Amid Restructuring, Canopy Takes $2.5 Billion Net Loss, But Sees Path To Profitability
Ontario-based cannabis producer Canopy Growth saw sales decline 21% to C$403 million ($306m) in its fiscal year through March, with adjusted EBITDA registering a loss of C$350 million ($266m). The companys total net loss for the year came to C$3.3 billion ($2.5b), driven by a C$1.9 billion ($1.4b) increase in asset impairment and restructuring costs as well as C$1.2 billion ($912m) in non-cash fair value changes.
But Canopy has been in the midst of a series of actions realigning and right-sizing its business, including the divestiture of its retail operations, closing several cultivation locations, and changing its vape sourcing, as well …
Read the full article at: https://www.shankennewsdaily.com/index.php/2023/06/27/33526/amid-restructuring-canopy-takes-2-5-billion-net-loss-but-sees-path-to-profitability/