Canopy Growth CEO defends ugly quarter as one-time event

The world’s largest cannabis company by market value, Canopy Growth Corp., said Thursday that it lost C$26.9 million ($20.3 million) on returned cannabis oil products that retailers in Canada did not want. U.S.-traded shares of Canopy Growth (CGC)(CA:WEED) fell 13.7% in late afternoon trading Thursday. For Canopy Growth’s fiscal second quarter, the miscalculated demand for oil will cost the company C$32.7 million in revenue, bringing the company’s fiscal second-quarter sales to C$76.5 million, excluding excise taxes. READ MORE: https://finance.yahoo.com/m/1298904b-ebf9-365c-aba6-8cad373211f6/canopy-growth-ceo-defends.html?.tsrc=rss The post Canopy Growth CEO defends ugly quarter as one-time event appeared first on Cannabis Daily.

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