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Aug 15, 2018

Canopy Growth’s loss balloons as pre-legalization expenses rise

Canopy Growth's Linton betting on Constellation Brands buyout

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Canopy Growth Corp.’s fiscal first-quarter loss surged almost tenfold as Canada's largest licensed cannabis producer ramps up spending ahead of legalization in October.

Canopy said late Tuesday its net loss in the three months ending June 30 was $90.98 million, compared to $9.17 million a year earlier.

Revenue surged 63 per cent year-over-year to $25.92 million. Meanwhile, an uptick in spending weighed on the bottom line, with sales and marketing expenses nearly tripling to $17.3 million. Canopy said it views the rise in spending as a "prudent long-term investment."

"We have secured by far the deepest channel into the Canadian recreational cannabis market,” Canopy CEO Bruce Linton said in a release just a few hours before he unveiled a blockbuster deal to strengthen ties with Constellation Brands Inc.  

“Considering our substantial inventory, large cultivation footprint in production and the millions of additional sq. ft. of greenhouses and our new state-of-the-art distribution centre that are ready and waiting for licenses, we remain very confident in our ability to succeed in capturing significant market share."

Canopy’s stock fell on Tuesday by the most since June 27 after Ontario Premier Doug Ford's government delayed the launch of private bricks-and-mortar pot sales until April 2019. 

Editor's note: An earlier version of this story incorrectly stated Canopy's stock fell on Wednesday when in fact the price move was referencing Tuesday's trading session. BNN Bloomberg regrets the error. 

Amanda Lang: Constellation raises stake in Canopy as liquor companies eye pot-infused drinks

BNN Bloomberg's Amanda Lang looks at some of the reasons why Constellation Brands may have raised its stake in Canopy Growth.