Canopy Growth Corp (WEED)

[john1311]

Aug 6 (Reuters) - Canadian pot producer Canopy Growth Corp (WEED.TO) reported a smaller quarterly adjusted loss on Friday, as it benefited from cost cuts and a rise in cannabis use during the coronavirus pandemic.

People across North America have turned to marijuana for relaxation and entertainment during the months-long isolation caused by COVID-19, lifting sales of pot producers.

The sector has also drawn renewed investor interest as U.S. states legalize pot and hopes rise for federal marijuana reform, prompting Canadian pot producers to consider cross-border expansion plans.

"We continue to look at building out our position in the United States. We're not waiting around on permissibility," Canopy Chief Executive David Klein said.

The company's C$2.1 billion ($1.67 billion) of cash and short-term investments at the end of the first quarter are expected to help fuel the expansion, Klein added.

https://www.reuters.com/business/canopy-growth-loss-narrows-pot-demand-surge-cost-cuts-2021-08-06/