Canopy Growth Expects Cannabis Operations to Become Profitable by End of Fiscal Year

from Canopy Growth Corp., the company’s chief executive officer expects its cannabis operations will become profitable by the end of the fiscal year, as it works to reduce assets and eliminate debt. a net loss of nearly $42 million in the first quarter, marking an improvement from a net loss a year earlier of around $2.1 billion. The company said it reduced costs by $47 million during the latest quarter.

David Klein, CEO of Canopy Growth, said in an interview with BNN Bloomberg Thursday that the company has been focussing on an “asset-light model” and on restructuring, which he says will bring the business toward profitability. Efforts around restructuring have yielded some success, according to Klein, who said the company has begun to see improvements on profitability as “every single one of our business units grew sequentially quarter-over-quarter.”

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