Canopy Growth (NYSE: CGC) reported an improvement in net loss for its first quarter ended 2021 with a revenue increase of 22%. Net loss attributable to Canopy Growth shrank to C$108.5 million in Q1 from C$185.9 million in the first quarter of 2020. On a per-share basis, net loss improved to C$0.30 a share from a loss of C$0.54 a share in the prior-year quarter.
CGC shares jumped about 10% in the pre-market trading session.
Revenue rose to C$110 million in the first quarter compared to C$90.5 million in Q1 2020. The increase was driven by higher medical cannabis sales in Canada and Germany, strong vaporizer sales and the benefit of a full quarter of contribution from acquired businesses C3 and This Work.