Investorideas.com


Be a guest or sponsor our podcasts - learn more about us : 800 665 0411


Share on StockTwits

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

Read the company's full news and disclaimer here:

https://www.canopygrowth.com/wp-content/uploads/2020/02/200213-CGC-Press-Release-Quarterly-DC-v1.pdf

About Investorideas.com - News that Inspires Big Investing Ideas Investorideas.com is a recognized news source publishing third party news and press releases plus we create original financial content. Learn about investing in stocks and sector trends from Investorideas.com with our news alerts , articles , podcasts and videos talking about cannabis, crypto, technology including AI and IoT , mining ,sports biotech, water, renewable energy and more . Investorideas.com original branded content includes the daily Crypto Corner and Podcast, Play by Play sports and stock news column, Investor Ideas #Potcasts #Cannabis News and Stocks on the Move podcast and column, Cleantech and Climate Change Podcast and the AI Eye Podcast and column covering developments in AI.

Stock Bites is a branded product of Investorideas.com

Disclaimer/Disclosure: Investorideas.com is a digital publisher of third party sourced news, articles and equity research as well as creates original content, including video, interviews and articles. Original content created by investorideas is protected by copyright laws other than syndication rights. Our site does not make recommendations for purchases or sale of stocks, services or products. Nothing on our sites should be construed as an offer or solicitation to buy or sell products or securities. All investing involves risk and possible losses. This site is currently compensated for news publication and distribution, social media and marketing, content creation and more. Disclosure is posted for each compensated news release, content published /created if required but otherwise the news was not compensated for and was published for the sole interest of our readers and followers. Contact management and IR of each company directly regarding specific questions. This stock bites news release publication is available as a paid for service on Investorideas.com https://www.investorideas.com/News-Upload/

More disclaimer info: https://www.investorideas.com/About/Disclaimer.asp Learn more about publishing your news release and our other news services on the Investorideas.com newswire https://www.investorideas.com/News-Upload/ and tickertagstocknews.com

Global investors must adhere to regulations of each country. Please read Investorideas.com privacy policy: https://www.investorideas.com/About/Private_Policy.asp