Canopy Growth Corporation (NYSE:CGC) business strategies and substantial financial numbers led it to get a space on New York Stock Exchange last week. It is the second Canadian cannabis company who achieved this milestone in the history. Market analysts are expecting growth in its trading volume amid NYSE listing. They believe the listing on the largest exchange will open it to the broader range of investors.
CEO Bruce Linton stated that Canopy’s listing on the NYSE “will represent a continuation of our upward trajectory as we build the global cannabis industry.”
The CEO comments are undoubtedly correct. The company has been moving in upwards trajectory with its investments in organic and non-organic growth opportunities.
Growth Strategies and Financial Numbers
The company is looking to expand its footprints in global markets to capitalize on growing demand from the medical and recreational market. It recently acquired Annabis Medical to strengthen its position in European markets.
The company sold 2,330 kilograms of marijuana in the latest quarter with an average price of $8.30 per gram. This is almost double from last year quarter sales of 1,245 kilograms at $7.36 per gram.
Furthermore, the cannabis company held almost 16,837 kilograms of dry cannabis and 5,919 liters of cannabis oils available for sale at the end of the latest quarter.
Commenting on future strategies Bruce Linton, Chairman & CEO said. “Success in future global medical markets and the recreational cannabis market in Canada will depend not only on capacity but on strong execution and securing supply agreements with the provinces today. I believe our success on both these fronts is evident as you look at our accomplishments this past quarter.”
Its revenues also reached a new record level in the latest quarter, supported by higher demand and improved prices. Its quarterly revenue stood at around $21.7 million in the previous quarter, the highest ever sales in Canadian cannabis industry. Its registered patients also rose 138% year over year in the past quarter.
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