Summary by Moomoo AI
Canopy Growth, a leading cannabis company, reported a net revenue of $66.2 million for the quarter ended June 30, 2024, a 13% decrease from $76.3 million in the same period last year. The company's operating loss improved to $(29.1) million from $(54.7) million year-on-year, while the loss before income taxes significantly increased to $(123.0) million from $(8.6) million. The gross margin improved to 35% from 18% in the previous year. The company's Canada cannabis segment saw a 6% decrease in net revenue, while the international markets cannabis segment remained flat. Storz & Bickel, a subsidiary specializing in vaporizers, reported a slight revenue increase. This Works, a beauty and wellness brand, was divested on December 18, 2023, and thus did not contribute to revenue this quarter. Canopy Growth's selling, general, and...Show More