Canopy Growth FY23 Net Revenue Declines 21%, Announces Remedial Actions Against BioSteel
Portfolio Pulse from Vuk Zdinjak
Canopy Growth Corporation reported a 21% decline in net revenue for FY2023, primarily due to increased competition in the Canadian adult-use cannabis market and divestitures. The company also announced remedial actions against BioSteel, including management changes and personnel actions, after identifying material misstatements in prior financial statements.
June 23, 2023 | 12:35 pm
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Canopy Growth's FY2023 net revenue declined 21% due to increased competition and divestitures. Remedial actions against BioSteel may impact the company's reputation and financial performance.
The decline in net revenue is a negative sign for Canopy Growth's financial performance. The remedial actions against BioSteel, including management changes and personnel actions, may impact the company's reputation and financial performance in the short term.
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