Canopy Growth, world’s largest pot company, lost $1 billion in three months

Canopy Growth Corp. reported a C$1.28 billion quarterly loss late Wednesday and missed analyst estimates for revenue, sending shares down 10% in after-hours trading.

Net revenue rose to C$90.5 million from C$25.9 million in the year-ago period, excluding excise taxes. Of that revenue, Canopy said that C$50.4 million was Canadian recreational business-to-business, C$10.6 was direct to consumer and C$13.1 million was medical cannabis sales. Canopy also brought in $10.5 million in international cannabis revenue.

In a statement, Zekulin said that the company has two objectives as it completed the fiscal first quarter.

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