Banking on America is like Russian roulette ... Canopy continues it's downward spiral
Canopy Growth shares were down after the Canadian cannabis company reported lower first-quarter revenue as a drop in adult-use cannabis sales in Canada dragged on performance.
Shares were trading 8.4% lower at 8.67 Canadian dollars ($6.31).
The Smiths Falls, Ontario-based cannabis company generated C$66.2 million in revenue in the quarter, a decline of 13% compared with a year earlier, missing analyst forecasts of C$70.1 million, according to FactSet.
Revenue from Canada cannabis fell 6% in the period ended June 30. This was largely due to lower adult-use cannabis sales which were down 22%, offsetting growth in medical cannabis gains.
Internationally, cannabis revenue declined 1%, with Poland seeing the highest gains, but which were offset by declines in the Australian market.
This led to a widened loss in the quarter, which reached C$127.1 million, or C$1.60 million, compared with a loss of C$38.1 million or C$0.69 a share.