04:31 PM EST, 11/06/2024 (MT Newswires) -- Curaleaf ( CURLF ) , down 30% in Wednesday trading, after market close said its third-quarter loss narrowed even as revenue edged down.

The cannabis retailer said its loss narrowed to US$41 million, or US$0.07 per share, from US$92.3 million, or $0.13 per share, last year.

Revenue of US$330.5 million was 1% lower than the prior year's US$333 million.

"The industry has experienced the pressures of regulatory overhang, increased competition, unprecedented weather conditions, and irrational pricing strategies," noted chief executive Boris Jordan. "This backdrop is one of the key drivers behind our shift towards focusing on sustainable, profitable organic growth by maintaining share in challenged markets and growing share where we see strategic opportunity."

The company announced separately that it has completed a new $40 million revolving credit facility with a regional bank. The two-year secured revolving credit facility matures on Dec. 15, 2026 and has a 7.99% interest rate.

Curaleaf ( CURLF ) shares closed down $1.30 to $3.04 on the Toronto Stock Exchange.