(RTTNews) – Canadian Cannabis company Canopy Growth Corporation (CGC) jumped $2.61 or 13.37% on February 14, after reporting a reduced loss in the third quarter.
Canopy shares have been on a downward trend over the last year, losing more than half of its value. The stock has been trading in a range of $13.81- $52.74. CGC closed at $22.13 on Friday.
The company’s new brand of high-quality chocolate, Bean & Bud, is expected to be on shelves by the end of this month.
The company reported a loss in the third quarter of $0.35 per share, narrower than $0.38 per share loss in the same quarter a year ago. Net revenue increased to $123.76 million from $83.05 million in the prior-year quarter.
In November last year, the cannabis giant had announced its new portfolio of Cannabis 2.0 products, including distilled cannabis concept, chocolates, vape cartridges, and vape pens.
Canopy had achieved some important milestones in the third quarter including online sales of First & Free branded hemp-derived CBD products and shipping out of first chocolate products in December 2019.
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