(Reuters) – Canopy Growth Corp WEEDTOCGC reported N a smaller quarterly loss on Monday, boosted by cost reductions and more people turning to cannabis to deal with coronavirus-related lockdowns
It’s UO – listed shares jumped 93%, after the world’s largest maker of utensils said it was taking steps to cut up to $ 200 million Canadian dollars in costs, without giving details about how and when it would meet the goal. The stock gained more than 25% last week on election enthusiasm
Canopy and its competitor have closed factories, laid off hundreds of employees, and took other steps this year to cut costs as the cannabis sector faces strong pressure from investors frustrated by a lack of profitability
Total general and administrative expenses for sales of Smith Falls, Ontario-based Canopy decreased 189% to $ 147 CAD 3 million in the three months ending September 30
On a adjusted basis, the company recorded a loss before interest, tax, depreciation and amortization of C $ 85 7 million (65 $ 86 million) versus a loss of C $ 150 4 million a year ago.
Revenue increased nearly 77% to C $ 135 C $ 3 million, beating the average analyst estimate of C $ 116 million, according to IBES data from Refinitiv, as more people switched to weeds for recreational and medicinal uses
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Canopy Growth Corporation, NYSE: CGC, Stock, Revenue
World News – CA – Canopy Growth records less loss and sets new cost-cutting target
