Pot producer Canopy Growth Corp (WEED.TO) reported a smaller quarterly adjusted loss on Friday, as it benefited from cost cuts and a rise in cannabis use during the coronavirus pandemic.
A sign featuring Canopy Growth Corporation's logo is pictured at their facility in Smiths Falls, Ontario, Canada, January 4, 2018. REUTERS/Chris Wattie//File Photoreported a smaller quarterly adjusted loss on Friday, as it benefited from cost cuts and a rise in cannabis use during the coronavirus pandemic.
The sector has also attracted renewed investor interest in recent months as U.S. states legalize pot and expectations rise for federal marijuana reform. That has prompted many Canadian cannabis companies to ramp up plans for their U.S. expansions. The company ended the quarter with C$2.1 billion cash and short-term investments, which is expected to help fuel the expansion, Klein added.
Klein said Canopy had maintained the top market share in Canada. While the company lost share in the value segment, it is comfortable with prioritizing mainstream and premium products, he said.
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