(Reuters) – Canopy Growth (NASDAQ:) Corp reported Friday a greater adjusted core loss than the previous quarter. This was due to lower demand for marijuana from COVID-19-induced highs. Shares of Canadian pot producer were about 10% lower.

It has been 3 years since marijuana was legalized in Canada. However, Canopy, a cannabis company, is struggling to make a profit with less-than-expected retail outlets, lower black market rates, and slow overseas growth.

According to the company, it anticipates turning a profit by 2024, with certain exceptions.

Judy Hong, Chief Financial Officer said that profitability is crucial and she has taken additional steps to improve efficiency for the global cannabis industry.

Canopy recently laid off 250 workers to save costs of C$100m to C$150m ($78.46 million to £117.69m) in 12-18 months.

The company has also opened new products, such as high-potency strains of flower, in response to consumer preferences.

Canopy is the fifth largest global cannabis grower in terms of market capitalization. For the quarter ending March 31, it reported an adjusted core loss C$122million, as compared to C$94million a year prior. Asset impairment and restructuring expenses of more than C$241 millions also negatively impacted the company.

The company’s reported quarter net loss was C$574.62million, or C$1.46 each share. This compares to C$699.98million, or C$1.85 every share, one year ago.

($1 = 1.2745 Canadian dollars)