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Cannabis producer Canopy Growth Corporation (NASDAQ: CGC ) reported a wider net loss for the third quarter of 2023, hurt by a 28% drop in profits.
In the three months ended December 2022, the net loss increased to C$261.6 million or C$0.54 per share from C$108.9 million or C$0.28 per share in the same period of the previous year. The bottom line was negatively impacted primarily by the reduction in the amount of salary subsidies received from the Canadian government under the COVID-19 relief program, and the lower gross profit provision in the BioSteel business segment.
Third-quarter revenue fell 28% year over year to C$101.2 million, reflecting weakness in all major operating segments.
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