Canopy Growth (NASDAQ: CGC) has always been an investor favorite, even though it’s struggled from time to time. After a 2019 in which the cannabis industry suffered some major setbacks, Canopy tried its best to get back on track in 2020. Even though it wasn’t enough to bring in profits, the company finally saw its revenue rising.
Despite having strong financial backing from Constellation Brands (NYSE: STZ), the company continued cost-cutting strategies to reduce operating expenses this year. Its recent impressive second-quarter fiscal 2021 results for the period ending Sept. 30 were proof of the progress Canopy has made.
Not only did it see a 77% year-over-year jump in reported revenue to 135.3 million Canadian dollars, but it also managed to reduce its selling, general, and administrative (SG&A) expenses in pursuit of positive EBITDA (or earnings before interest, tax, depreciation, and amortization). Recently, it also announced further cost-cutting measures in Canada to bring the company closer to profitability.