Summary by Moomoo AI
Canopy Growth, a leading cannabis and consumer packaged goods company, reported a decrease in net revenue to $78.5 million in Q3 2024, down 7% from $84.85 million in the same period last year. The company's gross margin improved significantly to 36% from 6% year-over-year. The operating loss was reduced to $60.3 million from $112.7 million, and the net loss before income taxes narrowed to $231.4 million from $228.2 million. The company's business development saw a strategic shift with the divestiture of This Works on December 18, 2023, and a focus on its core segments: Canada cannabis, Rest-of-world cannabis, and Storz & Bickel. Canopy Growth's future plans include continued strategic review and restructuring to align with business objectives, with a focus on improving financial performance and operational efficiency.