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Home / Business / Roofing growth was high in the third quarter with a 283% jump in sales – The Motley Fool

Roofing growth was high in the third quarter with a 283% jump in sales – The Motley Fool



On Monday Aurora Cannabis was the first major marijuana maker to report its first financial results on the Canadian market for recreational marijuana, accounting for nearly a quarter of its sales. Aphria reported results for the second quarter of fiscal 2019 in January, but Canada's legalization of recovery potential came into effect only about half of the quarter.

Marijuana investors eagerly awaited Canopy Growth . s (NYSE: CGC) Update on the fiscal third quarter that ended like the second quarter of Aurora on December 31, 2018, and included approximately 11 weeks of recovery pot sales. Canopy announced its results for the third quarter on Thursday night. And those investors who expected sales growth were not disappointed.

  Shadow of a dollar sign on a pile of marijuana leaves

Source: Getty Images.

Canopy reported net sales of $ 83 million in Canadian dollars or approximately $ 62 million in the third quarter. This corresponds to an increase of 283% over the same period of the previous year. It was also 256% higher than Canopy's sales in the previous quarter.

As expected, the recovery potential market has driven most of Canopy's revenue growth. The company said 71% of its total revenue – 57.7 million CA or approximately 43.4 million USD – came from the consumer market. Twenty percent of total sales came from the sale of medical cannabis products, with the remaining 9% of total sales coming from other sources, including the sale of goods and equipment.

Canopy's regulatory filings did not reveal the estimated share of Canada's marijuana recreational market was in the quarter. However, Aurora Cannabis reported earlier this week that it had a market share of 20% with sales of CA $ 21.6 million for the sale of recreational potential. Canopy sales show that it probably reached an impressive market share of more than 50% of Canadian recreational marijuana sales.

Canopy's earnings improved significantly from its large net loss in the second quarter of fiscal 2019. The company generated earnings of $ 74.9 million ($ 56.3 million) or $ 0.22 per share (0 , $ 17 per share). However, this came with an asterisk. Canopy continued to operate at a loss, but the fair value changes in its financial liabilities, including the senior convertible bonds and warrants held by the company, more than offset the operating loss.

Canopy Growth has cash, cash equivalents and marketable securities totaling CA $ 4.9 million ($ 3.7 million) through a significant investment by a partner Constellation Brands as of December 31, 2018. This puts Canopy in a better position than any other Canadian marijuana manufacturer to finance operations and expansion efforts in the future.


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