Canopy Growth Q2 shrinks

Canopy Growth Corp. reported a $1.3-million loss in its latest quarter despite doubling its revenue compared with a year ago, sending its shares lower in early morning trading.

The chief executive of Canada's largest publicly-traded producer, however, says it's "driving ahead" and "doing the actions that establishes us as the continued leader."

Canopy Growth (TSX:WEED) CEO Bruce Linton pointed to 27 provisional patents filed through its subsidiary Canopy Health Innovations and several international deals, such as strategic partnerships in Denmark and Jamaica.

"The international opportunities are now increasingly happening," Linton said on a conference call with analysts on Tuesday.

Canopy shares slipped more than 4 per cent in Toronto in morning trading to $19.48, as its latest results fell short of analyst expectations.

The Smiths Falls, Ont.-based company said Tuesday it lost $1.3 million attributable to shareholders, or a penny per share for the quarter, compared with a profit of $5.4 million, or five cents per share in the same quarter last year.

Revenue in its second quarter totalled $17.6 million, up from $8.5 million last year. That's slightly below the $17.99 million forecast by Beacon Securities analysts.

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