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MarketScreener Homepage  >  Equities  >  Toronto Stock Exchange  >  Canopy Growth Corp    WEED   CA1380351009

CANOPY GROWTH CORP

(WEED)
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Canopy Growth : net revenues surge in first quarter on record cannabis harvest

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08/14/2019 | 06:38pm EDT

SMITH FALLS, Ont. — Canopy Growth Corp. says its revenues surged in the first quarter on a record harvest of cannabis.

The company based in Smith Falls, Ont., says it generated $90.5 million in net revenues, up from $25.9 million a year earlier.

It was driven by a record harvest of more than 40,000 kilograms — the first full-scale harvest since retrofitting its large greenhouses — that was 183 per cent more product than in the fourth quarter.

Most of the additional revenues in the quarter came from the sale of recreational marijuana that was legalized last October. Medical cannabis revenues decreased five per cent, with a 39 per cent drop in Canada offset by a large growth in international sales.

Canopy lost $1.28 million during the three months ended June 30, compared with a loss of $91,000 in the first quarter of fiscal 2019. The increased loss is mainly due to a non-cash loss of $1.18 million on the extinguishment of warrants held by Constellation Brands Inc., which invested $5 billion last November.

The loss equalled $3.70 per share, compared with a loss of 40 cents per share in the prior year.

"Our recent harvests are proof that our focus on operational excellence is working, and we look forward to showing both our Canadian and U.S. customers what we've been working on behind the scenes to prepare for the next wave of products coming later this year,” stated interim CEO Mark Zekulin, who was appointed in July upon the termination of Bruce Linton as co-chief executive officer.

Companies in this story: (TSX:WEED).

© 2019 The Canadian Press. All rights reserved., source Canadian Press DataFile

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Financials (CAD)
Sales 2020 623 M
EBIT 2020 -517 M
Net income 2020 -1 593 M
Finance 2020 1 743 M
Yield 2020 -
P/E ratio 2020 -8,23x
P/E ratio 2021 -59,5x
EV / Sales2020 18,0x
EV / Sales2021 9,57x
Capitalization 12 958 M
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Mean consensus OUTPERFORM
Number of Analysts 22
Average target price 55,20  CAD
Last Close Price 37,25  CAD
Spread / Highest target 128%
Spread / Average Target 48,2%
Spread / Lowest Target -14,1%
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Managers
NameTitle
Bruce Linton Chairman & Co-Chief Executive Officer
Mark Zekulin President & Co-Chief Executive Officer
Timothy R. Saunders Chief Financial Officer & Executive Vice President
Amanda Daley Vice President-Medical
Ru Wadasinghe Chief Information Officer
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