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- 2002-10-07
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Marijuana producer Canopy Growth Corp. reported Tuesday that sales more than doubled in its fiscal second quarter. sales and a massive new investment with a beverage maker on Tuesday.
The company, which is based in Smiths Falls and produces marijuana under a number of brands including Tweed, said sales for the three month period between July and September hit $17.6 million, a 107% increase over the same period one year earlier when sales totalled $8.5 million.
In the first six months of the company’s fiscal year, from April to September, sales hit a total of $33.4 million, more than double the $15.5 million it reported in sales during the same period last year.
However, the booming sales weren’t enough to push Canopy to profitability, as increased spending to expand the fledgeling firm and keep it ahead of emerging competitors, saw it post a net loss during the quarter of $1.6 million, or $0.01 per basic and diluted share. A year earlier, the company posted net earnings of $5.4 million.
“We remain focused on the expansion of our cultivation capacity, extraction platform and finished branded products programs,” said Bruce Linton, chairman and chief executive of Canopy Growth.
“The historic cannabis supply (memorandum of understanding) that we signed during the second quarter with the province of New Brunswick confirmed our long-held belief that investment in brands, quality and scale coupled with investing in the people and communities we believe in across Canada would leave us well positioned to serve provincial supply needs.”
The company announced it was adding 1.3 million sq. ft. of greenhouse space in British Columbia, with an option for an additional 1.7 million sq. ft., to expand marijuana production. It also announced that it has launched a strategic partnership in the Jamaican cannabis market as part of an international expansion.
Canopy Growth recently received a $245-million investment from Constellation Brands, a beverage maker that is best known for the Modelo and Corona beer brands and wine brands such as Ruffino and Robert Mondavi, among others.
The investment gives Constellation a 9.9-per-cent ownership in the Smiths Falls firm and opens the company to potential new collaborations that could see its marijuana refined and used in Constellation brand beverages.
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The company, which is based in Smiths Falls and produces marijuana under a number of brands including Tweed, said sales for the three month period between July and September hit $17.6 million, a 107% increase over the same period one year earlier when sales totalled $8.5 million.
In the first six months of the company’s fiscal year, from April to September, sales hit a total of $33.4 million, more than double the $15.5 million it reported in sales during the same period last year.
However, the booming sales weren’t enough to push Canopy to profitability, as increased spending to expand the fledgeling firm and keep it ahead of emerging competitors, saw it post a net loss during the quarter of $1.6 million, or $0.01 per basic and diluted share. A year earlier, the company posted net earnings of $5.4 million.
“We remain focused on the expansion of our cultivation capacity, extraction platform and finished branded products programs,” said Bruce Linton, chairman and chief executive of Canopy Growth.
“The historic cannabis supply (memorandum of understanding) that we signed during the second quarter with the province of New Brunswick confirmed our long-held belief that investment in brands, quality and scale coupled with investing in the people and communities we believe in across Canada would leave us well positioned to serve provincial supply needs.”
The company announced it was adding 1.3 million sq. ft. of greenhouse space in British Columbia, with an option for an additional 1.7 million sq. ft., to expand marijuana production. It also announced that it has launched a strategic partnership in the Jamaican cannabis market as part of an international expansion.
Canopy Growth recently received a $245-million investment from Constellation Brands, a beverage maker that is best known for the Modelo and Corona beer brands and wine brands such as Ruffino and Robert Mondavi, among others.
The investment gives Constellation a 9.9-per-cent ownership in the Smiths Falls firm and opens the company to potential new collaborations that could see its marijuana refined and used in Constellation brand beverages.
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