Canopy Growth Corp. CGC, +15.08% WEED, +14.84% said Wednesday its third-quarter net loss narrowed to C$108.93 million ($85.8 million), or 28 cents a share, from C$904.38 million, or C$2.43 a share, in the year-ago period. Revenue at the cannabis company fell to C$140.9 million from C$152.5 million a year ago.
Analysts expected Canopy Growth to lose 28 cents a share on revenue of C$135.9 million, according to a FactSet survey. Growth in consumer products such as BioSteel drinks and Storz & Bickel vapes was offset by a decline in Canadian cannabis sales. The company said it maintained its No. 1 position in the premium flower market in Canada. Shares of Canopy Growth shares jumped 7.8% in premarket trades.