Canopy Growth Reports $1.3B Fourth-Quarter Loss, Hits Reset on Strategic Focus

Article by CTV News

BUSINESS | News Canopy Growth reports $1.3B fourth-quarter loss, hits reset on strategic focus Workers process medical marijuana at Canopy Growth Corporation's Tweed facility in Smiths Falls, Ont., on Monday, Feb. 12, 2018. (Sean Kilpatrick)

Canopy Growth Corp. reported a loss of $1.3 billion in its fourth quarter due to impairment and restructuring charges as the company said it would reset its strategic focus.

The cannabis company says it will no longer strive to be the first to every market, but rather focus on select markets where it can become a leader in consumer insights and product development.

It says its core markets will be Canada, the U.S. and Germany with a focus on recreational and medical products.

The shift came as Canopy reported a loss of $3.72 per share for the quarter ended March 31 compared with a loss attributable to Canopy of $379.5 million or $1.10 per share in the same quarter a year earlier.

Net revenue totalled $107.9 million, up from $94.1 million.

Canopy says it expects its 2021 financial year to be a transition year as it rolls out a new organizational design and implements other changes.

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