Neptune losses widen, even as revenue ticks up

Neptune Wellness Solutions, a Laval, Quebec-based CBD extractor and manufacturer, reported revenue of $16 million (21.4 million Canadian dollars) for the fiscal quarter ended June 30, up 390% from the same period a year ago.

But the company, which grows marijuana in Canada and hemp in North Carolina, reported a wider loss than it did a year ago, reporting a quarterly loss of $8.6 million (CA$11.4 million).

Year-over-year, the company reported a loss of $4.9 million (CA$6.5 million).

The company said in July that it would sell more than 4.7 million common shares at an offering of $2.65 per share in an attempt to raise roughly $12.65 million. That transaction was after the close of the fiscal quarter.

Neptune trades as NEPT on the Toronto Stock Exchange and the Nasdaq.