Canopy Growth earnings show decline in recreational pot sales from launch of legal weed in Canada

Canopy Growth第三财政季度总体大麻收益增长,但娱乐大麻销售收入下降

2019-06-21 14:34:00 MarketWatch

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The world’s largest pot company said Thursday that recreational pot sales in Canada declined from the previous quarter, but continued to promise increased production of marijuana to meet demand. Canopy Growth Corp. reported fiscal fourth-quarter net losses of C$323.4 million, or 98 cents a share, from a loss of C$54.4 million in the year-ago quarter. Much of that loss — more than C$130 million — was on paper, as Canopy had to account for the growth of its stock price in the first three months of the calendar year because of rules regarding the company’s convertible debt. Still, the company claimed an operational loss of C$174.5 million. Revenue, net of excise taxes, rose to C$94.1 million from C$22.8 million in the year-ago period, and were up sequentially from $83 million in the third quarter. According to FactSet, analysts on average modeled losses of C$95.2 million ($71.1 million), or 25 cents a share. Net of excise taxes, analysts expected Canopy Growth to bank C$90.6 million in fourth-quarter revenue. While overall revenue gained from the fiscal third quarter, when marijuana was officially legalized in Canada, recreational sales did not. Canopy said it took in C$68.9 million in the quarter from sales of recreational pot, down from C$71.6 million the quarter before, when legal sales began two weeks into the quarter. In its announcement, the company stated that it was still ramping production of cannabis to meet demand, with harvest size doubling in its fiscal fourth quarter — the first calendar quarter — and expected to double again in the current quarter. Canopy claimed a gain of more than $77 million in biological assets, or marijuana that was produced in the quarter but not sold, which boosts the bottom line. Canopy announced results just minutes before after-hours trading closed in the U.S., and shares closed the extended session up 0.7%. The U.S.-listed stock ended the regular session up 2.2% at $43.71, which gave the company a market capitalization of $15.1 billion in U.S. dollars. Shares have gained 62.7% so far this year, as the S&P 500 index SPX, +0.95% has increased 17.8%. In April, Canopy Growth said that it planned to pay Acreage Holdings Inc. shareholders $300 million for the right to acquire Acreage in the future for $3.4 billion in stock. Shareholders from both companies approved the transaction Wednesday. Canopy has said it plans to license several of its brands to Acreage for the American market. Also read: Canopy Growth’s quiet co-CEO on the pot company’s ambitions in the U.S. and more Part of the reason Canopy Growth was able to make such a substantial investment in the U.S. — at a time when American multistate cannabis companies are unable to easily access cash — is Constellation Brands Inc.’s STZ, +0.77% $4 billion investment in the company. “If they didn’t have the cash then it would be unlikely they could do such a deal as it would be very difficult to raise capital in the debt markets for a right to buy when that rights not even certain anytime soon,” Jefferies analysts Owen Bennett wrote in a note to clients when the deal was announced. For more: In ‘the marijuana ghetto’ at Davos, Canopy Growth found its American pot partner Canopy Growth has been touting its investments in its U.S. hemp and cannabidiol, or CBD, operations since the farm bill passed last year. On Wednesday the company said that it has hemp or CBD operations in seven states with a full capacity of 4,000 acres. Currently, it is planing high-CBD hemp plants and industrialized hemp plants suitable for textiles, proteins and bioplastics. It’s not clear when the U.S. hemp operations will contribute to revenue, but it’s likely the company could easily transform such investments into marijuana production facilities if the U.S. In the past three months, Canopy Growth’s U.S.-traded stock has fallen 7.3% as the S&P 500 index rose 3.6%.
这家全球最大的大麻公司周四表示,加拿大的娱乐大麻销量较上一季度有所下降,但仍承诺将增加大麻产量,以满足需求。 Canopy Growth Corp . 报告的第四财政季度净亏损为3.234亿加元,即每股亏损98美分,上年同期亏损为5440万加元。大部分损失——超过1.3亿加元——都是账面损失,因为 Canopy 必须考虑到其股价在日历年前三个月的增长,因为该公司的可转换债务规则。尽管如此,该公司仍索赔1.745亿加元的运营损失。 扣除消费税后,收入从去年同期的2280万加元增至9410万加元,并从第三季度的8300万加元依次上升。根据 FactSet 的数据,分析师平均模拟亏损为9520万加元(合7110万美元),即每股25美分。扣除消费税后,分析师预计 Canopy Growth 第四季度收入将达到9,060万加元。 虽然第三财政季度大麻在加拿大正式合法化后,总体收入有所增长,但娱乐销售却没有增长。Canopy 表示,本季度娱乐用大麻销售收入为6,890万加元,低于前一季度的7,160万加元,而前一季度开始合法销售两周。 该公司在公告中表示,它仍在加大大麻生产以满足需求,其第四财政季度(第一个日历季度)的收获量翻了一番,预计本季度产量将再翻一番。Canopy 声称,该季度生产但未售出的生物资产(大麻)收益超过7700万美元,提振了利润。 Canopy 在美国盘后交易结束前几分钟宣布了业绩,股价收盘上涨0.7%。该公司在美国上市的股票收盘上涨2.2%,至43.71美元,市值达到151亿美元。标准普尔500指数今年迄今已上涨62.7 SPX ,+0.95% 增长了17.8%。 今年4月, Canopy Growth 表示,它计划向 Acreage Holdings Inc .股东支付3亿美元,以换取未来以34亿美元股票收购 Acreage 的权利。两家公司的股东周三批准了这笔交易。Canopy 曾表示,计划将旗下几个品牌授权给 Acreage ,用于美国市场。 同样读到: Canopy Growth 在这家罐装公司在美国等地的雄心问题上低调地担任联席首席执行官 Canopy Growth 之所以能够在美国进行如此大规模的投资,部分原因在于星座品牌公司( Constellation Brands Inc .)的投资。在美国,多州大麻公司无法轻易获得现金 STZ ,+0.77% 公司投资40亿美元。 杰富瑞( Jefferies )分析师欧文•贝内特( Owen Bennett )在一份发给客户的报告中写道:“如果他们没有现金,那么他们不太可能进行这样的交易,因为在债券市场上很难筹集资金,以便在这种权利不确定的情况下,在短期内购买。” 自去年农业法案通过以来, Canopy Growth 一直在兜售其在美国大麻和大麻( CBD )业务的投资。周三,该公司表示,它在7个州拥有大麻或 CBD 业务,拥有4000英亩的土地。目前,该公司正在规划适合纺织、蛋白质和生物塑料的高 CBD 大麻工厂和工业化大麻工厂。目前还不清楚美国大麻业务何时会带来收入,但如果美国允许大麻生产,该公司很可能很容易将此类投资转化为大麻生产设施。 过去三个月, Canopy Growth 在美国上市的股票下跌了7.3%,标准普尔500指数上涨了3.6%。

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