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Canopy Growth spikes 22% after beating earnings expectations, and now other pot stocks are surging as well (CGC) | Markets Insider

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Canopy Growth spikes 22% after beating earnings expectations, and now other pot stocks are surging as well

."We have a lot of work to do. We are eager to capitalize on the opportunity to create an unassailable position through a tight focus on the consumer and on critical markets."

In the third quarter, Canopy Growth maintained its leading 22% market share in retail, and continued to see gains in the number of patients in the Canadian medical cannabis market, the company said. The company delivered"significant" gross improvement in the quarter, driven by stronger revenues and higher capacity utilization, according to Chief Financial Officer Mike Lee.

"Actions taken earlier this year are expected to meaningfully reduce stock-based compensation in FY21, and we have started to implement tighter cost controls across the organization," Lee said, adding,"we plan to take further steps to reduce our costs and right-size our business to ensure that we can generate a healthy margin profile and cash generation in the coming years."

 

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