Q2 hits right... Canopy Growth, Earth's most valuable cannabis company, just hit investors with stronger-than-expected earnings. Somehow Canopy's sales were 22% higher than the same quarter last year despite recreational weed sales in Canada falling overall. Canopy stock popped 8% on the news. To smoke the wider market, the Canadian cannabis giant focused beyond the leaf:
To put it bluntly... Canopy slashed spending. It sadly cut over 18% of its employees since December and shut some of its cannabis-growing greenhouses. That left it more $$$ to invest in the above mentioned growth initiatives. Canopy was also able to significantly narrow its quarterly loss from $194M to $128M.
"Beyond the leaf" is key... The late 2018 "weed bubble" has popped. Consumer demand for legalized weed in Canada didn't meet hyped expectations, and cannabis companies found they'd over-produced. Now...