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Canopy reports massive impairment loss of C$2.1 billion

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On Friday, the Smiths Falls, Ontario-based business reported a first-quarter net loss of C$2.1 billion ($1.6 billion) after the struggling licensed producer booked a goodwill impairment worth C$1.7 billion related to its cannabis unit. Net income fell 19 percent in the first quarter of fiscal 2023 compared to the first quarter of 2022, due to a decline in recreational marijuana sales. According to a press release, Canopy attributed the sales plunge to its "deliberate business transformation to focus on higher margin, premium and mainstream products. The $2.1 billion loss for the quarter was the largest in the company's history, bringing Canopy's cumulative loss since 2015 to nearly $6 billion. The company said it maintained its No. 1 market share position in the premium cannabis flower and pre-rolled tobacco segments, and ranked No. 2 in the beverage category with more than 5 mg of THC. Another highlight was a 169% year-over-year increase in first quarter sales of BioSteel beverages. canopy also said it has reached an agreement with Wal-Mart to sell BioSteel in 2,200 stores in 39 states in the U.S. Cash and cash equivalents at the end of the quarter totaled C$769 million. canopy shares trade on the toronto stock exchange as WEED and on the Nasdaq as CGC.

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