Canopy Growth reports Q2 loss on ramped up spending ahead of pot legalization

Staff work in a marijuana grow room that can be viewed by at the new visitors centre at Canopy Growths Tweed facility in Smiths Falls, Ont. on Thursday, Aug. 23, 2018. Canopy Growth Corp. reported a loss of $330.6 million in its most recent quarter as it ramped up spending ahead of the legalization of recreational marijuana in Canada. THE CANADIAN PRESS/Sean Kilpatrick

SMITH FALLS, Ont. — Canopy Growth Corp. reported a loss of $330.6 million in its most recent quarter as it ramped up spending ahead of the legalization of recreational marijuana in Canada.

The company says the loss amounted to $1.52 per share compared with a loss of $1.6 million or a penny per share a year ago.

Revenue for the quarter ended Sept. 30 totalled $23.3 million, up from $17.6 million.

The quarter included $700,000 in revenue from what Canopy said were test shipments to test supply chain systems ahead of the launch of recreational marijuana on Oct. 17.

During the quarter, the company sold 2,197 kilograms and kilogram equivalents at an average sale price of $9.87 per gram, up from 2,020 kilograms and kilogram equivalents at an average price of $7.99 a year ago.

Canopy says it had 84,400 active registered medical marijuana patients, up from 63,000 a year ago.

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The Canadian Press