The majority of the loss comes from a $1.7-billion goodwill write down on the company’s cannabis operations
reported a $2.1-billion loss in the first quarter of its current fiscal year, another major blow for the former cannabis star as it tries to restructure its business in order to win investors back.
A month later, Canopy announced it would swap some bonds for shares in order to reduce its troubling debt burden. Handing out new stock diluted existing shareholders and as part of the swap, Canopy agreed to repay $345-million in cash next summer. Canopy’s Canadian recreational cannabis operations — once its bread and butter — was a leading factor, with revenue from the unit falling 35 per cent to $39-million from the same quarter last year. Canopy attributed much of the drop to competitive pricing for non-premium cannabis because the Canadian market is wildly oversupplied with this product.
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