International cannabis giant Canopy Growth Corp. remains bullish on the U.S. CBD market, even as the company reported an eye-popping net loss of 1.3 billion Canadian dollars ($944 million) last quarter.
Canopy told investors Friday that it would revamp its overall strategy after its Canadian recreational marijuana market share saw double-digit declines in the fiscal quarter that ended March 31. Just last month, Canopy announced that it is shutting down its hemp-growing operation in New York state, citing a glut of hemp from last year.
But executives seemed optimistic about their plans to sell CBD in the U.S.
“The U.S. CBD market is already a large industry,” CEO David Klein said, pointing to Canopy investments in a line of CBD products with Martha Stewart and in beverage and supplement maker BioSteel Sports Nutrition. “We plan to win in this space.”
Canopy said fiscal year 2021 will be a “transition year,” and the company will reveal new financial targets during the second half of the year.
Canopy will hold a virtual investor meeting on June 22 to give more details of its new strategy.
The company’s shares trade on the New York Stock Exchange under the ticker symbol CGC and on the Toronto Stock Exchange as WEED.
To read more about Canopy’s quarterly results, click here.
