Canopy Growth Corp.'s net loss for the first quarter of fiscal year 2020 totaled C$3.70 per share, compared with the S&P Global Market Intelligence consensus normalized EPS estimate of 41 Canadian cents per share.
The company's per-share loss widened 825% year over year from 40 cents.
For the three months that ended June 30, the company's net loss widened by 1,308% to C$1.28 billion from the net loss of C$91.0 million booked in the year-ago period.
Canopy Growth noted that its acquisition-related costs increased significantly in the quarter mainly due to its US$3.4 billion acquisition of New York-based cannabis asset manager Acreage Holdings Inc., as well as completion of its deals with This Works and C3 Cannabinoid Compound Co.
The company's research and development expenses jumped to C$8.5 million in the quarter from C$756,000 a year earlier, mainly driven by its investment in new research and development efforts.
Meanwhile, the Canadian cannabis and hemp company's net revenue increased 249% on an annual basis to C$90.5 million from C$25.9 million.