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Non-Tech : Marijuana Stocks
CGC 1.155+0.9%3:33 PM EST
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From: JakeStraw2/14/2020 10:21:00 AM
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Cutting Costs Boosts Canopy Growth Stock
msn.com
CEO David Klein commented:

In Q3 we executed across Canada, in our international markets and in our strategic acquisitions to drive revenue growth. We have a lot of work to do. We are eager to capitalize on the opportunity to create an unassailable position through a tight focus on the consumer and on critical markets.

Mike Lee, the company's chief financial officer, added:

We delivered significant gross improvement in the third quarter driven by stronger revenues and higher capacity utilization. Actions taken earlier this year are expected to meaningfully reduce stock-based compensation in FY21, and we have started to implement tighter cost controls across the organization. We plan to take further steps to reduce our costs and right-size our business to ensure that we can generate a healthy margin profile and cash generation in the coming years.
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