Shares in Canadian cannabis company Canopy Growth surged on the New York Stock Exchange (NYSE) yesterday after it reported smaller quarterly losses than expected on the back of increased year-on-year sales and cost-cutting measures.

Net first-quarter losses ending June 30 were C$128m, down from C$194m in the same period last year. Revenues were up 22% on Q1 2019 at C$110m.

Chief Executive David Klein said in a statement: “We grew our revenue year-over-year and are seeing market share improvement, notably achieving number one market share in cannabis-infused beverages in the Canadian market.”

Chief Financial Officer Mike Lee added: “Following our previously announced restructuring actions, we have substantially reduced our expense and cash burn in this quarter in addition to reducing headcount by over 18% since the beginning of this calendar year.”

Shares on the NYSE gained 11% to US$18.47.

Prior to launching Cannabiz, Martin was co-founder and CEO of Asia-Pac’s leading B2B media and marketing information brand Mumbrella, overseeing its sale to Diversified Communications in 2017. A journalist...