Canada’s Canopy Growth Corp reported a smaller-than-expected quarterly loss on Monday, as it cut costs and sales of its cannabis products to Americans and Canadians stuck at home surged, sending the pot producer’s U.S.-listed shares 11 per cent higher.
Cannabis demand across companies rose as customers stockpiled during the coronavirus-led lockdowns, with so-called “cannabis 2.0” products, including chocolates, beverages, vapes, among the most sought-after items. Medical users also stocked up.
tap here to see other videos from our team.
Canopy’s sales rose to $110.4 million in the quarter, with revenue from global medical products surging 54 per cent in the first quarter and 2.0 products adding $7 million in their first full quarter of sales for Canopy.
“We grew our revenue year-over-year and are seeing market share improvement, notably achieving number one market share in cannabis-infused beverages in the Canadian market,” chief executive David Klein said in a statement.