Canada-based marijuana firm Canopy Growth Corp. reported a net revenue of CAD$ 136 million (USD $108.4 million) for the first quarter of the fiscal year. Although this was an 8.2% decline from the CAD$ 148.4 million reported in the fourth quarter of the fiscal year of 2021, this latest net revenue total was up 23.4% growth in comparison to the same quarter last year. A majority of their revenue was attributed to their recreational cannabis sales.
Smokers all over Canada were hitting the cheap bongs recreationally, thus skyrocketing Canopy’s quarterly net revenue. The data came in as the company’s CEO signaled the company would strike additional deals in the United States to position the producer to enter the American THC market if and when the federal government legalizes marijuana. Canopy’s net-income performance was up sharply from a loss of CAD $128.3 million recorded in the same quarter a year earlier.
The company’s CEO David Klein said he, “[remains] really bullish on U.S. THC permissibility, but even without permissibility, we’re doing things today that allow us to be real significant players in the U.S. THC market post-permissibility.” Klein added that Canopy wasn’t “finished” with U.S.-centered transactions such as deals with Acreage Holdings and TerrAscend. Klein doubled down saying, “We’re going to continue to do that sort of activity between now and the time we get to permissibility.”
Canopy is committed to accelerating top-line growth in the second half of fiscal 2022 and achieving positive adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) by the end of the fiscal year.