Canopy Growth Posts Net Loss Of $324.8 Million

Canopy Growth (WEED) has reported a net loss for its fiscal second quarter of $324.8 million.

The latest loss is more than the loss of $305.8 million that the Smiths Falls, Ontario-based company posted a year earlier.

The cannabis producer said its net loss from continuing operations was $148.2 million. Canopy Growth’s revenue in the quarter totaled $82 million, down 18% from $100 million a year earlier.

Company executives said they continue to focus on reducing costs. In recent months, Canopy growth obtained creditor protection for its BioSteel Sports Nutrition unit with plans to eventually sell that business.

Canopy Growth has also announced its intention to sell its previous headquarters building in Smiths Falls back to chocolate maker Hershey (HSY) for $53 million.

The stock of Canopy Growth has declined 77% this year and now trades for $0.72 per share.

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