Marijuana producer Canopy Growth Corp., which is the largest legal pot producer in the world, reported its third quarter financial results that thrilled Wall Street.
The company reported that revenue for the quarter jumped 282% compared to the year ago period.
According to Chairman and co-CEO Bruce Linton, the revenue lift was attributed to the company’s decision to make early, “meaningful” investments that helped it take a stake in a big part of the Canadian market when Canada’s recreational marijuana law took affect last October.
Speaking to MarketWatch, Linton said, “You do what can be done, by a group of people,” Linton said. “We are constantly scanning for new personnel — working against evolving priorities. There is never a week that goes by that we don’t.”
The company has grown its workforce by 285% to 2,700 workers from 700 employees last year.
“In Canada, we made significant investments on a theory of how things [in the cannabis market] would open up,” Linton said. “Now we’re doing the same thing on a global basis. It’s capital allocation against a not-entirely certain model.”
In the fiscal third quarter, the company said that it sold 8,288 kilograms of pot into the recreational market and equivalents and 1,814 kilograms for medical purposes.
This is compared to the year-ago quarter when Canopy sold no recreational pot and 2,330 kilograms of medical pot. The company said it sold 204 kilograms of medical pot in Germany in the third quarter.