Canopy Growth Corp. CGC said Thursday it plans to reduce headcount by 800 positions as part of an effort to cut costs. The cannabis company, which faces a challenging cannabis market in Canada, said its third-quarter revenue fell 28% from the year-ago period, while its net loss widened. Canopy Growth said its loss for the three months ended Dec. 31 increased to C$261.58 million, or 54 cents a share, from a loss of C$108.9 million, or 28 cents a share, in the year-ago quarter. Net revenue dropped to C$101.2 million from C$141 million. Analysts expected Canopy Growth to lose 21 cents a share on revenue of C$116.9 million, according to estimates compiled by FactSet. Canopy Growth stock rose 1.5% in premarket trades.
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