![](https://investorshub.advfn.com/uicon/471992.png?cb=1695152368)
Monday, August 08, 2022 4:29:52 PM
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
FEATURED Element79 Gold Corp Provides Update on Nevada Portfolio • Aug 23, 2024 8:00 AM
PickleJar Unveils Latest Venue Managed Services Innovations in Upcoming Webinar • PKLE • Aug 23, 2024 1:11 PM
Maybacks Adds Award Winning Show to Its Lineup Discusses Maybacks Opportunity • AHRO • Aug 22, 2024 11:30 AM
North Bay Resources Announces First Gold Concentrate at Mt. Vernon Gold Mine, Assays 12 oz/ton Gold, 17.5 oz/ton Platinum, and 8 oz./ton Silver, Sierra County, California • NBRI • Aug 22, 2024 10:28 AM
All Things Mobile Analytic, Inc. Reports Major Growth with Over $11 Million in Revenue • ATMH • Aug 22, 2024 7:19 AM
Unitronix Announces Strategic Entry into Cryptocurrency Space • UTRX • Aug 21, 2024 10:00 AM