Canopy Growth Q2 Revenue Sinks as Losses Increase

Canopy Growth Reports Second Quarter Fiscal Year 2025 Financial Results

• Storz & Bickel net revenue increased 32% year-over-year in Q2 FY2025
• Continued growth across medical cannabis businesses, with net revenue increasing year-over-year by 16% in Canada and 12% in international markets
• Further improved balance sheet with early prepayment reducing senior secured term loan by US$100MM

SMITHS FALLS, ON, November 8, 2024 /PRNewswire/ – Canopy Growth Corporation (“Canopy Growth” or the “Company”) (TSX:WEED) (Nasdaq: CGC) today announces its financial results for the second quarter ended September 30, 2024 (“Q2 FY2025″). All financial information in this press release is reported in Canadian dollars, unless otherwise indicated.

“We delivered a solid second quarter led by strong growth across our Storz & Bickel, Canadian medical, and European cannabis businesses and we are well positioned to accelerate momentum in the second half of our fiscal year. In addition, we remain highly optimistic about the momentum building within Canopy USA as this strategy was uniquely designed to succeed independent of the need for federal legalization.”

David Klein, Chief Executive Officer

“We’ve demonstrated another quarter of progress towards profitability driven by improvement in gross margins as well as a reduction in SG&A expenses. With expected improvement in top-line growth in the second half of the fiscal year and continued cost discipline, we believe we remain on a path to achieve positive Adjusted EBITDA at the consolidated level in the coming quarters.”

Judy Hong, Chief Financial Officer

Original press release

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