SMITHS FALLS, Ont. — Canopy Growth Corp. saw a net loss of more than $2 billion in its most recent quarter, which it attributed to a $1.72 billion writedown.
The Smiths Falls, Ont., cannabis company says the net loss in its first quarter compared to net earnings of more than $389 million at the same time last year.
The net loss for the period ended June 30 amounted to a loss of $5.23 per diluted share compared to a loss of 84 cents per share in the second quarter of 2021.
Analysts expected the company to report a net loss of US$111.6 million or 28 cents per share, according to financial data firm Refinitiv.
The impairment charge was linked to its pot operations and came as its recreational business-to-business cannabis sales fell 38 per cent since last year because of price compression and increased competition.
Net revenue for the period amounted to $110.1 million, down 19 per cent from $136.2 million in the same quarter last year.
This report by The Canadian Press was first published Aug. 5, 2022.
Companies in this story: (TSX:WEED)
The Canadian Press
Red Deer South MLA lambastes Premier Kenney for weighing in on the race to replace him
Article submitted by Red Deer South MLA Jason Stephan
Kenney, the time for you to be quiet is now
When you are a departing leader of a political party, one of your responsibilities is to build unity. One way of doing so is to stay out of the leadership race to replace you. Jason Kenney promised he was not going to be a “color commentator” in the race, and then proceeded to become one. Kenney misrepresented a platform commitment of Danielle Smith —a leading candidate—sowing division and creating disunity.
While misrepresenting the ideas of others and then attacking the straw men manufactured out of the misrepresentation may be standard practice in a junior high school debate, it’s dishonest and disrespectful.
Kenney called the Alberta Sovereignty Act “nuts” and “nuttier than a squirrel turd”. Is that going to produce unity? In his leadership review, when he called those who disagreed with him “bugs”, “kooks” and “lunatics”, how did that work out
Kenney says the Sovereignty Act would make Alberta the “laughingstock” of Canada. Perhaps we already are.
When Albertans held a provincial referendum and rejected equalization, who did Trudeau appoint as environment minister? He chose Steven Guilbeault, the Greenpeace activist, arrested for climbing on Ralph Klein’s roof when he was away, frightening Klein’s wife who was home alone. I bet Trudeau thought that was funny.
What does Trudeau do with Kenney’s sternly worded letters? Perhaps they are trophies he hangs on the walls.
The premier of Quebec said one of his favorite things about Canada is equalization, so what progress has Kenney made on equalization? None.
The Sovereignty Act seeks to do what Quebec does. Is Quebec a laughingstock?
Kenney says the Sovereignty Act would be a “body blow” to Alberta jobs and the economy and “draw massive investment away”. Isn’t that going to be the result of Trudeau’s new “discussion paper?”
This paper was released in August with a submission deadline in September. It proposes either a new cap-and-trade or carbon tax only on oil and gas development, disproportionately punishing Alberta while sparing Quebec and other provinces that Trudeau bribes for power.
Kenney should consider stopping his straw man attacks and start focusing on Ottawa where he came from. No straw man is required as Ottawa is already responsible for driving away hundreds of billions in investment out of Alberta and thousands of Alberta jobs with it along with more “body blows” to come if we get this imminent new cap and trade or new carbon tax imposed on our natural resources.
Is Kenney working on his latest sternly worded letter?
But wait, under section 92A of Canada’s constitution, isn’t Alberta supposed to have jurisdiction over the development of our natural resources? Isn’t Trudeau again seeking to do indirectly what he cannot do directly? Isn’t this a sneaky,
backdoor, constitutional trojan horse? Isn’t this what the Sovereignty Act is intended to address, to assert constitutional boundaries that Ottawa continually seeks to circumvent, trespass, attack and undermine? When Ottawa abuses its
power, isn’t the Sovereignty Act to be a check and balance?
Yes, a good idea, improperly applied can be detrimental, and if that is the version that Kenney wants to manufacture, attack, and fearmonger, that is his choice.
Properly applied the Sovereignty Act will benefit Alberta, counteracting the commercial uncertainty and chaos from Ottawa by asserting the constitutional boundaries that Ottawa habitually disrespects, seeking to undermine and intrude into
Alberta’s constitutional jurisdiction to develop its oil and gas resources.
Kenney says the Sovereignty Act does not respect the rule of law.
Properly applied the Sovereignty Act supports the rule of law as it asserts Alberta’s constitutional jurisdictions and resists abuses of power emanating out of Ottawa.
Kenney says he “isn’t really following the leadership race”. He is.
Kenney started saying he does not know which candidates are supporting the Sovereignty Act. He knows.
He also knew the deadline for members to participate in the leadership race had ended the day before he chose to improperly misrepresent a platform policy of a leading candidate who is not part of his inner circle.
Great leaders speak the truth in love inspiring the best in those they serve. They do not fearmonger, they do not call names, they do not misrepresent others’ ideas and then attack the straw men they manufactured with their misrepresentations.
It is disappointing to see Kenney failing in his responsibility to build unity. I have faith his successor will do better.
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