Cannabis stocks on Friday were noted to be higher as the investors digested the earnings acquired from the company, Canopy Growth Corporation. Additionally, there was also news that the probe acquisitions by Aphria Incorporation in the Latin America dubbed that some of the board members from the company had conflicts among themselves.
Canopy, the biggest company in terms of market value for weed, recently posted an increase of 282 percent in the overall quarterly revenue. This was due to the legalization of weed in Canada. However, the earnings were bashed by some paper losses as stated by the security filing on Thursday that came later in the day.
This popular pot producer reported that its net income for the third fiscal quarter was close to C$67.6 million when compared to the earnings last year marked at C$11 million. Overall in this quarter, the company mentioned that it sold about 10,102 kilograms pots and similar products, a number which was way up in numbers as compared to the quantity sold last year which was 2,250 kilograms.
During the official conference call, the executives of the company mentioned that investors need to use the adjusted version of EBTIDA or the earnings prior to taxes, interest, amortization, and depreciation. This will help measure the performance of the company in a better way.