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Cannabis producer Canopy Growth says Q3 revenue more than doubled

February 14, 2018 2:30 PM
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Cannabis producer Canopy Growth says Q3 revenue more than doubled

Canopy says it sold 2,330 kilograms of pot and equivalents at an average price of $8.30 a gram

Marijuana company Canopy Growth Corp. more than doubled its third-quarter revenue compared with a year ago.

The company says revenue totalled $21.7 million for the quarter ended Dec. 31, up from $9.8 million in the last three months of 2016.

Canopy says it sold 2,330 kilograms and kilogram equivalents of marijuana in the quarter at an average price of $8.30 per gram. That compared with 1,245 kilograms at $7.36 per gram a year earlier.

Chairman and chief executive Bruce Linton says the results were driven by driven by a significant increase in domestic sales as well as sales in the German medical market.

The growth came as Canopy reported a profit attributable to the company of $1.6 million or a penny per diluted share.

That compared with a profit attributable to Canopy of nearly $3 million or two cents per diluted share a year ago.

Also read: New-home sales in GTA hit 20-year low in April

Source: cbc.ca

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