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Canopy Growth s Shares Slide On Fiscal 2021 Billion Dollar Losses, Claims Its Still On Track To Achieving Positive Adjusted EBITDA
Canopy Growth Corporation (TSX:WEED, NASDAQ: , CGC)) reported Tuesday its fourth quarter and fiscal year 2021 earnings with a net loss for the year amounting to CA$1.7 billion ($1.41 billion), representing a CA$283 million wider loss versus FY 2020.
The Canadian cannabis giant attributed these results to various expenses, credit losses, lower income tax recoveries, advancements of gross margins, and sales reductions.
Annual Financial Highlights
During fiscal 2021, Canopy s net revenue of CA$546.6 million, up by 37% from fiscal 2020;
Its total net cannabis revenue in the period amounted to CA$279 million, which is 28% higher than in the prior year;