(Reuters) -Pot producer Canopy Growth reported a smaller second-quarter adjusted core loss on Thursday on the back of cost cuts.
Cannabis companies have been cutting costs and taking measures to reduce inventory to preserve cash and improve finances.
Canopy Growth has been grappling with liquidity issues and has taken several steps to turn profitable including job cuts, exits from some international markets, store closures and divestiture of its retail business across Canada.
The company said it cut another C$54 million in costs during the reported quarter.
Canopy Growth’s adjusted core loss narrowed to C$11.9 million ($8.62 million) for the three months ended Sept. 30, compared with a loss of C$56.4 million a year earlier.
($1 = 1.3808 Canadian dollars)
(Reporting by Sourasis Bose in Bengaluru; Editing by Shounak Dasgupta)
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