FX.co ★ Canopy Growth Q4 Loss Sharply Narrows

Canopy Growth Corp. (CGC, WEED.TO), a prominent cannabis company, disclosed a significant increase in its net loss for the fourth quarter. The net loss attributable to the company was reported at C$92.34 million, or C$1.03 per share, compared to a net loss of C$640.08 million, or C$12.83 per share, in the corresponding quarter of the previous year.

The net loss from continuing operations stood at $1.06 per share, as opposed to $11.78 per share in the same period last year.

Thomson Reuters surveyed five analysts, who had projected an average loss of C$0.45 per share for the quarter. It is noteworthy that analysts' forecasts typically exclude special items.

The company also reported a 28 percent decline in net revenue, which fell to C$83.15 million from C$115.85 million in the year-ago quarter. This figure, however, surpassed analysts' expectations, which had anticipated revenues of C$72.31 million for the quarter.