The world's largest marijuana company craters 22% as recreational pot demand sinks amid coronavirus pandemic (CGC) | Markets Insider

  • 📰 BusinessInsider
  • ⏱ Reading Time:
  • 16 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 10%
  • Publisher: 51%

Nigeria News News

Nigeria Nigeria Latest News,Nigeria Nigeria Headlines

The world's largest marijuana company craters 22% as recreational pot demand sinks amid coronavirus pandemic

The company was hit hard by the coronavirus pandemic, having closed its retail stores in mid-March for a number of weeks, in addition to a decline in demand for its recreational products from consumers.$107.9 million Canadian dollars, representing a 13% decline from its previous quarter.Overall, the company lost CA$1.3 billion in the quarter, with roughly half of that loss attributed to a"mostly non-cash" restructuring charge.

Product sales to other dispensaries plunged 31% in the quarter as a decline in flower and pre-roll joints sales overpowered the growth in softgels, oil, and cannabis-infused products. Canopy CEO David Klein commented,"... we have taken steps to align our capacity with the current market demand ..."

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

I did not expect that - pot usage drops whilst people are in quarantine?

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 729. in NG

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines