Canopy Growth tumbles after downer earnings report

Canadian cannabis business Canopy Growth fell by more than 20% after it reported top- and bottom-line results that missed Wall Street’s expectations.

Canopy reported a loss per share of $1.43, compared to the $0.46 loss analysts polled by FactSet were expecting. It also reported $47.2 million in revenue, compared to the $51.5 million analysts were hoping for.

Canadian cannabis companies have struggled to find growth as the domestic market hits a ceiling. Canopy has been able to grow its cannabis exports to Europe, but that hasn’t been enough to bolster overall revenues.

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