Canopy Growth Corp Stock Price, News & Analysis

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.

Martha Stewart CBD has introduced a new flavor of its gummies, Pumpkin Spice CBD Wellness Gummies, available for $34.99 on marthastewartcbd.com. This product launch reflects the brand's strategy to expand its offerings and tap into seasonal trends. Each gummy contains 10mg of pure CBD isolate, aiming to enhance consumer experience with a tasty, convenient wellness option. This launch marks a continuation of Martha Stewart's collaboration with Canopy Growth Corporation, highlighting their presence in the rapidly growing CBD market.

Canopy Growth reported its Q1 FY2023 results on August 5, 2022, reflecting a 19% year-over-year decline in net revenue to $110.1 million. The international medical cannabis revenue doubled driven by strong sales in Israel and Australia. Despite maintaining the #1 market share in the premium flower segment, gross margin fell to (1%) from 20% a year earlier due to lower production and price pressures. The company recognized a non-cash goodwill impairment of $1.725 billion. Operating expenses decreased by 13%, and BioSteel revenue surged by 169%.

Canopy Growth Corporation (NASDAQ: CGC) appoints Christelle Gedeon, Ph.D., as the new Chief Legal Officer, effective immediately. Gedeon, a notable figure in the cannabis sector, brings over a decade of legal experience, including prior roles at The Metals Company and Aphria. Her background includes significant expertise in regulatory structures and corporate governance, having played a part in over 50 mergers and acquisitions. CEO David Klein expressed confidence in Gedeon's ability to enhance Canopy Growth's strategy for North American cannabis leadership.

Canopy Growth Corporation (CGC) has launched new premium flower offerings under its brands 7ACRES and Doja. The products, available in retail locations across Canada this summer, include high-THC strains like 7ACRES Platinum Kush Breath and Doja OG Deluxe. These releases cater to cannabis enthusiasts prioritizing quality, with insights showing that 85% of consumers consider product quality essential. The new products aim to enhance customer experience during summer staycations and weekends away.

Canopy Growth Corporation (NASDAQ: CGC) will release its financial results for the first quarter of fiscal year 2023, ending June 30, 2022, before markets open on August 5, 2022. An audio webcast will follow at 10:00 AM ET on the same day, featuring CEO David Klein and CFO Judy Hong. Shareholders can submit questions for the Q&A session starting July 29, 2022. The webcast will be accessible live and a replay will be available until November 5, 2022. This is a key financial update that could influence investor sentiment.