Smith Falls, Ontario-based medical cannabis producer Canopy Growth (TSX: WEED) (OTCQB:, the largest cannabis producer by market cap and revenue, announced financial results for Q2 2018 ending September 30, 2017.
Revenue increased to $17.6 million CAD, a 107% increase from same period YAG and an 11% increase from Q1 2018. This continues Canopy’s dominance as the largest revenue of any legal cannabis producer in North America.
The company sold 2,020 kg of cannabis, a 73% increase from YAG and a 10% increase from Q1 2018. Cost per gram dropped slightly from Q1 to $1.25 per gram from $1.27 per gram. In the first two quarters the company sold 3,850 kgs at an average price of $7.98 kg.
Without counting the cost of interest, taxes and depreciation, the company lost $6.2 million (EBITDA), reflecting continued high spending on building out operations to grow market share and stay ahead of competitors. This is in line with management expectations.
Canopy Growth has over 2.4 million sq ft (55 acres) of indoor and greenhouse facilities under development. It’s market cap is $2.99 billion CAD.
Canopy just received $245 million dollars from beverage giant Constellation Brands in exchange for 9.9% of its equity, reflecting high confidence from mainstream business in the company’s profit prospects.
Source: Canopy Growth