22:53:15 EDT Fri 12 Aug 2022
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Cannabis Summary for Aug. 5, 2022

2022-08-05 19:55 ET - Market Summary

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by Stockwatch Business Reporter

The S&P/TSX Cannabis Index lost a fraction to 43.26, while the CSE Composite Index added 7.84 to 280.27. Canadian cannabis bellwether Canopy Growth Corp. (WEED) lost 19 cents to $3.50 on 4.28 million shares, failing to impress investors with its fiscal first quarter financials. When the top bullet point in the "Highlights" section is that quarter-over-quarter revenue was flat -- just flat -- investors know to brace for what follows.

Even flat is rounding up. Canopy's revenue in the quarter ended June 30 was $110.1-million, a slight decrease from $111.8-million in the March quarter. Net loss widened quarter over quarter to a painful $2.0-billion from $579-million. In both quarters, Canopy took a hit from impairment and restructuring charges, which were $241-million in the March quarter but blew out to $1.7-billion in the June quarter.

Canopy's accountants did their best to rise to the challenge. After much waving of wands, adjusted EBITDA actually improved quarter over quarter to negative $74.8-million from negative $121.7-million. Loudly absent, however, was a repeat of Canopy's earlier claim that it will be able to achieve positive adjusted EBITDA by the end of the next fiscal year.

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