On August 9, 2024, Canopy Growth Corporation, a leading cannabis company, reported its financial results for the first quarter of fiscal year 2025, which ended on June 30, 2024. The company announced a 67% increase in gross profit year-over-year, reaching $23 million, despite a 13% decline in consolidated net revenue to $66 million. The improved gross margin, which hit 35%, was attributed to cost reduction actions and a shift towards higher margin medical sales. The operating loss from continuing operations decreased by 47% to $29 million, and the Adjusted EBITDA loss narrowed by 77% to $5 million, reflecting the company's strategic cost management. Canopy Growth also reported a 31% reduction in Cost-of-Goods Sold and a 24% reduction in Selling, General & Administrative expenses compared to the previous year. Cash and short-term...Show More

On August 9, 2024, Canopy Growth Corporation, a leading cannabis company, reported its financial results for the first quarter of fiscal year 2025, which ended on June 30, 2024. The company announced a 67% increase in gross profit year-over-year, reaching $23 million, despite a 13% decline in consolidated net revenue to $66 million. The improved gross margin, which hit 35%, was attributed to cost reduction actions and a shift towards higher margin medical sales. The operating loss from continuing operations decreased by 47% to $29 million, and the Adjusted EBITDA loss narrowed by 77% to $5 million, reflecting the company's strategic cost management. Canopy Growth also reported a 31% reduction in Cost-of-Goods Sold and a 24% reduction in Selling, General & Administrative expenses compared to the previous year. Cash and short-term investments stood at $195 million as of June 30, 2024. The company highlighted its focus on profitable revenue generation and strategic initiatives leading to improved financial metrics. Canopy Growth's CEO, David Klein, emphasized the strengthening of business fundamentals and the company's positioning for growth in the latter half of fiscal 2025. CFO Judy Hong noted the positive Adjusted EBITDA across all business units and the expectation of consolidated Adjusted EBITDA profitability in the second half of the fiscal year. The company also announced the extension of its senior secured term loan maturity to December 18, 2026, with an option to extend further to September 18, 2027. Canopy Growth's international and product segment performances were mixed, with notable growth in the German medical cannabis market and a decline in Australia following regulatory changes. The company's U.S. entity, Canopy USA, completed acquisitions and expanded product offerings in various states.