Canopy Growth Corporation (NYSE: CGC) reported its financial results for the quarter ended March 31, 2020, on Friday before the market opens. The bottom-line was wider than the analysts’ expectations while the top-line missed consensus estimates.
The company posted a wider loss in the fourth quarter of 2020 due to impairment and restructuring charges. The top-line increased by 15% year-over-year backed by higher revenue from Canadian medical and International medical segments despite lower revenue from Canadian recreational revenue.
Canopy Growth expects fiscal 2021 to be a transition year as the company resets its strategic focus, rolls out a new organizational design, and implements a comprehensive operational and supply chain productivity program. Given this, as well as the significant COVID-19 related uncertainties that exist, the company is withdrawing its previously communicated milestones for achieving positive adjusted EBITDA and net income.
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