Canopy Growth, a leading cannabis company, reported a net revenue of $66.2 million for the quarter ended June 30, 2024, a 13% decrease from $76.3 million in the same period last year. The company's operating loss improved to $(29.1) million from $(54.7) million year-on-year, while the loss before income taxes significantly increased to $(123.0) million from $(8.6) million. The gross margin improved to 35% from 18% in the previous year. The company's Canada cannabis segment saw a 6% decrease in net revenue, while the international markets cannabis segment remained flat. Storz & Bickel, a subsidiary specializing in vaporizers, reported a slight revenue increase. This Works, a beauty and wellness brand, was divested on December 18, 2023, and thus did not contribute to revenue this quarter. Canopy Growth's selling, general, and...Show More

Canopy Growth, a leading cannabis company, reported a net revenue of $66.2 million for the quarter ended June 30, 2024, a 13% decrease from $76.3 million in the same period last year. The company's operating loss improved to $(29.1) million from $(54.7) million year-on-year, while the loss before income taxes significantly increased to $(123.0) million from $(8.6) million. The gross margin improved to 35% from 18% in the previous year. The company's Canada cannabis segment saw a 6% decrease in net revenue, while the international markets cannabis segment remained flat. Storz & Bickel, a subsidiary specializing in vaporizers, reported a slight revenue increase. This Works, a beauty and wellness brand, was divested on December 18, 2023, and thus did not contribute to revenue this quarter. Canopy Growth's selling, general, and administrative expenses decreased by 24% to $48.0 million, reflecting cost-saving measures and strategic business changes. The company also reported a substantial decrease in share-based compensation and restructuring losses. Canopy Growth's future plans include extending the maturity date of its Credit Facility to December 18, 2026, with a mandatory prepayment reducing the outstanding amount by US$100 million required by December 31, 2024. The maturity date could be further extended to September 18, 2027, with an optional prepayment. The company also aims to improve liquidity and financial flexibility through various measures, including the ATM Program, which has already generated $46.3 million in gross proceeds.