Staff work in a marijuana grow room that can be viewed by at the new visitors centre at Canopy Growths Tweed facility in Smiths Falls, Ont. on Thursday, Aug. 23, 2018.
THE CANADIAN PRESS/Sean Kilpatrick
"Overall, we are not satisfied with where we are today," chief executive David Klein told analysts during a conference call to discuss its latest financial results. While Canopy remains one of the biggest cannabis producers in Canada, many Canadians have yet to transition away from the illicit market and pot companies have struggled to align supply with demand since cannabis was legalized in 2018.
The company's revenue for the period ended Sept. 30 totalled $131.3 million, down from $135.2 million at the same period last year. Total net cannabis revenue reached $95 million in the quarter, a one per cent increase from a year earlier. Standing in the way of higher revenues is a competitive recreational cannabis market and shifting consumers preferences.
The company will also try to woo shoppers during the December holidays by selling peppermint ribbons and fruit gummy packages under celebrity chef Martha Stewart's brand. The products will be infused with cannabidiol, a compound found in cannabis that doesn't produce a high but is believed to relax consumers, and have flavours like blood orange, kumquat and Persian lime.
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