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Canopy Growth sees $2B net loss as Ontario cannabis company takes large writedown

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Canopy Growth Corp. executives argued the company is advancing toward profitability, even as it booked a $1.72 billion non-cash writedown that contributed to a net loss of more than $2 billion during its most recent quarter.

"Maybe our aspirations have changed over the last several years, but we believe that we can get ourselves, with the right focus in the right categories, to a profitable business that's not burning cash in the Canadian market," said CEO David Klein, on a call with analysts.

"The Canada market has really developed very differently than we had initially expected," Judy Hong, chief financial officer, admitted on a call with analysts. As part of the plan, 243 Canopy workers spanning Canada, Europe and the U.S. lost their jobs in April, the latest in a string of layoffs Canopy and its rivals have carried out during the COVID-19 pandemic.

"Our procurement, engineering and manufacturing team are working hard to identify solutions for these challenges, including alternate components and suppliers and we expect this to be manageable," Hong said.In recent weeks, Senate Majority Leader Chuck Schumer introduced the Cannabis Authorization and Opportunity Act, which could help federally legalize marijuana, though observers aren't hopeful it will be enacted.

 

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That's because you guys need to be introduced to BC weed then you would get higher quality better taste and a lot more performance just saying the truth

liberals must have a hand in running it, everything the liberals touch turns to shyttt

Over estimated demands ? Just like most new industries ?

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Canopy Growth sees $2-billion net loss as Ontario cannabis company takes large writedownCanopy Growth Corp. says the net loss in its first quarter compared to net earnings of more than $389 million at the same time last year Garbage cannabis. Selling stale old cannabis what did they expect . Cannabis is a plant that needs love ❤️ 😍 💖 not big warehouse grows . 'Canopy Growth [formerly Tweed] sees $2-billion net loss' All the Liberal friends made millions off of government cornering the pot market, including Justin's new pal Brian Mulroney, and that's all that matters.
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