Canopy Growth to continue paring down 'non-core assets' in profitability push: CEO
BNN Bloomberg
Following the latest set of earnings from Canopy Growth Corp., the company’s chief executive officer expects its cannabis operations will become profitable by the end of the fiscal year, as it works to reduce assets and eliminate debt.
On Wednesday, Canopy Growth reported a net loss of nearly $42 million in the first quarter, marking an improvement from a net loss a year earlier of around $2.1 billion. The company said it reduced costs by $47 million during the latest quarter.
Canopy Growth also reported $121.1 million in revenue during the quarter, up from $118.7 a year earlier. The company based in Smiths Falls, Ont., said the increase in revenue was due to the performance of its BioSteel supplement business as well as growth in the Canadian medical cannabis market, and its Stroz & Bickel brand.
David Klein, CEO of Canopy Growth, said in an interview with BNN Bloomberg Thursday that the company has been focussing on an “asset-light model” and on restructuring, which he says will bring the business toward profitability.
