Cannabis Watch: Canopy Growth, world’s largest pot company, lost $1 billion in three months

Canopy Growth Corp. reported a C$1.28 billion quarterly loss late Wednesday and missed analyst revenue estimates for revenue, sending shares down 10% in after-hours trading.

The world’s largest cannabis company by market value, Canopy Growth CGC, -6.64%WEED, -5.76% reported fiscal first-quarter net losses of C$1.28 billion, or C$3.70 a share, compared with losses of C$91 million, or 40 cents a share, in the year-ago period. The more than $1 billion loss was due to the company extinguishing warrants related to the Constellation Brands Inc. STZ, -1.61% investment.

Canopy Growth fired co-Chief Executive Bruce Linton not long after its previous earnings report, amid reports of unhappiness at Constellation with continuing large losses.

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