<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Canopy Growth’s (WEED.TO)(CGC) sales climbed to $124 million in the company’s fiscal third quarter of 2020, topping analyst estimates while posting a narrower loss. The company largely attributed the revenue increase to over 140 pot stores opening their doors.” data-reactid=”15″>Canopy Growth’s (WEED.TO)(CGC) sales climbed to $124 million in the company’s fiscal third quarter of 2020, topping analyst estimates while posting a narrower loss. The company largely attributed the revenue increase to over 140 pot stores opening their doors.
The Smiths Falls, Ont.-based licenced producer’s net revenue for the three months ending Dec. 31, 2019 represents a 62 per cent increase from the $76 million reported in the previous quarter.
<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="“Adding more stores is a pressure relief valve for some of the ills of the cannabis sector at the moment,” chief executive officer David Klein told Yahoo Finance Canada in an interview on Friday. “The biggest driver for us is being consistently on the shelf for more consumers.”” data-reactid=”17″>“Adding more stores is a pressure relief valve for some of the ills of the cannabis sector at the moment,” chief executive officer David Klein told Yahoo Finance Canada in an interview on Friday. “The biggest driver for us is being consistently on the shelf for more consumers.”
The company shrunk its EBITDA loss to $92 million, compared to $156 million in the prior period.
SMITHS FALLS, ONTARIO – MAY 15: A cart full of bagged marijuana is rolled through the corridors at the Canopy Growth Corporation headquarters in Smiths Falls, Ontario, on May 15, 2019. Canada has recently legalized recreational marijuana. (Photo by Lane Turner/The Boston Globe via Getty Images)
Toronto-listed shares shot up nearly 20 per cent in early trading.
Analysts polled by Bloomberg expected net revenue of $105 million and an EBITDA loss of $110 million.
“Make no mistake, we have a lot of work to do,” Klein said on a conference call with analysts on Friday. “I am already taking actions to keep us in the leadership position in the cannabis industry.”
<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="The former chief financial officer of Canopy’s largest shareholder, Corona beer-maker Constellation Brands (STZ), started leading the pot giant in January following a months-long search to replace ousted co-CEO Bruce Linton.” data-reactid=”33″>The former chief financial officer of Canopy’s largest shareholder, Corona beer-maker Constellation Brands (STZ), started leading the pot giant in January following a months-long search to replace ousted co-CEO Bruce Linton.
In his first earnings call as Canopy’s chief executive, Klein spelled out his three-pronged set of priorities for the world’s largest cannabis producer by market capitalization. They include; improving relationships with customers, bringing more focus and discipline to the business, and defining a path to profitability and positive free cash flow.
“We will do this by delivering on our commitments in a thoughtful and measured fashion,” he said. “The industry has evolved and we need to focus on specific markets where we have the legitimate right to win.”
<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="One market he intends to win is the United States. Canopy has a deal in place to acquire New York-based Acreage Holdings (ACRG-U.CN)(ACRGF) should cannabis sales become legal under U.S. federal law. The company recently commenced online sales of its U.S.-focused CBD brand First & Free.” data-reactid=”36″>One market he intends to win is the United States. Canopy has a deal in place to acquire New York-based Acreage Holdings (ACRG-U.CN)(ACRGF) should cannabis sales become legal under U.S. federal law. The company recently commenced online sales of its U.S.-focused CBD brand First & Free.
“We want to and need to move faster and make bolder moves in the U.S., and are focused on creating brands that resonate with our consumers,” he said.
Klein’s plan to steer Canopy towards profitability includes an ongoing “strategic review” of the company’s cultivation footprint. Analysts have raised concerns about Canopy’s inventory outstripping demand in the legal market.
“We’re prepared to take initial steps to right-size our business over the next 90 days,” he said.
<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Open for business” data-reactid=”40″>Open for business
The slower-than-expected roll out of physical retail locations in Canada, especially in Ontario, has been been a persistent headwind for the legal cannabis sector at large.
Klein’s predecessor, Mark Zekulin, said last November that delays in Ontario resulted in half of the expected market in that province “simply not existing.”
Canada’s most populous province overhauled is regulatory process for approving new stores late last year. The Ontario government expects store authorizations at a pace of 20-per-month beginning in April.
Canopy reported a dominant 22 per cent share of Canada’s recreational market. Recreational sales increased eight per cent quarter-over-quarter. The company attributes that strength to strong demand for both premium and value-priced dried flower and pre-rolled joints.
The company said holiday spending in the quarter added about $5 million in incremental sales.
“We were particularly encouraged to see Canopy print a solid sequential increase in its recreational sales in a period where many of its peers are anticipated to see flat to lower revenues,” Canaccord Genuity analyst Matt Bottomley wrote in a note to clients on Friday.
He points out that Canopy’s recreational average selling price per gram was two per cent higher quarter-over-quarter at $5.79, while some peers reported declines of between 10 and 20 per cent.
Canopy saw a five per cent quarterly increase in medical sales, stronger revenue from its international C3 cannabis business and improved medical sales in Germany.
Canopy noted that cost-cutting measures and reduced stock-based compensation also led to the smaller quarterly loss.
“We plan to take further steps to reduce our costs and right-size our business to ensure that we can generate a healthy margin profile and cash generation in the coming years,” chief financial officer Mike Lee said in the statement.
CIBC analyst John Zamparo said the warm reception from investors on Friday may reflect relief among those who had braced for bad news.
“Many investors had expected this quarter had potential for noisy results stemming from further revenue provisions and potential asset impairments. The company announced none of either,” he wrote in a note to clients.
<h2 class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="No word on drinks timeline” data-reactid=”57″>No word on drinks timeline
Notably absent in the financial filings was a promised update on the status of the company’s delayed cannabis drinks portfolio.
Canopy said in December that its infused beverages would hit the market in early January, before announcing a delayed launch on Jan. 17.
<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Yahoo Finance Canada reported on Thursday that issues related to the company’s use of aluminum cans may be responsible for the setback. Canopy told Yahoo Finance Canada in an email that it was aware the packaging could be a risk, without offering specific details.” data-reactid=”60″>Yahoo Finance Canada reported on Thursday that issues related to the company’s use of aluminum cans may be responsible for the setback. Canopy told Yahoo Finance Canada in an email that it was aware the packaging could be a risk, without offering specific details.
Speaking on the earnings call, Klein did not address the specific cause of the delay. He suggested problems occurred in the transition from “lab scale” to “commercial scale.”
“We’ve had some issues as we’ve made that jump. Also, understand that it’s a very involved quality process that we’re putting ourselves through,” he said. “It’s just taking longer than we would like, but we think it’s worth getting the products right as opposed to rushing them out there to make an in-market date.”
Most job search advice is cookie-cutter. The advice you’re following is almost certainly the same advice other job seekers follow, making you just another candidate following the same script.
In today’s hyper-competitive job market, standing out is critical, a challenge most job seekers struggle with. Instead of relying on generic questions recommended by self-proclaimed career coaches, which often lead to a forgettable interview, ask unique, thought-provoking questions that’ll spark engaging conversations and leave a lasting impression.
Your level of interest in the company and the role.
Contributing to your employer’s success is essential.
You desire a cultural fit.
Here are the top four questions experts recommend candidates ask; hence, they’ve become cliché questions you should avoid asking:
“What are the key responsibilities of this position?”
Most likely, the job description answers this question. Therefore, asking this question indicates you didn’t read the job description. If you require clarification, ask, “How many outbound calls will I be required to make daily?” “What will be my monthly revenue target?”
“What does a typical day look like?”
Although it’s important to understand day-to-day expectations, this question tends to elicit vague responses and rarely leads to a deeper conversation. Don’t focus on what your day will look like; instead, focus on being clear on the results you need to deliver. Nobody I know has ever been fired for not following a “typical day.” However, I know several people who were fired for failing to meet expectations. Before accepting a job offer, ensure you’re capable of meeting the employer’s expectations.
“How would you describe the company culture?”
Asking this question screams, “I read somewhere to ask this question.” There are much better ways to research a company’s culture, such as speaking to current and former employees, reading online reviews and news articles. Furthermore, since your interviewer works for the company, they’re presumably comfortable with the culture. Do you expect your interviewer to give you the brutal truth? “Be careful of Craig; get on his bad side, and he’ll make your life miserable.” “Bob is close to retirement. I give him lots of slack, which the rest of the team needs to pick up.”
Truism: No matter how much due diligence you do, only when you start working for the employer will you experience and, therefore, know their culture firsthand.
“What opportunities are there for professional development?”
When asked this question, I immediately think the candidate cares more about gaining than contributing, a showstopper. Managing your career is your responsibility, not your employer’s.
Cliché questions don’t impress hiring managers, nor will they differentiate you from your competition. To transform your interaction with your interviewer from a Q&A session into a dynamic discussion, ask unique, insightful questions.
Here are my four go-to questions—I have many more—to accomplish this:
“Describe your management style. How will you manage me?”
This question gives your interviewer the opportunity to talk about themselves, which we all love doing. As well, being in sync with my boss is extremely important to me. The management style of who’ll be my boss is a determining factor in whether or not I’ll accept the job.
“What is the one thing I should never do that’ll piss you off and possibly damage our working relationship beyond repair?”
This question also allows me to determine whether I and my to-be boss would be in sync. Sometimes I ask, “What are your pet peeves?”
“When I join the team, what would be the most important contribution you’d want to see from me in the first six months?”
Setting myself up for failure is the last thing I want. As I mentioned, focus on the results you need to produce and timelines. How realistic are the expectations? It’s never about the question; it’s about what you want to know. It’s important to know whether you’ll be able to meet or even exceed your new boss’s expectations.
“If I wanted to sell you on an idea or suggestion, what do you need to know?”
Years ago, a candidate asked me this question. I was impressed he wasn’t looking just to put in time; he was looking for how he could be a contributing employee. Every time I ask this question, it leads to an in-depth discussion.
Other questions I’ve asked:
“What keeps you up at night?”
“If you were to leave this company, who would follow?”
“How do you handle an employee making a mistake?”
“If you were to give a Ted Talk, what topic would you talk about?”
“What are three highly valued skills at [company] that I should master to advance?”
“What are the informal expectations of the role?”
“What is one misconception people have about you [or the company]?”
Your questions reveal a great deal about your motivations, drive to make a meaningful impact on the business, and a chance to morph the questioning into a conversation. Cliché questions don’t lead to meaningful discussions, whereas unique, thought-provoking questions do and, in turn, make you memorable.
Nick Kossovan, a well-seasoned veteran of the corporate landscape, offers “unsweetened” job search advice. You can send Nick your questions to artoffindingwork@gmail.com.
CALGARY – Canadian Natural Resources Ltd. reported a third-quarter profit of $2.27 billion, down from $2.34 billion in the same quarter last year.
The company says the profit amounted to $1.06 per diluted share for the quarter that ended Sept. 30 compared with $1.06 per diluted share a year earlier.
Product sales totalled $10.40 billion, down from $11.76 billion in the same quarter last year.
Daily production for the quarter averaged 1,363,086 barrels of oil equivalent per day, down from 1,393,614 a year ago.
On an adjusted basis, Canadian Natural says it earned 97 cents per diluted share for the quarter, down from an adjusted profit of $1.30 per diluted share in the same quarter last year.
The average analyst estimate had been for a profit of 90 cents per share, according to LSEG Data & Analytics.
This report by The Canadian Press was first published Oct. 31, 2024.
CALGARY – Cenovus Energy Inc. reported its third-quarter profit fell compared with a year as its revenue edged lower.
The company says it earned $820 million or 42 cents per diluted share for the quarter ended Sept. 30, down from $1.86 billion or 97 cents per diluted share a year earlier.
Revenue for the quarter totalled $14.25 billion, down from $14.58 billion in the same quarter last year.
Total upstream production in the quarter amounted to 771,300 barrels of oil equivalent per day, down from 797,000 a year earlier.
Total downstream throughput was 642,900 barrels per day compared with 664,300 in the same quarter last year.
On an adjusted basis, Cenovus says its funds flow amounted to $1.05 per diluted share in its latest quarter, down from adjusted funds flow of $1.81 per diluted share a year earlier.
This report by The Canadian Press was first published Oct. 31, 2024.
