Cannabis venture capital firm Canopy Rivers reports $1.8-million Q4 loss
Workers produce medical marijuana at Canopy Growth Corporation's Tweed facility in Smiths Falls, Ont., on February 12, 2018. (Sean Kilpatrick/THE CANADIAN PRESS)
The Canadian Press
Published Tuesday, July 16, 2019 7:53AM EDT
TORONTO - Canopy Rivers Inc. reported a loss of $1.8 million in its latest quarter compared with a profit of nearly $14.6 million in the same quarter last year.
The venture capital arm of marijuana company Canopy Growth Corp. says the loss amounted to two cents per diluted share for the quarter ended March 31 compared with a profit of 11 cents per diluted share a year ago.
Operating income for what was the company's fourth quarter totalled nearly $6.1 million, down from $19.5 million a year earlier.
For its full financial year, Canopy Rivers says it earned $3.9 million or two cents per diluted share on $38.5 million compared with a profit of $36.4 million or 36 cents per diluted share in the previous year. Operating income totalled $38.5 million, down from $50.2 million.
Earlier this month, Bruce Linton stepped down as chairman and a director of the company at the same time that he was ousted from Canopy Growth.
To date, Canopy Rivers has made investments in 18 companies.