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Pot grower Canopy sees end to cash burn as cost-cuts sow profit seeds


By Reuters Staff
2 Min Read
(Reuters) - Canopy Growth Corp, the world’s largest pot producer, said on Tuesday it expects to turn a profit in the second half of 2022 after aggressive cost-cutting and higher demand for cannabis helped narrow third-quarter losses.
FILE PHOTO: A sign featuring Canopy Growth Corporation s logo is pictured at their facility in Smiths Falls, Ontario, Canada, January 4, 2018. REUTERS/Chris Wattie/File Photo
Canadian pot producers have been under pressure from investors as profits remain elusive due to oversupply crimping sales in Canada and overseas expansion bets turning sour.
Canopy said it expects to generate cash by fiscal 2024 and become operating cash flow positive a year before that, soothing market worries on profitability and sending its shares up as much as 12%. ....

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Canopy Growth Reports Third Quarter Fiscal 2021 Financial Results


Canopy Growth Reports Third Quarter Fiscal 2021 Financial Results
Improved commercial and operational execution drives record net revenue of $153 million, up 23% vs Q3 2020
Q3 2021 Canadian recreational market share increased by 30bps vs Q2 2021 based on our proprietary market share tracker
Provides medium-term financial targets, including expectations to achieve profitability during the second half of FY 2022, while continuing to invest behind consumer insights, R&D and the U.S. market
With renewed sense of optimism, Canopy further advanced the U.S. growth strategy ahead of potential cannabis reform
SMITHS FALLS, Ontario, Feb. 9, 2021 /PRNewswire/ Canopy Growth Corporation ( Canopy Growth or the Company ) (TSX: WEED) (NASDAQ: CGC) today announces its financial results for the third quarter fiscal 2021 ended December 31, 2020. All financial information in this press release is reported in millions of Canadian dollars, unless otherwise indicated. ....

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