Canopy Growth More Than Doubles Third-quarter Revenue Compared With Year Ago

The growth came as Canopy reported a profit attributable to the company of $1.6 million or a penny per diluted share. (File image via Canadian Press)
Voters overwhelmingly approved legalizing medical marijuana on the island for debilitating medical conditions such as epilepsy, HIV, cancer and glaucoma. (File image via Canadian Press)

SMITHS FALLS, Ont. — Marijuana company Canopy Growth Corp. more than doubled its third-quarter revenue compared with a year ago.

The company says revenue totalled $21.7 million for the quarter ended Dec. 31, up from $9.8 million in the last three months of 2016.

Canopy says it sold 2,330 kilograms and kilogram equivalents of marijuana in the quarter at an average price of $8.30 per gram. That compared with 1,245 kilograms at $7.36 per gram a year earlier.

Chairman and chief executive Bruce Linton says the results were driven by driven by a significant increase in domestic sales as well as sales in the German medical market.

The growth came as Canopy reported a profit attributable to the company of $1.6 million or a penny per diluted share.

That compared with a profit attributable to Canopy of nearly $3 million or two cents per diluted share a year ago.

Companies in this story: (TSX:WEED)

The Canadian Press

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