Canopy Growth (TSX: WEED, NYSE: CGC) reported a loss of CAD0.38 and revenue of CAD83 million, which missed analysts’ predictions. Analysts expected Canopy to post a loss of CAD0.18 per share on revenue of CAD84.98 million. The company was supposed to release its Q3 2019 earnings results at 8:15 PM ET today. However, the results were announced around 8:45 PM ET.
Revenue from the new Canadian recreation market accounted for 71% of net revenue in the third quarter, while medical products accounted for 20% of net revenue.
The total quantity of cannabis sold during the quarter was 10,102 kilograms and equivalents, representing an increase of 334% over the third quarter of last year. Average sales price per gram, net of excise tax, was $7.33 compared to $8.30 in the same quarter last year.
Shares of the Ontario, Canada-based cannabis company inched up 0.15% to $46.12 on Thursday and wavered between small losses and gains in the extended trading hours. Some investors were disappointed with the delay of the earnings release. The company will conduct an earnings call tomorrow at 8:30 AM ET.
Last month, Canopy Growth announced that it had been granted a hemp processing and production license by New York State and its commitment to invest in New York to establish a Hemp Industrial Park.
At December 31, 2018, there were about 2,700 full-time employees in Canopy Growth versus about 2,000 on September 30, 2018, and about 700 on December 31, 2017.
Among the peers, Aurora Cannabis (ACB), which reported its quarterly results on February 11, ended Thursday’s trading session down 2.07% at $7.10. It’s worth noting that Aurora also delayed its earnings release when it reported Q2 results on Monday. Shares of Tilray (TLRY) and Aphria (APHA) also declined today by 0.9% and 1.62%, respectively.
Canopy shares had rebounded from the low levels in December 2018 and have surged 71% since the beginning of the year.
[Update: CGC stock rose about 6% in the pre-market hours on Friday]