Connect with us
[the_ad id="89560"]

Alberta

Canopy Growth reports Q4 net revenue down 25 per cent from year ago

Published

1 minute read

SMITHS FALLS, Ont. — Canopy Growth Corp. reported a smaller quarterly loss compared with a year ago as its net revenue fell 25 per cent.

The cannabis company says it had a net loss of $578.6 million or $1.46 per diluted share for the quarter ended March 31 compared with a net loss of $616.7 million or $1.85 per diluted share a year earlier.

Net revenue in what was Canopy’s fourth quarter totalled $111.8 million, down from $148.4 million in the same quarter last year.

The drop in revenue came as the company’s global cannabis net revenue fell to $66 million in its latest quarter compared with $101.3 million a year earlier.

Other consumer products revenue amounted to $45.8 million for the quarter, down from $47.1 million.

Canopy chief executive David Klein says the company will remain focused on building its market share in the key segments that will drive profitable growth and continuing to grow its premium brands across North America.

This report by The Canadian Press was first published May 27, 2022.

Companies in this story: (TSX:WEED)

The Canadian Press

Storytelling is in our DNA. We provide credible, compelling multimedia storytelling and services in English and French to help captivate your digital, broadcast and print audiences. As Canada’s national news agency for 100 years, we give Canadians an unbiased news source, driven by truth, accuracy and timeliness.

Follow Author

Alberta

Calgary Stampede receives $10M from federal government to aid recovery from pandemic

Published on

Calgary – The Calgary Stampede has received more than $10 million from the federal government to help it bounce back after last year’s event was scaled down due to the COVID-19 pandemic.

A report to the city this week showed the Stampede had an operating loss of $8.3 million in 2021.

Last year’s Stampede ran at half capacity because of COVID-19 public health measures and was cancelled all-together the year before.

Daniel Vandal, the federal minister for Prairies Economic Development Canada, says the money aims to support a full-scale Stampede to deliver the “authentic western experience” this year.

He says it would also help to reignite Alberta’s visitor economy.

The 2022 Stampede is set to run from July 8 to 17.

“Festivals large and small were hard hit during the pandemic,” Vandal said in a news release. “They are events where families and friends come together and take in the exciting atmosphere.

“The tourism industry is facing a strong comeback providing quality jobs across the country, showcasing stunning landscapes and offering exciting experiences right here in Alberta.”

The federal government also provided about $1.8 million for four other tourism projects in southern Alberta: Charmed Resorts, Cochrane Tourism Association, Heritage Park and Tourism Calgary.

This report by The Canadian Press was first published June 30, 2022.

Continue Reading

Alberta

Canopy Growth to exchange C$255.4M in notes for shares and a bit of cash

Published on

SMITHS FALLS, Ont. — Canopy Growth Corp. has signed a deal to exchange C$255.4 million of its debt for shares and a little bit of cash.

Under the agreement with a limited number of noteholders, the cannabis company will acquire the 4.25 per cent unsecured convertible senior notes due in 2023 for about C$252.8 million in shares plus approximately C$3 million in cash for accrued and unpaid interest.

The price used to value the shares will be the volume-weighted average trading price on the Nasdaq Global Select Market for the 10 consecutive trading days beginning Thursday, subject to a floor price of US$2.50 and a maximum of US$3.50 per share.

Constellation Brands Inc., through its wholly-owned subsidiary Greenstar Canada Investment Limited Partnership, has agreed to swap half of the C$200 million in notes it holds under the deal.

The company, which is already Canopy’s largest shareholder, will receive a minimum of 21.9 million Canopy shares based on the floor price and a maximum of 30.7 million shares.

Constellation currently holds nearly 142.3 million Canopy shares, representing a 35.3 per cent stake in the company.,

This report by The Canadian Press was first published June 30, 2022.

Companies in this story: (TSX:WEED)

The Canadian Press

Continue Reading

Trending

X