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Canopy Growth, the world's largest pot company, lost $ 1 billion in three months

Canopy Growth Corp. reported a quarterly loss of $ 1.28 billion late Wednesday, missing analysts' sales estimates, sending shares down 10% in afternoon trading.

The world's largest cannabis company by market value, Canopy Growth

CGC, -6.64%

WEED, -5.76%

reported tax loss of $ 1[ads1].28 billion in the first quarter, or $ 3.70 per share, compared with a loss of $ 91 million, or $ 0.40 per share a year ago. The more than $ 1 billion loss was due to the company's extinguishing warrants related to Constellation Brands Inc.

STZ, -1.61%


Canopy Growth fired co-CEO Bruce Linton not long after his previous earnings report amid reports of Constellation unhappiness with continued heavy losses. CEO Mark Zekulin has stayed at the helm of the company, but has said he expects to leave when a new manager is found.

Net income rose to $ 90.5 million from $ 25.9 million in the prior year, excluding taxes. Of the revenue, Canopy said $ 50.4 million was Canadian recreational activities, $ 10.6 was direct to the consumer and $ 13.1 million was sales of medical cannabis. Canopy also raised $ 10.5 million in international cannabis revenue.

Analysts surveyed by FactSet had estimated fiscal losses in the first quarter of $ 0.38 per share of revenue of $ 111.9 million. Canopy did not provide information per adjustment of earnings per share.

The company said it sold more than 10 tonnes of pot in the fiscal first quarter, a 13% increase in order. Canopy rose 183% in succession to 41 tonnes for the quarter.

In a statement, Zekulin said the company has two goals in completing its fiscal first quarter.

“First, the company is still focused on laying the foundations for dominance in a new global opportunity. This means investing in developing intellectual property, building brands, building international reach, and ensuring scaled production capacity for current and future products, "said the CEO in a statement.

" Second, we are fixated on the process of evolving from builders to operators during the remainder of this fiscal year, which means that when the expansion program ends in Canada and when new value-added products come on the market in Canada, we demonstrate a sustainable, profitable Canadian high-margin business. "[19659002] For the fiscal second quarter, analysts expect $ 0.36 cents per share on sales of $ 145.1 million.

US shares in Canopy Growth have gained 16.2% this year, with the S&P 500 index

SPX, -2.93%

increasing 14.2%.

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