Canopy Slumps After ‘Astounding’ Loss, Restructuring Charge
- Pot firm says unlikely to meet 4Q guidance for C$250m revenue
- Gross margin target also ‘under pressure,’ CEO Zekulin says
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Canopy Growth Corp. shares fell to the lowest in nearly two years after the pot company reported revenue that missed the lowest analyst estimate and a loss that one analyst called “astounding.”
The world’s largest cannabis company by market value also said it’s unlikely to meet its previous guidance of C$250 million ($189 million) in revenue by the fiscal fourth quarter, which ends March 31.