Canopy Growth promises to focus on cutting costs as losses grow
Feb 14 (Reuters) - Canopy Growth Corp WEED.TO said on Friday it will focus on reducing costs as the pot producer struggles with a slump in weed prices from oversupply and growing expenses that led to a bigger adjusted loss in the quarter.
The Ontario-based company said its adjusted loss before interest, tax, depreciation and amortization was C$91.7 million ($69.25 million) in the third quarter ended Dec. 31, compared with C$74.8 million a year earlier.
Net revenue rose to C$123.8 million from C$83 million a year earlier, as it sold more cannabis in international and domestic markets.
($1 = 1.3241 Canadian dollars)
(Reporting by Shariq Khan in Bengaluru; Editing by Shinjini Ganguli)
((Shariq.Khan@thomsonreuters.com; Within U.S.+1 646 223 8780, outside U.S. +91 80 6182 2681; Twitter: @s_qakhan))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.