Marijuana plants grow in the Mother Room at the Canopy Growth Corp. facility in Smith Falls, Ontario, Canada, on Tuesday, Dec. 19, 2017.
Chris Roussakis | Bloomberg | Getty Images
reported a smaller-than-expected loss in the third quarter on Friday, as the Canadian pot producer kept a tight lid on costs amid growing investor pressure to turn a profit, sending its shares up 20%.
The company, whose operating costs fell 14% from the prior quarter, said it would take further steps to cut costs and streamline its business.
Canopy’s upbeat results also boosted other pot stocks, withup nearly 12% and , , , and all up over 7% in premarket trading.
More than a year after Canada’s legalization of recreational weed, most producers have failed to turn profitable because of fewer-than-expected retail stores and oversupply issues.
To pacify investors, pot producers have started the year by announcing a range of cost-cutting measures. Last week, Aurora cut 500 jobs…