BioTech

Canopy Growth promises to focus on cutting costs as losses grow

Credit: REUTERS/CHRIS WATTIE

Canopy Growth Corp 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.

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))

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