The Globe and Mail reports in its Tuesday, Nov. 15, edition that medical marijuana producer
Canopy Growth ($11.16) has been
expanding its growing facilities
to keep up with demand, as the
company's client base grew 47
per cent during the quarter.
A Canadian Press dispatch to The Globe reports that Canopy says it had more than
24,400 registered patients at the
end of September, up from more
than 16,600 during the previous
quarter and 6,200 a year ago.
The company released the new
patient figures as it reported a
profit of $5.4-million or a nickel a
diluted share for the quarter ended
Sept. 30. The result compared
with a profit of $3.9-million or a
nickel a diluted share in the same
quarter last year when it had fewer
shares outstanding.
Revenue in what was its second
quarter totalled nearly $8.5-million,
up from nearly $2.5-million
in the same quarter last year. During a conference call to discuss the results, chief executive officer Bruce Linton emphasized the company's efforts to expand its production capacity to keep up with demand.
Canopy expects to more than double the amount of marijuana it is producing at its Smiths Falls facility over the next six months, Mr. Linton said.
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