Canopy Growth trims losses, posts higher revenue in 2016 fiscal year

SMITHS FALLS, Ont. – Canopy Growth Corp., the largest of Canada’s publicly traded marijuana companies, trimmed its losses in its 2016 financial year.

The company says it generated $12.7 million of revenue and a $3.5 million loss in its 2016 financial year, an improvement from the $2.4 million in revenue and $9.35 million loss in fiscal 2015.

The red ink flowed primarily in the fourth quarter ended March 31, when Canopy lost $4.77 million and generated $5.04 million of revenue.

The company, which has three subsidiaries including Bedrocan Canada, spent significantly more on sales, marketing and other overhead in the fourth quarter as it positions the Tweed brand for a legal non-medical market.

The federal Liberal government has said it plans to introduce legislation next spring to begin the process of legalizing and regulating marijuana.

The full-year net loss amounted to five cents per share. The fourth quarter loss also equalled five cents per share, with more stock outstanding.