{"id":49405,"date":"2019-11-14T11:01:23","date_gmt":"2019-11-14T16:01:23","guid":{"rendered":"http:\/\/mileniostadium.com\/?p=49405"},"modified":"2019-11-14T11:01:23","modified_gmt":"2019-11-14T16:01:23","slug":"canopy-growth-reports-374-6m-loss-restructures-softgel-and-oil-portfolio","status":"publish","type":"post","link":"https:\/\/mileniostadium.com\/canada\/canopy-growth-reports-374-6m-loss-restructures-softgel-and-oil-portfolio\/","title":{"rendered":"Canopy Growth reports $374.6M loss, restructures softgel and oil portfolio"},"content":{"rendered":"
Canopy Growth Corp. reported a $374.6-million loss in its latest quarter as the company restructured its portfolio of cannabis softgels and oils.<\/p>\n
The cannabis producer says the loss amounted to $1.08 per share for the quarter ended Sept. 30 compared with a loss of $330.6 million or $1.52 per share a year ago when it had fewer shares outstanding.<\/p>\n Net revenue in what was the second quarter of Canopy’s financial year totalled $76.6 million.<\/p>\n That compared with $23.3 million in the same quarter last year before the legalization of recreational cannabis in Canada, but down from $90.5 million in its first quarter.<\/p>\n The company says the second-quarter results included a restructuring charge of $32.7 million for returns, return provisions, and pricing allowances primarily related to changes to its softgel and oil portfolio.<\/p>\n Canopy also took an $15.9-million inventory charge related to the change in strategy which includes new retail pricing, a rationalized package assortment and a focused marketing and educational plan.<\/p>\n CBC<\/p>\n