks, declined by 0.1% and the Horizons Marijuana Life Sciences Index ETF

HMMJ, + 0.24%

increased by 0.2%.


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