Canopy Growth Corp - CGC STOCK NEWS

Canopy USA has completed its acquisition of Acreage Holdings, now owning 100% of its shares. This follows the previously completed acquisitions of Wana (100%) and Jetty (77%). The consolidation creates a unified platform across three business units, covering key market segments including flower (Superflux), vape and concentrates (Jetty), and edibles and beverages (Wana), with retail presence through The Botanist.

The transaction involved Canopy Growth issuing approximately 5.89 million shares (valued at US$21.2 million) to former Acreage shareholders, plus additional shares for minority interests. Canopy Growth now holds approximately 84.4% of Canopy USA's shares on an as-converted basis. The integration is expected to generate revenue growth and cost synergies, particularly in the Midwestern and Northeastern U.S. markets.

Canopy Growth (TSX: WEED, NASDAQ: CGC) has launched new holiday-inspired cannabis products. The lineup includes Tweed Cranberry Ginger Ale, a sugar-free cannabis beverage containing 10mg THC, and Tweed Snowtorious 91K flower, an indica strain featuring minty and diesel aromas.

Additional seasonal offerings include 7ACRES Ultra Jack, a sativa-dominant hybrid with citrus and earthy spice notes, and Claybourne Frosted Flyers infused pre-rolls available in various flavors including Blue Dream, Strawberry Cough, Pineapple Express, Grape Gasolina, and Banana OG. Products will be available through legal recreational cannabis channels and the Spectrum Therapeutics online store for medical consumers.

Canopy Growth (TSX: WEED, NASDAQ: CGC) and Acreage Holdings announced that Canopy USA is expected to complete its acquisition of Acreage around December 9, 2024. The acquisition includes both Fixed Shares and Floating Shares of Acreage, subject to closing conditions. Notably, if Canopy Growth's share price on Nasdaq doesn't exceed US$5.00 before closing, Fixed Share holders will receive no consideration. Upon completion, Canopy USA will own 100% of Acreage's outstanding shares. Letters of transmittal for the acquisition will be mailed to registered Acreage shareholders.

Canopy Growth (TSX: WEED, NASDAQ: CGC) has appointed Luc Mongeau as its new CEO, effective January 6, 2025. Mongeau, a current Board member with over 25 years of CPG experience, will succeed David Klein, who announced his planned retirement in August 2024. Mongeau has been involved with the company's board since early 2023, contributing to strategic decisions focused on asset-light expansion and near-term profitability. He previously served as CEO of a leading e-commerce furniture provider and held president roles at Weston Foods and Mars Petcare North America. Klein will transition to a special advisor role until August 31, 2025.

STORZ & BICKEL, a subsidiary of Canopy Growth (TSX: WEED) (NASDAQ: CGC), has won a Gold Medal at the 2024 MarCom Awards for Outstanding Special Event, recognizing their VENTY launch parties. The award celebrates the brand's coast-to-coast product launch events held at Astor Club speakeasies in New York City and Los Angeles. The exclusive events featured product demonstrations by founder Jürgen Bickel, German cuisine, and interactive activities, attracting industry leaders, influencers, and major media outlets including Fast Company, PEOPLE, and Variety.

Canopy Growth (TSX: WEED) (NASDAQ: CGC) has announced the launch of Claybourne's Frosted Flyers Infused Pre-Rolls in Canada through an exclusive licensing agreement. The product will be available in five varieties: Blue Dream, Strawberry Cough, Pineapple Express, Grape Gasolina, and Banana OG, featuring 42-48% THC content. The launch targets the rapidly growing pre-roll market in Canada, which has grown 94% since 2022, with infused pre-rolls representing 9.6% of the total recreational market. The products feature diamond frosting, liquid diamond infusion, terpene enhancement, and premium indoor full nug flower.

Canopy Growth (TSX: WEED, Nasdaq: CGC) reported Q2 FY2025 financial results with mixed performance. Net revenue decreased 9% year-over-year to $63.0MM, though excluding divested businesses, it grew 3%. Storz & Bickel showed strong growth with revenue up 32% to $16MM. Medical cannabis revenue increased in both Canada (16%) and international markets (12%). The company reduced its Adjusted EBITDA loss by 54% to $6MM and improved free cash flow by 16%. Gross margin increased to 35%, up 100 basis points from last year. The cash position strengthened to $231MM, up from $195MM in the previous quarter.

Canopy Growth (TSX: WEED) (NASDAQ: CGC) has announced it will release its second quarter fiscal 2025 financial results before market open on November 8, 2024. The results will cover the period ended September 30, 2024. Following the release, the company will host an audio webcast at 10 AM Eastern Time featuring CEO David Klein and CFO Judy Hong. The webcast will be available live and accessible for replay until February 6, 2025.

Canopy Growth (TSX: WEED) (NASDAQ: CGC) has made an early prepayment of US$100 million on its senior secured term loan at a discounted price of US$97.5 million. This move will result in annualized interest expense savings of approximately US$14 million and extends the loan's maturity date to December 18, 2026. The company has the option to make an additional US$100 million prepayment by March 31, 2025, which would further extend the maturity to September 18, 2027.

This action is part of Canopy Growth's strategy to reduce leverage, improve its balance sheet, and demonstrate fiscal discipline. CFO Judy Hong stated that this prepayment reflects the company's commitment to reducing cash burn and strengthening its capital structure, enabling investment in growth areas and long-term value creation for shareholders.