News

Canopy takes a $128M loss

Published on August 10, 2020 by oz. staff

Canopy Growth took a $128 million loss in its latest quarter.

Canada’s biggest pot company, which has Tweed, Tokyo Smoke, and Doja under its umbrella, announced its 2021 Q1 earnings today – then held a rather upbeat investors call Monday morning.

There was no mention of an upcoming report from the company that is expected to be a damning indictment of legal vapes using phytol as an additive.

Canopy’s net revenue in the quarter hit $110.4 million – a bump from $90.5 million a year ago.

The company is behind some big brands, including Houseplant, Tweed, Tokyo Smoke, and Doja.

It says increased revenue is thanks to medical cannabis sales in Canada and Germany, strong vaporizer sales through its company Storz and Bickel and the benefit of a full quarter of contribution from a pair of acquisitions.

Canopy has shed nearly 20 per cent of its workforce since Jan. 1, 2020, to cut its costs.