Noah Zivitz, Managing Editor, BNN
Canopy Growth Corporation, Canada's largest medicinal marijuana producer, swung to a profit in its fiscal third quarter as revenue surged 180 per cent year-over-year.
Canopy (WEED.TO) earned $3.0 million in the quarter, or $0.02 per diluted share. A year earlier, Canopy posted a $3.3-million net loss, or $0.04 per share.
Quarterly revenue hit $9.8 million in the three-month period ending Dec. 31, 2016 -- marking a 180 per cent surge over the year ago period.
"The third quarter provided new opportunities and challenges for our business, with demand largely exceeding supply throughout the quarter," Canopy CEO Bruce Linton said in a press release on Tuesday. "A function of our growing patient base, the time required to move from a record harvest to sale, and an extensive phenotyping exercise to establish breeding stock and further elevate our product offering all resulted in constrained product available for sale during the quarter."