Shares of Canopy Growth (CGC) fell sharply in after-hours trading Wednesday after its latest financial results disappointed investors.
U.S. listed shares of the Canadian cannabis company fell $3.43, or 11%, to $28.50 in after-hours action.
Canopy reported fiscal first-quarter revenue of C$90.5 million ($67.95 million) vs. C$25.9 million ($19.45 million) in the same period a year ago. Analysts had been looking for revenue of C$122 million ($91.6 million).
It posted a loss of C$1.28 billion ($960 million), or C$3.70 ($2.78) a share, vs. C$91 million ($68.33 million), or 40 Canadian cents (30 cents) a share, a year earlier.
Cannabis stocks were broadly lower Wednesday amid a market selloff on recession fears.
The Alternative Harvest ETF (MJ) fell $1.80, or 6.22%, to $27.12.
The AdvisorShares Pure Cannabis ETF (YOLO) fell $1.08, or 5.12%, to $20.03.
The Horizons Marijuana Life Sciences ETF (HMLSF) fell 83.84 cents, or 6.37%, to $12.33.