Canadian pot company Canopy Growth Corp. has reported over a four-fold jump in quarterly revenue this week.
Canada’s biggest weed producer by market capitalization, cited higher sales following Canada’s legalization of recreational cannabis.
Net revenue for the fourth quarter ended March 31st, grew to C$94.1 million from C$22.8 million in the year ago period.
Analysts had expected Canopy Growth to have a per-share loss of 17 cents, or 22 cents Canadian. Sales were expected to jump 294% from a year ago to $71 million, or 93.67 million Canadian dollars.
The company reported a per-share loss of 98 Canadian cents.
For the quarter, Canopy Growth sold 9,326 kilograms, or kilogram equivalent, of cannabis during the quarter. This was a drop from 10,102 in the prior quarter.
On Wednesday, Stifel analyst W. Andrew Carter, had said Canopy’s results would likely “showcase the slower development of the Canadian market.”