Canopy Growth Reports Billion Dollar Losses For 2021

CANNANNEW REPORT

Canopy Growth Corporation (TSX: WEED) (NASDAQ: CGC)  announced its financial results for the fourth quarter and fiscal year 2021 ending March 31, 2021. Canopy Growth’s revenue increased 38% to $148 million. The net losses for the quarter were $617 million, an improvement over 2020’s net losses of $710 million. The company blamed the bloated net losses on non-cash fair value changes of $292 million and impairment and restructuring charges of $75 million primarily related to changes to its Canadian operations that were announced on December 9, 2020. For the full year, net revenue increased 37% to $546 million over the prior year driven by double-digit growth across Canadian cannabis, international cannabis and other consumer products businesses. Total net cannabis revenue of $379 million in the fiscal year 2021, represented an increase of 28% over the prior year. The reported fiscal year 2021 net loss of $1.7 billion, a $283 million wider loss than fiscal year 2020, was driven primarily by the year-over-year change in other income (expense), net, the reduction in the income tax recovery, and expected credit losses on financial assets and related charges, and partially offset by the year-over-year improvement in gross margin and reductions in selling, general and administrative expenses, share-based compensation expense, and asset impairment and restructuring charges. “During Fiscal 2021, Canopy Growth transformed into a CPG-modelled organization, reinforcing a foundation for sustained growth and long-term success. By leveraging consumer insights and innovation to deliver best-in-class products, Canopy Growth is positioned to achieve our goal of unleashing the power of cannabis to improve lives,” said David Klein, CEO, Canopy Growth. “We are starting to see strong momentum across all of our key businesses and remain firmly focused on capitalizing on U.S. opportunities in Fiscal 2022.” “We made tremendous progress improving our supply chain and right-sizing our manufacturing footprint, bringing supply and demand into balance,” added Mike…

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