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Alberta

Canopy Growth sees $2B net loss as Ontario cannabis company takes large writedown

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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)

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Alberta

U.S. senators call for trade crackdown on Canada over dairy quotas, digital policies

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WASHINGTON — A pair of senior U.S. senators is urging the Biden administration to get tough with Canada for “flouting” obligations to its North American trade partners. 

Democrat Sen. Ron Wyden of Oregon and Republican Sen. Mike Crapo lay out their concerns in a letter to U.S. Trade Representative Katherine Tai. 

The letter says American dairy producers still aren’t getting the access to the Canadian market they’re entitled to under the U.S.-Mexico-Canada Agreement. 

It also describes Canada’s planned digital services tax as discriminatory and raises similar concerns about new legislation to regulate online streaming and news. 

All three, the senators say, would give preferential treatment to Canadian content and deny U.S. tech companies fair access to the market north of the border. 

The letter comes after meetings this week in San Diego between U.S., Canadian and Mexican trade emissaries, as well as the North American Leaders’ Summit in Mexico City earlier this month. 

The USMCA, referred to in Canada as CUSMA, has been at the centre of a number of bilateral and trilateral disputes since it went into effect in the summer of 2020. 

“Three years later, it is disappointing that Canada and Mexico have failed to come into full compliance with the agreement — and, in some cases, have flouted their obligations,” the senators write. 

“USTR must take decisive action to ensure full compliance with the agreement and with dispute settlement panel findings. It is critical to ensure that every chapter of USMCA is fully and timely enforced.”

Canada and Mexico have their own issues with how the U.S. is interpreting the deal, which was signed in 2018 after protracted trilateral efforts to replace NAFTA. 

As the Mexico City summit wrapped up, a dispute panel ruled against the U.S. over how it interprets the rules that determine the origin of core automotive components. 

It remains unclear whether the U.S. plans to comply with that decision.   

This report by The Canadian Press was first published Jan. 27, 2023. 

The Canadian Press

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Alberta

TotalEnergies EP Canada ups stake in Fort Hills oilsands project

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Calgary – TotalEnergies EP Canada Ltd. says it is increasing its ownership in the Fort Hills oilsands project by acquiring part of Teck Resources Ltd.’s stake in the mine.

Teck announced last year that it would sell its 21.3 per cent stake in Fort Hills to Suncor Energy Inc., the third partner in the project, for about $1 billion.

However, TotalEnergies EP Canada says it has exercised its pre-emption right to acquire an additional 6.65 per cent in the project from Teck for $312 million.

The deal brings the company’s stake in Fort Hills to 31.23 per cent. Suncor will own the rest.

French company TotalEnergies announced in September 2022 its plan to exit the Canadian oilsands by spinning off TotalEnergies EP Canada in 2023.

It says the acquisition of an additional interest in Fort Hills helps build TotalEnergies EP Canada for the future.

This report by The Canadian Press was first published Jan. 27, 2023.

Companies in this story: (TSX:TECK.B, TSX:SU)

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