* Creams coming soon
Here’s to Future ( United States made, First & Free CBD) Growth.
Canopy Growth operates retail stores across Canada under its award-winning Tweed and Tokyo Smoke banners. Tweed is a globally recognized cannabis brand which has built a large and loyal following by focusing on quality products and meaningful customer relationships.
Rade Kovacevic, President, Canopy Growth
From our historic public listing on the Toronto Stock Exchange and New York Stock Exchange to our continued international expansion, pride in advancing shareholder value through leadership is engrained in all we do at Canopy Growth. Canopy Growth has established partnerships with leading sector names including cannabis icons Snoop Dogg and Seth Rogen , breeding legends DNA Genetics and Green House Seeds, and Fortune 500 alcohol leader Constellation Brands, to name but a few. Canopy Growth operates eleven licensed cannabis production sites with over 10.5 million square feet of production capacity, including over one million square feet of GMP certified production space. For more information visit www.canopygrowth.com
Perfected through state-of-the-art technology and rigorous testing, First & Free products are created by extracting and isolating derivatives from the hemp plant to produce pure and consistent CBD formulations that are packaged in easy-to-use formats.
Through state-of-the art extraction methods, strict quality control measures, and scientific research, we are delivering a best-in-class product to the market.
Canopy Growth is committed to selling only high-quality, tested and reliable products, and ensuring it makes no claims unless clinically validated. This means selling First & Free products only in states where permissible under state law in order to ensure compliance with state consumer protection mandates and following the most stringent state laws regarding sale of CBD. The Company is also abiding by existing FDA regulations for manufacturing, labeling and marketing dietary supplements.
In December 2020, Canopy Growth announced a series of operational changes aimed at streamlining its Canadian operations and further improving its gross margins. The company ceased its operations in a number of locations across Canada and eliminated approximately 220 full-time positions. The company also sold production facilities in two separate locations in December 2020 and January 2021 for combined proceeds of $40.7 million.
Canopy Growth management has focused on a strategy of absorbing financial losses short term in order to dramatically expand its operations and sales in the emerging recreational and medical cannabis markets in the U.S, Canada, and globally.
Canopy Growth Corp. (NYSE: CGC; TSX: WEED) is a Canada-based holding company that produces, distributes, and sells a variety of cannabis and hemp-based products for medical and recreational use. Its products include dried flower, hemp, vape pens and cartridges, THC- and CBD-infused beverages, and edibles.
Canopy Growth's business-to-business wholesale model was developed in response to the legalization of recreational cannabis in Canada, as the existing medical cannabis market was largely based on a business-to-consumer model. The business-to-business wholesale model sells large quantities of cannabis to provincial and territorial agencies, which then distribute the product to physical and online retail stores.
Canopy Growth provides a breakdown of its net revenue into these five sources: Recreational: Business to Business; Recreational: Business to Consumer; Medical: Canadian; Medical: International; and Other. The recreational sources of revenue were new in FY 2019, during which cannabis was first legalized in Canada.
The company posted a net loss of $829.3 million in Q3 of its 2021 fiscal year (FY), the three-month period that ended Dec. 31, 2020. It was a significant deterioration from a net loss of $109.6 million during the year-ago quarter. However, net revenue in Q3 FY 2021 grew 23.2% to $152.5 million.
Net revenue for the segment was $20.2 million in Q3 FY 2021, comprising about 13% of the total. Net revenue grew by 32.7% compared to the year-ago quarter, making it the second-fastest-growing source of revenue.
Canopy Growth’s Financials
Founded in 2013, Canopy Growth faces competition from a large number of U.S. and primarily Canada-based cannabis companies, including Cronos Group Inc. (NASDAQ: CRON; TSX: CRON.TO), Aurora Cannabis Inc. (NYSE: ACB; TSX: ACB.TO), and OrganiGram Holdings Inc. (NASDAQ: OGI; TSX: OGI.TO).
Canopy Growth prepares its financial statements in accordance with the U.S. generally accepted accounting principles (GAAP). The financial data presented below are in Canadian dollars in accordance with the company’s financial statements.