The stock of Canadian cannabis giant Canopy Growth rose by just over 16% last Friday, just hours after the release of the company’s financial report.

Canopy’s third fiscal quarter net revenues increased 62% over the second quarter and 49% over the third quarter.

Canopy now estimates its market penetration at 22% of the Canadian recreational cannabis market. The company reported revenues of C$123.8 million (’85 million) for the quarter ended December 31, 2019. Compared to C$76 million in the previous quarter and C$83 million a year earlier.

Canopy “experienced a significant gross improvement in the third quarter due to higher revenues” and other factors, said CEO David Klein in a release.

The company will continue to reduce costs and “scale” the business. Added Mike Lee, executive vice president, and chief financial officer.

The group essentially realized fewer losses than announced, C$124 million (’86 million) for the quarter ending December 31, 2019. Compared to a loss of C$1.7 billion a year ago.

In particular, Canopy benefited from the opening of 140 new stores in Canada during the last quarter and increased therapeutic cannabis sales in Germany. It also reassured investors with its hemp/CBD positioning in the United States and the acquisition of Acreage. Pending potential federal legalization of cannabis in the United States.

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