Canopy Growth Corporation (OTCMKTS:TWMJF) reported fiscal 2Q2017 financial report last week, with some positive growth recorded. The growth for company comprises continual revenue growth compared to the last quarter and the same quarter last year. This comes to revenue of around $8.5 million. This closed in $5.4 million as net income for 2Q2017 as compared to $3.9 million in the comparable quarter, a year earlier. Up around 80% in the last one week, the market may be waiting for a pullback to take a long position in the stock.
Marijuana stock prices jumped leading into the election as pot legalization advocates flooded the markets with dicey trades. Not of concern though, the buying prospects have not vanished away. As evident in the performance of certain cannabis firms, many of them are down in the last five days despite encouraging news and fundamental industry development to come.
Much of the hype seen into share prices moving into the election has reduced due to the profit taking after the election. Since a large number of the swing-traders have closed their positions, this offers nice entry prospects for those with longer-term stance to take a position.
Second quarter performance
Canopy Growth recently posted its financial numbers for 2Q2017 concluded September 30, 2016. All figures mentioned in this here forth are in Canadian dollars. The revenue jumped 22% to $8.5 million over 1Q2017, while it represented an increase of 245% over the same quarter, a year earlier. Bruce Linton, the CEO and Chairman, stated that improvement in registered subjects led in stronger revenues in 2Q2017. The company considers that quality, steadiness and diversity of supply are reasons in driving market share in the mounting legalized cannabis market.
Linton mentioned that he has noted Tweed release robust genetics and improved applications into its production mechanisms, impacting quality in a positive way and retiring earlier strains.