Canopy Growth Corp., the largest cannabis company by market value, plunged in early trading Friday after reporting a decline in recreational marijuana use in Canada. The cannabis producer also pushed back its target date to reach profitability.

Fourth-quarter revenue from recreational sales fell 28% from a year earlier, according to Canopy’s earnings report for the period ended March 31. Sales to businesses fell 36%, while sales to consumers rose on an annual basis but dipped 14% from the previous quarter. The company said it closed its Canadian retail locations late in the period due to the Covid-19 pandemic.

Canopy’s U.S. shares plunged as much as 22% to $17.04 in early trading. The stock has gained 3% in 2020 through Thursday’s close.

The company, based in Smiths Falls, Ontario, said sales of gels, oils, beverages, chocolates and vaping products rose — but not enough to offset a decline in raw cannabis and pre-rolled joints.

Canopy also withdrew its previous forecast that it would reach profitability on a consolidated basis in fiscal 2022. The company said it may release new projections in the second half of its current fiscal year, depending on the impact of Covid-19.