Canopy Growth (TWMJF) is notably the largest and diversified marijuana company in the market and today it reported the highly anticipated results for the second quarter. As expected, the company continues to grow and holds the title or the largest marijuana stock on the market.

The company’s second-quarter revenue doubled from last year’s equating to $17.6 million. This is a massive 107% increase from 2016’s second quarter of $8.5 million. Revenue ending September 30th equaled $33.4 million which more than doubled the $15.5 million from the previous year. What has contributed to the company’s undisputed success?

Canopy Growth could be profitable solely from its medical marijuana production. The company sold 2,020 kilograms showing a solid 73% increase over second quarter fiscal 2017 a year-to-date, it has sold 3,850 kilograms at an average price of $7.98 per gram compared to last year’s 2,153 kilograms at an average price of $7.05 per gram.

Canopy continues to acquire more growing property to supply demand. During Q2 it announced the construction of a new greenhouse in Ontario as well as the acquisition of another nearby to increase the total area of Tweed Farms to over 1 million sq. ft.

The company continues to build on its international ventures. In September, Canopy and its subsidiary Spektrum Cannabis GmbH announced a license agreement with Spain’s Alcaliber, S.A., granting Alcaliber the license to utilize specific strains and seeds for cultivation for worldwide sales. Canopy also announced in September that it established a partnership in the Danish market with Spectrum Denmark ApS, a joint venture to supply Danish medical marijuana patients.

After Quarter 2, Canopy announced its joint venture with a greenhouse operator to acquire a greenhouse with substantial growing capacity in British Columbia. It also added to its international expansion and launched its partnership in the Jamaican marijuana with Tweed Limited JA. Most notably, Canopy scored a deal with Fortune 500 Constellation Brands (STZ), who invested $245 million into Canopy for a 9.9% stake to collaborate on marijuana-infused beverages.

While the net loss was reported at $1.6 million or $0.01 per basic and diluted share, versus $5.4 million or $0.05 per share for 2017, Canopy’s management deems that the continuous spending to build the company’s vast production platform is a wise long-term investment to boost its global leadership leading into 2018.

Bruce Linton, Chairman & CEO stated, “Starting with the twenty-seven provisional patents that have been filed to date, our research affiliate Canopy Health Innovations seeks to define the breakthrough cannabis-based medical therapies that we could commercialize globally. Our relationship with Constellation and the commitment to work together to develop and market regulated recreational cannabis-based beverages, when and where they are federally legal, is a critical step in our move up the value chain. And our Canopy Rivers subsidiary is analyzing global investment opportunities, another reflection of the growing international scope of our business.”

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