The Globe and Mail reports in its Saturday, Aug. 6, edition that Canopy Growth posted a $2.1-billion loss in the first quarter of its 2023 fiscal year. The Globe's Tim Kiladze writes that the lion's share of the loss stems from a $1.7-billion goodwill writedown on Canopy's cannabis operations. Canopy has now written off all the goodwill it has compiled in its cannabis division. Until recently Canopy's shares kept a premium valuation relative to its peers. That has changed in the past few months, as investors have dumped the company's stock. The new goodwill writedown, reported Friday, dominated Canopy's first quarter loss, but the company's core business also struggled, with total revenue falling 19 per cent to $110-million from the year prior. Canopy's Canadian recreational cannabis operations -- once its bread and butter -- were a leading factor, with revenue from the unit falling 35 per cent to $39-million from the same quarter last year. Canopy chief financial officer Judy Hong on Friday said, "The Canadian market has developed really differently than we expected." Canopy's current management has banked heavily on the United States legalizing recreational cannabis at the federal level.