Canopy Growth Corp Stock Price, News & Analysis

Canopy Growth Corporation (CGC) reported Q2 FY2023 financial results, showing a 10% revenue decline year-over-year at $117.9 million, attributed to heightened competition and strategic divestitures. However, net revenue increased 7% sequentially from Q1 FY2023. Notably, BioSteel achieved a 299% revenue growth compared to the prior year. The company announced its strategic plan for U.S. market entry through Canopy USA, which is expected to enhance growth opportunities and profitability following its acquisitions of Acreage, Jetty, and Wana.

Canopy Growth Corporation (NASDAQ: CGC) will announce its financial results for the second quarter of fiscal year 2023, ending September 30, 2022, on November 9, 2022, before market opening. Alongside the results, Canopy Growth will hold a live audio webcast with CEO David Klein and CFO Judy Hong at 10:00 AM ET on the same day. Shareholders can submit questions from November 2 to November 8, 2022. This session will provide insights into the company's performance, future strategies, and shareholder engagement.

On October 24, 2022, Canopy Growth and Canopy USA completed a reorganization resulting in Canopy USA acquiring all of Canopy Growth's interests in TerrAscend Corp. This included 38,890,570 Exchangeable Shares and significant equity options and warrants, resulting in a 100% decrease of Canopy Growth's direct interest. Post-reorganization, Canopy Growth no longer owns any securities in TerrAscend, while Canopy USA controls 100% of the Exchangeable Shares and approximately 19.9% of Common Shares. Future plans regarding these securities remain uncertain, depending on market conditions.

Canopy Growth Corporation announced a strategic move to create a new holding company, Canopy USA, designed to fully capture its U.S. cannabis investments, targeting a market projected to exceed $50 billion by 2026. The formation of Canopy USA enables the acquisition of Acreage Holdings and optimizes the company's balance sheet to facilitate growth opportunities. Canopy aims to consolidate its U.S. cannabis assets, enhancing revenue and operational synergies while positioning itself to benefit from future U.S. federal legalization of cannabis.

Canopy Growth Corporation (CGC) announced the divestiture of its Canadian retail operations to focus on profitability and premium branding. The company reached agreements with OEG Retail Cannabis and 420 Investments Ltd. for the sale of its stores under the Tweed and Tokyo Smoke banners. These moves are expected to streamline operations and enhance operational savings, aligning with the company’s strategic objectives. The transactions are subject to regulatory approvals, and the closing is anticipated to provide significant cost savings in line with prior operational targets.

Canopy Growth Corporation held its annual general and special meeting on September 15, 2022, with a total of 256,426,802 shares voted, representing 53.42% of its outstanding shares. All items on the agenda, including director elections and auditor re-appointment, were approved. Key nominees like Judy A. Schmeling received 96.66% support. The meeting also saw approval for the Employee Stock Purchase Plan and a non-binding compensation resolution for executives. For detailed voting results, refer to the Company's Report of Voting Results.

STORZ & BICKEL, a subsidiary of Canopy Growth Corporation (CGC), launched a limited-edition VOLCANO CLASSIC, named PEACE VOLCANO, with only 1,000 units available. The device features a new white design and supports the "with Love, for Peace" campaign. For each unit sold at $479, €100 will be donated to charities aiding humanitarian efforts in Ukraine, totaling €100,000. The campaign aims to promote solidarity and awareness during challenging times. The PEACE VOLCANO symbolizes mindfulness and peace, aligning with STORZ & BICKEL's commitment to social responsibility.

Canopy Growth Corporation (TSX: WEED, NASDAQ: CGC) will hold its 2022 Annual General and Special Meeting virtually on September 15, 2022, at 1:00 PM ET. Eligible shareholders as of July 22, 2022, can vote via live audio webcast. Important participation information is outlined in the proxy statement, available online. Shareholders received a notice of internet availability detailing how to access materials and vote, encouraging early proxy submission.

Canopy Growth is a leading cannabis company with diverse product offerings across various consumer sectors.