Canopy Jumps 25% After Beating Expectations Across the Board
- Cannabis revenue gains 8% as Canopy takes top market share
- Company ‘showing a meaningful progression,’ analyst says
An employee sorts bags of marijuana for shipment at the Canopy Growth Corp. facility in Smith Falls, Ontario, Canada.
Photographer: Chris Roussakis/BloombergThis article is for subscribers only.
Canopy Growth Corp. jumped as much as 25%, the biggest gain since 2018, after the world’s largest cannabis company reported quarterly results that beat expectations across the board.
Canopy posted a 62% quarter-over-quarter jump in net revenue to C$123.8 million, which was well ahead of the consensus estimate of C$105.4 million. Cannabis gross revenue rose 8%, and Canopy said it took top market share in the quarter ended Dec. 31, capturing 22% of Canada’s recreational pot sales.