Big companies like Canopy Growth are still gaining ground despite losses while small American players like West Coast Ventures Corp. (OTC: WCVC) are building up a presence in the cannabis market. Canadian cannabis giant Canopy Growth produced 40 tonnes of grass in the first quarter, four times more than a year earlier, but this resulted in a loss of $1.2 billion, according to its results released last week. Small companies like West Coast Ventures Corp. (OTC: WCVC)are taking advantage of the positive market momentum.
WCVC represents America’s first CBD restaurant stock. Two of the company’s Illegal Burger locations are set to do $750,000 and $1 million in revenue this year alone and their newly opened Illegal Pizza location in Florida is predicted to make $750,000 in revenue in its first year. The company sells CBD sachets that allows diners to choose how much CBD they want to add to their food, as well as Illegal Brands CBD water with lab results available on their website.
For the first quarter of its delayed 2020 fiscal year, between April and June, Canopy Growth incurred a loss of $1.281 billion, compared to a loss of $91 million a year ago, the group said in a release.
This heavyweight in the emerging marijuana industry generated quarterly sales of $103.4 million, an increase of 299% over a year largely due to the legalization of recreational cannabis in Canada last October.
Canopy also reported that in the past three months, its sales of therapeutic cannabis outside Canada have increased by 209% compared to the first quarter of 2019. In particular, it now produces marijuana in Europe: in Germany and Denmark.
And in the United States, where several states have fully legalized herb consumption, the Canadian group has “ardently developed” a diverse range of products based on cannabidiol (CBD), a non-psychoactive cannabis molecule, which it plans to launch by the end of its 2020 fiscal year. These include “skin products, cosmetics, anaesthetic creams, spray products, beverages, edible products and oils”.
Canopy attributes a significant portion of its quarterly loss to “significant investments” in the United States to open offices and build teams in California, Colorado, Illinois and New York, although it currently generates very little revenue in that country, the company explained.
Listed on Wall Street and the Toronto Stock Exchange, and with a market capitalization of 14.7 billion Canopy Growth is the world’s largest player in the cannabis industry.
But since legalization in Canada, their title has declined steadily. Last week, their shares fell by 6.64% on the New York Stock Exchange. The fall even worsened after the publication of these results: the stock lost 11% in electronic trading after the markets closed.
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