Canopy Growth promises to focus on cutting costs as losses grow

Marijuana plants grow in the Mother Room at the Canopy Growth Corp. facility in Smith Falls, Ontario, Canada, on Tuesday, Dec. 19, 2017.

Chris Roussakis | Bloomberg | Getty Images

Canopy Growth said on Friday it will focus on reducing costs as the pot producer struggles with a slump in weed prices from oversupply and growing expenses that led to a bigger adjusted loss in the quarter.

The Ontario-based company said its adjusted loss before interest, tax, depreciation, and amortization was C$91.7 million ($69.25 million) in the third quarter ended Dec. 31, compared with C$74.8 million a year earlier.

Net revenue rose to C$123.8 million from C$83 million a year earlier, as it sold more cannabis in international and domestic markets.

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