Canopy Growth Corp (WEED)

[awesomesound]

Cannabis giant Canopy Growth posts $2B quarterly loss
Most of the profit plunge came from a writedown but sales were down, too

The impairment charge for the period ended June 30 was linked to Canopy's pot operations and came as its recreational business-to-business cannabis sales fell 38 per cent since last year because of price compression and increased competition.

"The Canada market has really developed very differently than we had initially expected," Judy Hong, chief financial officer, admitted on a call with analysts.

She named market fragmentation, the strength of the illict market and regulatory hurdles, including a slow move toward federal legalization in the U.S., as the company's biggest challenges.

Such conditions have prodded Canopy into refocusing its product mix on the premium sector, which typically commands higher prices and generates a more loyal consumer basis than value items.

https://www.cbc.ca/news/business/canopy-growth-earnings-1.6542659?__vfz=medium%3Dsharebar&fbclid=IwAR3MD9nz5nLH9TK7fKCAmqJLeCKJWSGVLLkC3DdnPoTsM0lahU0hoTsLRXw