Cannabis producer Canopy Growth Corporation (NASDAQ: CGC) reported a wider net loss for the third quarter of 2023, hurt by a 28% fall in revenues.
In the three months that ended December 2022, the net loss widened to C$261.6 million or C$0.54 per share from C$108.9 million or C$0.28 per share in the same period of the previous year. The bottom line was negatively impacted primarily by a decrease in the number of payroll subsidies received from the Canadian government pursuant to a COVID-19 relief program, and the divestiture of lower gross margins in the BioSteel business segment.
Third-quarter revenues decreased 28% annually to C$101.2 million, reflecting weakness in all the key operating segments.