It’s time for your Daily Hit of cannabis financial news for August 10th, 2020.
On the Site
Canopy Growth Still Reporting Elevated Losses
Canopy Growth Corporation (TSX: WEED) (NYSE: CGC) reported first-quarter fiscal 2021 net revenue increased 22% to $110 million. The net loss of $128 million was lower than last year’s net loss by $66 million which the company attributed to the higher revenue and lower SG&A expenses.
In Other News
Terra Tech Reports Lower Gross Margins as it Becomes Vertically-Integrated
Former retail-only Terra Tech reported a Q2 revenue of $3.5 million. This is down 26% from the same time last year. The company cites the combined impact of COVID-19 and civil unrest, forcing them to close two of their dispensaries for the entire month of June. Terra Tech reported a gross margin of 42.1% compared to 51.4%, with a net loss of $18.18 million.