Adds particulars, background
Adds particulars, background
Nov 14 (Reuters) – Cover Development Corp WEED.TO reported an even bigger quarterly loss on Thursday, because the Canadian pot producer was hit by restructuring fees.
U.S.-listed shares of the corporate have been buying and selling down 3.3% at $17.89 in premarket buying and selling.
The corporate stated it took a restructuring cost of C$32.7 million within the reported quarter for returns, return provisions, and pricing allowances primarily associated to its softgel and oil portfolio.
“The final two quarters have been difficult for the Canadian hashish sector as provinces have lowered purchases to decrease stock ranges, retail retailer openings have fallen in need of expectations, and Hashish 2.zero merchandise are but to come back to market,” stated Chief Govt Officer Mark Zekulin.
Canada’s hashish market is dealing with a provide glut as producers ramp up their manufacturing to dominate the nascent trade, whereas stores in key provinces stay few.
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