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Canadian cannabis giant Canopy Growth Corporation (TSX:WEED) (NASDAQ:CGC) reported Friday having generated CA$136 million ($108,6 million) in revenues in the first three months of fiscal 2022, missing estimates by CA$15.08 million, according to Seeking Alpha. Diluted earnings per share totaled CA$0.84.
Based in Smiths Falls, Ontario, the company revealed a 23% year-over-year revenue growth,
which can be attributed to double-digit growth in both cannabis and other consumer products segments, while maintaining a number one market share in tracked Canadian recreational cannabis market share.
"With the right strategy and strong foundation in place, we are confident in our ability to deliver long-term success as Canopy's products and brands continue to demonstrate their appeal to consumers in our core markets," David Klein, the company's CEO, commented on the financial results.
"We're continuing to drive cost savings and operational efficiencies across the company and remain broadly on track to our target of CA$150-CA$200 million in fiscal 2022- fiscal 2023," said Mike Lee, the company's CFO.
Over the quarter, the company boosted its product portfolio by wrapping up the merger with Supreme Cannabis Company, Inc. (TSX:FIRE) (OTCQX:SPRWF) that brought 7ACRES and 7ACRES Craft Collective brands as well as Supreme's Kincardine under its helm, as well as
acquiring the cannabis brand Ace Valley.
To wrap up July, Canopy announced the expansion of its pre-roll offering with two new product lines: Tweed Quickies and Ace Valley Pinners. In addition, it also granted its leadership team over CA$4 million ($3.2 million) in cash bonuses in fiscal 2021.
Canopy Growth's shares were trading 0.21% higher at $19.18 per share at pre-market hours Friday morning.
Photo: Courtesy of Canopy Growth Corporation