Canopy Growth High on Medical Marijuana Demand

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Medical marijuana producer Canopy Growth Corp. has been expanding its growing facilities to keep up with demand, as the company’s client base grew 47 per cent during the quarter.

Canopy says it had over 24,400 registered patients at the end of September, up from over 16,600 during the previous quarter and 6,200 a year ago.

The company released the new patient figures as it reported a profit of $5.4 million or a nickel per diluted share for the quarter ended Sept. 30.

The result compared with a profit of $3.9 million or a nickel per diluted share in the same quarter last year when it had fewer shares outstanding.

Revenue in what was its second quarter totalled nearly $8.5 million, up from nearly $2.5 million in the same quarter last year.

During a conference call to discuss the company’s quarterly results, CEO Bruce Linton emphasized the company’s efforts to expand its production capacity to keep up with demand.

Canopy expects to more than double the amount of marijuana it’s producing at its Smiths Falls facility over the next six months, Linton said.

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