Canopy Growth Corporation develops and sells cannabis products for adult-use and medical markets, with common shares trading as CGC on Nasdaq and WEED on the TSX. Company updates frequently cover Canadian brand activity across Tweed, Deelish, 7ACRES, DOJA, Deep Space and related formats including flower, pre-rolls, vapes, softgels and minor cannabinoid products.
News also centers on medical cannabis services through Canada House Clinics and the Abba Medix online channel, Storz & Bickel vaporization devices, operating and financial results, capital-structure actions, shareholder voting matters and governance changes. Canopy Growth also discloses its unconsolidated, non-controlling interest in Canopy USA as exposure to the U.S. THC market.
STORZ & BICKEL, a subsidiary of Canopy Growth (TSX: WEED) (NASDAQ: CGC), has launched the Smokeless September Challenge. This campaign encourages consumers to switch from combustion to vaporization throughout September, using their latest device, the VENTY. The initiative aims to educate users on the benefits of vaporizing, including improved aroma and taste, increased inhalation efficiency, precise temperature control, and reduced coughing.
Participants can sign up at www.storz-bickel.com/smokeless-september to receive a discount code for purchasing the VENTY. They are encouraged to document and share their experiences on social media using #SmokelessSeptember. Dr. David Nathan, a Princeton-based psychiatrist, supports the campaign, emphasizing the safety and efficiency of high-quality vaporizers for cannabinoid consumption.
Wana Brands, a subsidiary of Canopy USA , has launched Wanderous, an online marketplace for hemp-derived THC and CBD products. The platform offers a curated selection of gummies and infused beverages from six premium brands, including Wana, Cann, Happi, Charlotte's Web, Martha Stewart CBD, and MXXN. Wanderous aims to provide consumers with trustworthy, lab-tested products and reliable product education.
Additionally, Wana Beverages, a new line of hemp-infused ready-to-drink beverages, has been introduced exclusively on Wanderous. The line includes three varieties: Lemonade Uplift Blend, Strawberry Lemonade Balance Blend, and Raspberry Tea Relax Blend, each with unique combinations of cannabinoids. This launch represents Wana's expansion into the growing hemp beverage market, offering consumers alternatives for social drinking and relaxation.
Canopy Growth (TSX: WEED) (NASDAQ: CGC) has announced that CEO David Klein will retire at the end of the fiscal year on March 31, 2025. The Board of Directors has initiated a comprehensive CEO selection process to find a successor. Klein will continue in his role until a replacement is named, focusing on advancing the company's strategic objectives, including profitability.
Under Klein's leadership since January 2020, Canopy Growth has undergone significant transformation, establishing a foundation for multi-market cannabis leadership through an asset-light model in Canada and international markets. The company's Q1 FY2025 results showed progress, with a 67% increase in gross profit year-over-year and a consolidated gross margin of 35%.
Canopy Growth (TSX: WEED) (NASDAQ: CGC) has announced the mailing of proxy materials for its 2024 annual general meeting (AGM) scheduled for September 24, 2024, at 1:00 PM ET. The virtual-only meeting will be conducted via live audio webcast. Shareholders will vote on three items: election of directors, re-appointment of auditors, and a non-binding advisory vote on executive compensation.
The company emphasizes the importance of shareholder participation, highlighting that a quorum of 33 1/3% of outstanding shares is required. Shareholders of record as of July 31, 2024, are eligible to vote. Multiple voting methods are available, including online, phone, and mail. Canopy Growth has engaged Laurel Hill Advisory Group as its proxy solicitation agent to assist shareholders with voting and inquiries.
Canopy Growth (TSX: WEED) (Nasdaq: CGC) reported its Q1 FY2025 financial results, highlighting a 67% increase in gross profit year-over-year to $23 million, despite a 13% decline in consolidated net revenue to $66.2 million. The company achieved a consolidated gross margin of 35% and a Canada cannabis segment gross margin of 32%. Operating loss from continuing operations improved by 47% to $29 million, while Adjusted EBITDA loss narrowed by 77% to $5 million. Canopy Growth also extended the maturity of its senior secured term loan to December 18, 2026, with an option to further extend to September 18, 2027. The company's Canada Medical Cannabis segment saw a 20% increase in net revenue, marking its 6th consecutive quarter of growth.
Canopy Growth (TSX: WEED) (NASDAQ: CGC) has announced that it will release its financial results for the first quarter of fiscal year 2025 on August 9, 2024, before financial markets open. The company will host an audio webcast on the same day at 10 AM Eastern Time, featuring CEO David Klein and CFO Judy Hong. The webcast will be available live at https://app.webinar.net/Lm5q6QW1Apv, with a replay accessible until November 7, 2024. This announcement provides investors and analysts with a specific date to anticipate Canopy Growth's latest financial performance and future outlook.
Canopy Growth announced an at-the-market (ATM) equity program to issue and sell up to $250 million of common shares. The shares will be sold on the Nasdaq, TSX, or other U.S. and Canadian markets at prevailing market prices. Proceeds will be used for investments, acquisitions, working capital, and debt repayment. The ATM program is effective until the earlier of the sale of all shares, effectiveness lapse of regulatory filings, or July 5, 2026. The program is supported by a distribution agreement with BMO Nesbitt Burns and BMO Capital Markets.
Canopy Growth (CGC) has exercised its option to acquire Acreage Holdings' Class E and Class D subordinate voting shares, making Acreage a wholly-owned subsidiary of Canopy USA.
Additionally, Canopy USA completed the acquisition of Wana Wellness and The CIMA Group, and a 77% stake in Jetty, with full acquisition of Mountain High Products pending regulatory approval.
The debt acquisition involved approximately $99.8 million of Acreage's debt for $69.8 million in cash and $30.1 million from escrow. The new terms permit Canopy to exercise a call right on $45.6 million of debt before January 14, 2025.
The acquisitions are part of Canopy's strategy to benefit from emerging adult-use cannabis markets in the Midwest and Northeast.
Canopy Growth announced its Q4 FY2024 and fiscal year 2024 results, highlighting a 7% year-over-year revenue increase for Q4, or 16% excluding divested businesses. Notably, Storz & Bickel's revenue surged 43% compared to Q4 FY2023, driven by the new Venty portable vaporizer. Canada medical cannabis revenue grew 16% in Q4 and 10% for the fiscal year. Cost of Goods Sold in Canada decreased by 54% for FY2024. Despite an operating loss of $229 million for FY2024, adjusted EBITDA loss improved by 72% year-over-year to $59 million. The company holds $203 million in cash and investments and has no major debt obligations until March 2026.
Canopy Growth (TSX: WEED, NASDAQ: CGC), a leading cannabis company, will announce its fourth quarter and fiscal year 2024 financial results on May 30, 2024, before market open. The results cover the period ending March 31, 2024. Following the release, CEO David Klein and CFO Judy Hong will host an audio webcast at 10 AM ET.
The webcast can be accessed live and will be available for replay until August 28, 2024. Canopy Growth offers a wide range of premium and mainstream cannabis products and has a significant presence in the U.S. THC market through partnerships with brands like Wana, Jetty Extracts, and Acreage Holdings.
Canopy Growth is also committed to social equity, responsible use, and community reinvestment, aiming to improve lives through cannabis products and education.