As cannabis companies across the board share their financial results, a leading Canadian producer reported another difficult period.
Also this past week, a Canadian producer announced the launch of a new lifestyle CBD brand in the UK.
Keep reading to find out more cannabis highlights from the past five days.
Canopy reports losses in fiscal quarter and year
Despite highlighting improvements over previous financial periods, Canopy Growth once again posted a net loss in its quarterly results. The cannabis firm reported a figure of C$579 million for its Q4 2022 fiscal period.
The company celebrated the retention of a leading position in the flower category for adult-use cannabis in Canada. However, it reported a 5 percent decline in net revenue to C$520 million for its full fiscal year period.
Looking ahead, the company told shareholders it plans to continue making strategic investments across the board, and will toe the line of how much business it can pursue in the US.
Canopy said it expects to reach positive adjusted EBITDA by fiscal 2024.
“In the fiscal year ahead, we will remain focused on growing our market share in the key segments that will drive profitable growth and continuing to scale our premium brands across North America," CEO David Klein said.
Shares of the cannabis producer saw a double-digit loss in value to open the trading day on Friday (May 27). As of 11:47 a.m. EST, the company was down nearly 15 percent for a share price of US$4.72 in New York.
Canopy had a volatile trading week as it climbed to a weekly high of US$5.50 on Thursday (May 26). Over a year-to-date period, the company is down nearly 50 percent in value.
Tilray pursues lifestyle category in UK
Tilray Brands (NASDAQ:TLRY,TSX:TLRY) confirmed the launch of POLLEN, a new CBD lifestyle brand designed for UK consumers. The line of products has three different gummy packs each with 300 milligrams of CBD.
According to Tilray, these products are vegan-friendly. Initially they will only be available on Amazon UK, but the firm hinted that it plans to make them more widely available to consumers through local retailers.
Cannabis company news
- The Valens Company (NASDAQ:VLNS,TSX:VLNS)has increased its market share in the recreational category for cannabis in Canada. “In short, we are on track to hit our 2022 objectives to become a top five player in vapes, edibles and beverages and a top ten player in flower products by year end," Tyler Robson, CEO of the company, said.
- Aurora Cannabis (NASDAQ:ACB,TSX:ACB)confirmed an uptick to a bought-deal financing led by Canaccord Genuity and BMO Capital Markets. The new deal will bring US$150 million by way of the company offering 61.2 million shares.
- Ayr Wellness (CSE:AYR.A,OTCQX:AYRWF)shared its financial results for first quarter. “It has been well-telegraphed by our peers that Q1 was a challenging period for the industry,” CEO Jonathan Sandelman said. “However, we have maintained or even increased retail market share across most of our footprint despite this challenging backdrop, while also increasing wholesale revenue.”
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Securities Disclosure: I, Bryan Mc Govern, hold no direct investment interest in any company mentioned in this article.
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