The largest pot company by market value, Canopy Growth Corp., reported a 283% increase in quarterly revenue as marijuana became legal in Canada, but earnings were slammed by paper losses, according to a securities filing late Thursday evening.


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 fiscal third-quarter results were being closely watched as investors sought a further look at the state of recreational cannabis sales in Canada, after rival Aurora Cannabis Inc. revealed its results earlier this week. You would have to watch very closely to find them, though: The company only released results into the Canadian securities regulator’s database late Thursday, just before a 45-day deadline elapsed.

When asked earlier Thursday afternoon when results would arrive, a spokeswoman for the Smiths Falls, Ontario,-based company said Canopy elected to report results after the extended trading session closed to minimize the amount of time and news stories between the earnings release late Thursday and a conference call scheduled for 8:30 a.m. Eastern time Friday morning.

A guide to pot stocks: What you need to know to invest in cannabis companies

The pot producer reported fiscal third-quarter net income of C$67.6 million, compared with $C11 million in the prior year, and revenue grew to C$83.1 million, up from C$9.8 million in the year-earlier period, excluding excise taxes. Overall in the quarter, Canopy Growth said it sold 10,102 kilograms of pot and equivalents — up from just 2,250 kilos in the year-ago quarter — at an average price per gram of C$7.33, down from $C8.30 in the year-ago quarter.

Other results made executives’ desire to explain them feel rational. For instance, a mark-to-market adjustment of convertible senior notes chopped C$185.8 million from Canopy’s profit, part of the effects of a turbulent market for pot equities. That loss was removed from diluted earnings per share but not basic, so a 22-cents-a-share profit turned into a 38-cents-a-share loss on the next and final line.

Canada’s major pot companies said they spent heavily on marketing leading up to legalization, but that those costs would temper as legalization rolled out. Canopy’s sales and market costs ate deeply into the bottom line, growing to C$44.9 million from C$9.4 million in the year-earlier period. General and administrative costs grew to C$46.1 million from C$11.1 million in the year-ago quarter.

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Analysts had expected Canopy to sell 12,782 kilograms at C$6.58 a gram, and report losses of 11 cents a share on sales of C$81.2 million, according to FactSet, though there were only a couple of estimates, which can make overall estimates less reliable. The company also reported it had nearly $C5 billion in cash, largely the result of Constellation Brands Inc.’s

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 investment last year.

Canopy stock closed the extended session down 0.9%. Canopy shares have more than doubled in the past year, as the S&P 500 index

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 has gained 2%.

Aurora reported earnings Monday, and said that according to data from Health Canada, it had sold more than one-fifth of the country’s pot. Canopy, though, sold more: Aurora reported selling 6,999 kilos of marijuana in the quarter. Rival Aphria Inc.

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 , which is the target of a hostile takeover bid, reported results in January, though its quarter ended Nov. 30, and did not give as full a picture of recreational sales thus far in Canada.

Read also: The weed middleman that expects to make billions as the Sunkist of pot

Pot stocks were mixed Thursday, though mostly lower, ahead of Canopy’s earnings release. Aurora

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 closed down 2.3%, Cronos Group Inc.

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 gained 1.8% and Tilray Inc.

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 fell 0.9%. The ETFMG Alternative Harvest ETF

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 , which tracks a basket of pot stocks, fell 0.1%, and the Horizons Marijuana Life Sciences Index ETF

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 , gained 0.2%.

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