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Canopy has been doubling down on its efforts to turn profitable, including cost cuts through layoffs, exits from some international markets, store closures and divestiture of its retail business across Canada.
Last month, the company said it will create a holding company to fast track its entry into the United States, which is projected to be a more than $50-billion market by 2026.
U.S. President Joe Biden has recently sought a review on marijuana classification. A potential change in legislation is expected to benefit cannabis producers further.
Canopy Growth’s Canadian medical cannabis business brought in C$14.2 million in the quarter, 8% higher than the previous quarter. Sales at its BioSteel business, which sells sports and health drinks, more than tripled to C$29.9 million.
The company posted an adjusted core loss of C$78.1 million ($58.13 million) in the second quarter, compared with a loss of C$162.6 million a year earlier.
($1 = 1.3436 Canadian dollars)
