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Company News

BUZZ-Pot stocks upbeat on Canopy Growth's smaller-than-expected loss

(Updates)

** Canadian pot producer Canopy Growth’s shares rise 19% to C$30.79 in morning trade

** Co reports a smaller-than-expected Q3 loss, keeping a tight lid on costs

** Excluding items, Canopy reports loss of 35 Canadian cents/shr vs estimated loss of 49 Canadian cents/shr - IBES Refinitiv data

** Co posts 14% fall in Q3 operating cost from the prior quarter; says it would take further steps to curb costs and streamline business

** The steps would generate healthy margins and cash flow in coming years- Executive Vice-President and CFO Mike Lee

** Q3 net revenue of C$123.8 mln also beats estimates of C$105.1 mln, according to IBES data from Refinitiv

** Canopy results lift peers; Cronos Group up 7%, Aphria 6.8%, Tilray 8.9%, CannTrust 8%, Aurora Cannabis and Hexo Corp 4%

** Canopy shares slipped about 25% in 2019

($1 = 1.3240 Canadian dollars)

Reporting by Arunima Kumar and Shradha Singh in Bengaluru

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