Canopy Growth (NASDAQ: CGC), the cannabis company announced fiscal Q2 FY23 results. CGC’s losses widened in fiscal Q2 to C$0.47 per share from a loss of C$0.03 in the same period last year. Analysts were expecting a loss of C$0.2 per share.
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The cannabis company posted revenues of C$117.9 million, down 10% year-over-year but still ahead of analysts’ estimates of C$113.1 million.
David Klein, Canopy Growth’s CEO commented, “Our second quarter marks a key inflection-point for Canopy, demonstrating momentum across our key businesses and accelerating our entry into the U.S. cannabis market through the creation of Canopy USA. Canopy is ideally positioned to capitalize on this once-in-a-generation opportunity and accelerate our path to North American cannabis market leadership.”
The stock has already lost more than 75% of its value in the past year.