By Dean Seal
Canopy Growth narrowed its loss in its fiscal fourth quarter as cannabis and vaporizer sales improved and certain costs came down.
The cannabis company posted a loss of 92.3 million Canadian dollars ($67.3 million), or C$1.03 a share, for the first three months of the year, compared with a loss of $640.1 million, or C$12.83 a share, in the same quarter a year ago.
Quarterly revenue rose to C$72.8 million from C$68.2 million in the year-ago quarter.
Cannabis sales in Canada were up 4% overall, led by 16% growth in its medical business there.
Business-to-business sales of adult-use cannabis were down 4%. Revenue from international markets increased 32% year-over-year, led by growth in Germany and Poland and the timing of nonrecurring revenue from Canopy's CBD business in the U.S.
Revenue at its Storz & Bickel vaporizer brand were up 43% on strength from its new Venty portable vaporizer.
A positive shift in Canopy's product mix is driving margin improvement, as are cost-cutting initiatives and a pullback in excess and obsolete inventory charges for its Canadian cannabis business.