Canopy Growth reports Q4 net revenue down 25 per cent from year ago

Photo: The Canadian Press

Canopy Growth Corp. reported a smaller quarterly loss compared with a year ago as its net revenue fell 25 per cent.

The cannabis company says it had a net loss of $578.6 million or $1.46 per diluted share for the quarter ended March 31 compared with a net loss of $616.7 million or $1.85 per diluted share a year earlier.

Net revenue in what was Canopy's fourth quarter totalled $111.8 million, down from $148.4 million in the same quarter last year.

The drop in revenue came as the company's global cannabis net revenue fell to $66 million in its latest quarter compared with $101.3 million a year earlier.

Other consumer products revenue amounted to $45.8 million for the quarter, down from $47.1 million.

Canopy chief executive David Klein says the company will remain focused on building its market share in the key segments that will drive profitable growth and continuing to grow its premium brands across North America.