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What's Going On With Canopy Growth Stock After Earnings?
Canopy Growth Corporation (NASDAQ:CGC) shares are down Friday after the company reported its first-quarter financial results. Here's a look at the details from the report.
The Details:
Canopy Growth reported net revenue declined by 13% to $48.193 million in the first quarter driven mostly by the impact of divested businesses.
Canada cannabis net revenue was $27.66 million, a decrease of 6% year-over-year, with record Canada medical cannabis net revenue offset by lower adult-use cannabis net revenues. Canada medical cannabis net revenue increased 20% year-over-year, driven in part by strong demand for high-margin Spectrum Therapeutics products and the broader assortment of products available through the online platform.
International markets cannabis net revenue declined 1% from the same period last year, with growth in high-margin Poland offset by a decline in Australia.
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