Canopy Growth posts quarterly loss as era of legal marijuana nears

Canopy Growth Corp. reported a fourth-quarter loss of $61.5 million as it prepared for the launch of the legal Canadian recreational cannabis market later this year.

The loss amounted to 31 cents per share for the quarter ended March 31 compared with a loss of $12 million or eight cents per share a year ago.

Revenue totalled $22.8 million, up from $14.7 million in the same quarter last year.

During the quarter, the company sold 2,528 kilograms and kilogram equivalents at an average sales price of $8.43 per gram.

That compared with 1,740 kilograms and kilogram equivalents at an average price of $8.03 per gram a year earlier.

Canopy Growth also announced that president Mark Zekulin has added the role of co-chief executive officer. Zekulin will continue to report to chairman and chief executive officer Bruce Linton, who oversees the company’s global strategy and execution.

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