Canopy Growth to cut more costs after smaller-than-expected loss
More than a year after Canada’s legalization of recreational weed, most producers have failed to turn profitable because of fewer-than-expected retail stores and oversupply issues.
Last year, major shareholder Constellation Brands Inc pushed its finance head David Klein to take the helm at Canopy, months after the Corona-beer maker expressed disappointment over heavy losses the pot producer reported in 2018. Excluding items, Canopy’s loss of 35 Canadian cents per share in the third quarter ended Dec. 31 was smaller than the average analyst estimate of 49 Canadian cents.
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