Canopy Growth Corp (NYSE: CGC), the largest cannabis company in Canada, reported quarterly earnings after Thursday night, with net revenues increasing 283 percent to $ 83.048 million ($ 62.4 million) over the year.
Canopy Net Revenue – after CA $ 14,655 Million Charges – increased 256 percent from the $ 23,327 million cannabis company posted in Q2.
Canada legitimized adult cannabis on October 17, 2018.
Taxation's tax revenue of $ 97.7 million surpassed analysts' expectations of $ 90 million.
In addition, Canopy reported net income of $ 74.86 million, or $ 0.22 per share.
Expanded, the company made a net loss of $ 1
Canopy sold 10.102 kilograms and kilo equivalents during the third quarter, representing an increase of 360 percent during the second quarter.
Of this amount, 8.288 kilos and kilo equivalents were sold to the recreational market, with 89 per cent sold directly to the provinces and the rest through direct retail and online.
In the same period, Canopy harvested 7.556 kg, down from 7.961 kg in the previous quarter.
Canopy Growth saw a lower average selling price per gram of $ 7.33 (net of tax), down from $ 9.87 in the second quarter. The lower price was due to a higher amount sold to B2B markets.
Why It's Important
As the largest cannabis company, Canopy Growth can set the tone for the industry, and revenue growth and cost estimates allow analysts to assess the health of the cannabis market in Canada.
What is next
shares in Canopy Growth increased by 0.15 percent to $ 46.12 on Thursday.
The company's Q3 conference call is scheduled for 8:30 am ET on Friday.
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