Cannabis Stock News Bites: Canopy Growth (TSX: $WEED.TO) ( NYSE: $CGC) Reports Third Quarter Fiscal 2020 Financial Results
Generated $124 million Net Revenue, up from $76 million in Q2 2020 Excluding portfolio restructuring charges in Q2 2020, Net Revenue up 13% Achieved Gross Margin of 34% Total Operating Expenses down 14% versus the prior quarter Adjusted EBITDA loss decreases to $92 million
SMITHS FALLS, ON - February 14, 2020 Investorideas.com (www.investorideas.com) Cannabis Stock News Bites - Canopy Growth Corporation (TSX:WEED)( NYSE:CGC) today announced its financial results for the third quarter ended December 31, 2019. All financial information in this press release is reported in millions of Canadian dollars, unless otherwise indicated.
Third Quarter Fiscal 2020 Corporate Financial Highlights
- Revenues: Reported Net Revenues increased 62% over Q2 2020, or 13% excluding the impact of portfolio restructuring charges. Gross Recreational B2B revenue increased 8% over prior quarter due, in part, to over 140 stores becoming active in the quarter and higher sales of premium dried flower and pre-roll joints. Our acquired businesses including Storz & Bickel and This Works also performed well, contributing to organic growth this quarter.
Gross margin: Gross margin before fair value impacts was 34%. Gross margin performance in quarter benefited from lower period costs due to higher facility utilization
Operating expenses: Total operating expenses decreased 14% versus Q2 2020 primarily due to a $20 million reduction in G&A expenses and over $31 million lower stock-based compensation versus the prior quarter
Adjusted EBITDA: Adjusted EBITDA loss of $92 million, a $64 million narrower loss versus Q2 2020 driven by higher sales, improved gross margins and lower operating expenses
- Cash Position: Gross cash balance was $2.3 billion, down from $2.7 billion in Q2 2020, reflecting the EBITDA loss, capital investments and M&A
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