What happened Shares of Canopy Growth (NYSE: CGC) climbed 7.8% on Monday, following the release of the marijuana producer's better-than-expected fiscal 2021 first-quarter results. So what Despite the coronavirus-related challenges that have weighed on recreational cannabis sales in its core Canadian market, Canopy's revenue rose 22% year over year to $110.4 million Canadian ($82.7 million). The gains were fueled in part by higher medical marijuana sales, which more than offset a decline in adult-use sales. Canopy Growth's stock rose on stronger-than-anticipated earnings results. Image source: Getty Images. Better still, cost reductions are helping to reduce Canopy's cash burn. The cannabis company generated a net loss of CA$0.30 per share, a significant improvement from the CA$0.54 per-share loss it posted in the prior-year quarter, and far better than the CA$0.35 loss analysts had expected. "Following our previously announced restructuring actions, we have substantially reduced our expense and cash burn in this quarter in addition to reducing headcount by over 18% since the beginning of this calendar year," CFO Mike Lee said in a press release. "Our marketing and R&D investments are being reallocated to programs with high-return potential in order to drive sales." Now what Canopy's cannabis-infused beverages are off to a strong start with a No. 1 market share in Canada. Canopy is also gearing up for a push into the U.S. market with a focus on cannabidiol (CBD) products. Recent partnerships with National Football League star Patrick Mahomes and popular media personality Martha Stewart should help to drive Canopy's growth in the year ahead. 10 stocks we like better than Canopy Growth Corp.When investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* David and Tom just revealed what they believe are the ten best stocks for investors to buy right now... and Canopy Growth Corp. wasn't one of them! That's right -- they think these 10 stocks are even better buys. See the 10 stocks *Stock Advisor returns as of August 1, 2020 Joe Tenebruso has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.Source