International cannabis giant Canopy Growth Corp. remains bullish on the U.S. CBD market, even as the company reported an eye-popping net loss of 1.3 billion Canadian dollars ($944 million) last quarter.
Canopy told investors Friday that it would revamp its overall strategy after its Canadian recreational marijuana market share saw double-digit declines in the fiscal quarter that ended March 31. Just last month, Canopy announced that it is shutting down its hemp-growing operation in New York state, citing a glut of hemp from last year.
“The U.S. CBD market is already a large industry,” CEO David Klein said, pointing to Canopy investments in a line of CBD products with Martha Stewart and in beverage and supplement maker BioSteel Sports Nutrition. “We plan to win in this space.”
Canopy said fiscal year 2021 will be a “transition year,” and the company will reveal new financial targets during the second half of the year.
Canopy will hold a virtual investor meeting on June 22 to give more details of its new strategy.
To read more about Canopy’s quarterly results, click here.