UPDATE 1-Canopy Growth fourth-quarter revenue beats as cannabis sales soar

Pot producer Canopy Growth Corp reported better-than-expected quarterly revenue on Thursday, as efforts to strengthen its retail operations paid off and increased production capacity resulted in higher sales following Canada’s legalization of recreational cannabis. Marijuana companies in Canada have been pouring cash into their businesses to open stores and expand operations as the list of medical and recreational approvals for marijuana use globally grows. Canopy Growth, the largest pot producer by market value, in April offered to buy Acreage Holdings Inc for $3.4 billion, betting on broader legalization in the United States.

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