Canopy reported another grim quarter, with its $107.9M net revenue down 13% quarter over quarter, and REC sales down 28%–despite the COVID buying surge.
New Cannabis Ventures, BNN Bloomberg

  • The company posted a net loss of $1.33B, largely connected to the cost of shutting down two Tweed facilities in BC. It also wrote off $132M in “obsolete” packaging, dry-flower, and biomass.
  • REC revenue for Canopy (including business-to-business transactions) declined 28% from last quarter to $49M.
    Yahoo Finance

Canopy has lost REC market share (from low 20%s to above 15%), and CFO Mike Lee acknowledged “missed opportunities” in not shifting more quickly to value products.
MJ Biz Daily

Canopy’s investment arm Canopy Rivers also announced plans to “optimize its organizational structure, streamline operations, and preserve and maximize cash-on-hand” by cutting expenditures 35%. As part of those cuts, they closed The Rise, the cannabis-business publication the company launched six weeks ago on 4-20.
NewsWire, Twitter–@JamesonBerkow, @BePartoftheRise