08:35 AM EDT, 08/09/2024 (MT Newswires) -- Canopy Growth ( CGC ) fell 7.5% in premarket Nasdaq trade on Friday after the cannabis company said its first-quarter loss widened on lower revenue.

The company said it lost $127.14 million, or $1.60 per share, in the quarter ended June 30, compared with a loss of $38.12 million, or $0.69, in the year-prior period. The consensus estimate expected the company to report a loss of $0.48 per share, according to Capital IQ.

Revenue fell 13% to $66.21 million from $76.26 million.

Canopy said the drop in revenue came as it divested some operations, though only its Canadian medical cannabis business and its Storz & Bickel operation showed sales growth in the period. However the company said it is focusing on revenue growth in the fiscal year.

"The fundamentals of our business continue to strengthen, and our focus on profitable revenue generation is yielding clear results as we set the stage for growth in the second half of fiscal 2025," Chief Executive David Klein said in a release.

Canopy shares were last seen down US$0.52 to US$6.40 in premarket trade. They closed up $0.67 to $9.49 Thursday on the Toronto Stock Exchange.