SMITH FALLS, Ont. — Canopy Growth Corp. reported a loss of $1.3 billion in its fourth quarter due to impairment and restructuring charges as the company said it would reset its strategic focus.
The cannabis company says it will no longer strive to be the first to every market, but rather focus on select markets where it can become a leader in consumer insights and product development.
It says its core markets will be Canada, the U.S. and Germany with a focus on recreational and medical products.
The shift came as Canopy reported a loss of $3.72 per share for the quarter ended March 31 compared with a loss attributable to Canopy of $379.5 million or $1.10 per share in the same quarter a year earlier.
Net revenue totalled $107.9 million, up from $94.1 million.
Canopy says it expects its 2021 financial year to be a transition year as it rolls out a new organizational design and implements other changes.
“We have a renewed strategic focus and a clear change agenda that is already underway,” chief executive David Klein said in a statement.
“We are building what we believe is the best cannabis company in the world by putting the consumer at the heart of everything we do and are re-aligning our organization to be faster and more agile.”
This report by The Canadian Press was first published May 29, 2020.
Companies in this story: (TSX:WEED)
The Canadian Press