Canopy Growth Corp. reported a $1.3-million loss in its latest quarter despite doubling its revenue compared with a year ago, sending its shares lower on Tuesday.
The chief executive of Canada's largest publicly-traded producer, however, says it's "driving ahead" and "doing the actions that establishes us as the continued leader."
Canopy Growth CEO Bruce Linton pointed to 27 provisional patents filed through its subsidiary Canopy Health Innovations and several international deals, such as strategic partnerships in Denmark and Jamaica.
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"The international opportunities are now increasingly happening," Linton said on a conference call with analysts on Tuesday.
Canopy shares closed down two per cent on Tuesday to close at $19.96 on the TSX, as its latest results fell short of analyst expectations.
The Smiths Falls, Ont.-based company said Tuesday it lost $1.3 million attributable to shareholders, or a penny per share for the quarter, compared with a profit of $5.4 million, or five cents per share in the same quarter last year.
Revenue in its second quarter totalled $17.6 million, up from $8.5 million last year. That's slightly below the $17.99 million forecast by Beacon Securities analysts.
During the quarter ended Sept. 30, Canopy says it sold 2,020 kilograms and kilogram equivalents at an average price of $7.99 per gram, up from 1,169 kilograms and kilogram equivalents at an average price of $7.01 per gram during the same period last year.
It says the higher average price was due to an improved mix of oil products, including oil-based capsules introduced late in its first quarter.
While the average selling price was in line with what Beacon Securities expected, the analysts had forecasted 2,237 kilograms and kilogram equivalents for the latest quarter.
Last month, Constellation Brands signed a deal to acquire a nearly 10 per cent stake in Canopy for $245 million.