Cannabis company Canopy Growth posts smaller-than-expected core loss as costs drop

📆 9/08/2024 7:35 a. m.
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Canopy reported a first-quarter adjusted core loss of $5.3-million, compared with analysts’ average estimate of $7.1-million, according to LSEG data

reported a smaller-than-expected core loss for the first quarter on Friday, helped by lower operating expenses and stronger demand for medical cannabis.Faced with increased competition in an overcrowded market, North American pot companies have been cutting costs and taking measures to reduce inventories to preserve cash and improve their finances.Revenue from its Canadian medical cannabis business rose 20.3 per cent to $18.8-million in the quarter ended June 30.

Canopy Growth also pointed to easing doubts around the company’s ability to continue as a going concern.

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