Canopy Growth Corporation has posted C$83 million in net revenues for its fiscal third quarter, ending December 31, 2018.
That figure was up 282% on the company’s equivalent figure in the same period of 2017 (fiscal 2018).
Canada-based Canopy also posted net income of C$74.9 million, compared to a net income of C$11.0 million in the comparative period last year.
Other income of $235.2 million in the three months was primarily made up of fair value changes on financial assets and financial liabilities.
In the nine months ended December 31, Canopy recorded a $346.7 million net loss, compared to net income of $227,000 in the comparative prior year period.
“Our successful first full quarter with recreational sales in Canada reinforces our long held strategy of making meaningful investments early in order to secure market share,” said Bruce Linton, Chairman & Co-CEO, Canopy Growth.
“With a strong cash position, we added strategic assets and IP through acquisitions to accelerate the sophistication of our inputs with ebbu, and our consumer-facing outputs with Storz and Bickel.
“The Canadian recreational cannabis market will be dominated in the long term by businesses delivering excellent products and consumer experiences. Sales from the first wave of products and retail environments launched in the third quarter demonstrate that we are capturing consumers’ attention.”
“Our successful first full quarter with recreational sales in Canada reinforces our long held strategy of making meaningful investments early in order to secure market share.”
Bruce Linton, Canopy Growth
Concluded Linton, “We have developed an unprecedented and unparalleled fully integrated platform at scale and will continue to expand by making strategic production investments in regions with federally permissible paths to market for our cannabis and hemp offerings.
“We believe this strategy will develop a significant and sustained return on invested capital over the long-term.”
Oils, including the Company’s Softgel capsules, accounted for 33% of Canopy’s product revenue (reported net revenue excluding other revenue) in the three months, up from 23% of product revenue in the same period of the prior year.Cannabis Business Worldwide