Canopy Growth (NYSE: CGC) reported a loss of CAD 0.98 per share on revenues of CAD 94.1 million in the fourth quarter, which missed analysts’ predictions. Analysts had expected the marijuana company to post a narrower loss of CAD 0.23 per share on revenue of CAD 99.23 million in Q4.
However, investors mostly remained stoic towards the broad earnings miss as most of the expenses incurred were primarily the costs associated with operational expansion.
Also, on the same day, the US Congress debated an amendment that would stop the Justice Department from interfering in state marijuana laws, including the use of weed for recreational purpose. This coincided with the Canadian company getting shareholder approval to acquire Acreage Holdings, which would help in its expansion of hemp-based products in the US.
CGC shares were up 0.66% during aftermarket trading on Thursday. The stock has increased 50% in the year-to-date period.
Canopy Growth had earlier expanded its operations to new markets including the UK and Peru, and investors were closely watching its US expansion moves.
On an annual basis, the company reported $226.3 million in sales, which was 191% higher than fiscal 2018. Annual revenues from medical marijuana increased 6% to $78.9 million, while those coming from the new recreational segment was $140.5 million (non-comparable).
Chairman Bruce Linton said, “The third quarter of the year benefitted from months of advanced production while the fourth quarter relied more on efficient throughput and a more automated platform.”
Biotechnology company Monte Rosa Therapeutics is slated to go public this week. In a pandemic-ridden world, this industry is expanding at a healthy pace. The global biotechnology market is estimated
The healthcare sector is going through a phase of consolidation, creating fresh opportunities for emerging companies in a market that is slowly recovering from the pandemic. Several pharmaceuticals firms have
Shares of American Airlines Group (NASDAQ: AAL) have gained 42% since the beginning of this year and 50% over the past 12 months. Despite this, there is a mixed sentiment