Canopy Growth narrows loss but flags Canadian cannabis market challenges

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Canopy Growth Corp. CGC, -11.09% said Friday its second-quarter loss narrowed to C$11.06 million, or C3 cents a share, from C$32.06 million, or C9 cents a share in the year-ago period. Revenue fell to C$145.6 million from C$150.8 million. The cannabis company controlled by Constellation Brands Inc. STZ, +1.52% was expected to post a loss of C20 cents a share, according to FactSet estimates. Looking ahead, Canopy Growth said it expects slower-than-expected revenue growth in the second half of fiscal 2022. “The Company is focused on stabilizing its market share of the Canadian recreational cannabis,” Canopy Growth said. “The company is taking steps to improve its Canadian recreational business, with increased supply of in-demand high THC flower products and new product launches across flower, pre-roll joints, vapes, edibles and beverages expected to improve market share.” Shares of Canopy Growth fell 3% in pre-market trades.

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