Cover Development to chop extra prices after smaller-than-expected loss

Cover Development to chop extra prices after smaller-than-expected loss

Adds particulars, background, CFO quote

Pot firm Cover Development experiences larger loss on fees
Purchase Cover Development over Cronos
Cover Development names Constellation Manufacturers CFO David Klein as new chair of board


Adds particulars, background, CFO quote

Feb 14 (Reuters)Cover Development Corp WEED.TO on Friday reported a smaller-than-expected loss within the third quarter, because the Canadian pot producer saved a good lid on prices amid rising investor strain to show in a revenue.

U.S.-listed shares of the corporate rose over 15% in premarket buying and selling.

Late final yr, main shareholder Constellation Manufacturers Inc’s STZ.N finance head David Klein took the helm at Cover, months after Constellation expressed its disappointment over heavy losses the pot producer reported in 2018.

Greater than a yr after Canada’s legalization of leisure weed, most producers have failed to indicate income due to fewer-than-expected retail shops and sluggish abroad development resulting in oversupply.

To pacify traders impatient for income, Cover and its rivals began the yr by saying a variety of price reductions. Final week, Aurora lower 500 jobs and took a writedown…



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