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Canopy Growth Corp
Canopy Growth Corp. engages in the production and sale of medical cannabis. The company is headquartered in Smiths Falls, Ontario and currently employs 3,259 full-time employees. The company went IPO on 2010-06-04. The firm operates through two segments: Global Cannabis and Other Consumer Products. The Global Cannabis segment encompasses the production, distribution and sale of a diverse range of cannabis and cannabinoid-based consumer products in Canada and internationally pursuant to applicable international and domestic legislation, regulations and permits. The Other Consumer Products segment comprises the production, distribution and sale of consumer products, including Storz & Bickel vaporizers; This Works beauty, skincare, wellness and sleep products; BioSteel sports nutrition beverages, mixes, protein, gum and mints; and other revenue sources.
Canopy Growth Corp. engages in the production and sale of medical cannabis. The company is headquartered in Smiths Falls, Ontario and currently employs 3,259 full-time employees. The company went IPO on 2010-06-04. The firm operates through two segments: Global Cannabis and Other Consumer Products. The Global Cannabis segment encompasses the production, distribution and sale of a diverse range of cannabis and cannabinoid-based consumer products in Canada and internationally pursuant to applicable international and domestic legislation, regulations and permits. The Other Consumer Products segment comprises the production, distribution and sale of consumer products, including Storz & Bickel vaporizers; This Works beauty, skincare, wellness and sleep products; BioSteel sports nutrition beverages, mixes, protein, gum and mints; and other revenue sources.
Revenue Growth: Canopy Growth's Q2 cannabis net revenue rose 12% year-over-year to $51 million, driven by strong Canadian adult-use and medical sales.
Canadian Market Strength: Canadian adult-use cannabis revenue increased 30% year-over-year, with improved distribution and popular product launches, while medical cannabis revenue grew 17%.
International Weakness: International cannabis revenue fell 39% year-over-year due to supply chain and quality issues, particularly in Europe, but management expects improvement as the year progresses.
Profitability Progress: Adjusted EBITDA loss narrowed to $3 million from $6 million last year, reflecting better margins and cost controls.
Cost Savings: SG&A expenses dropped 13% year-over-year, and annualized savings from cost initiatives reached $21 million, surpassing the $20 million target.
Improved Balance Sheet: The company ended the quarter with $298 million in cash and cash equivalents, exceeding debt by $70 million, and eliminated prior doubt about its ability to continue as a going concern.
Guidance: Management expects continued strength in Canadian adult-use and medical cannabis, sequential margin improvements, and a rebound in international markets towards year-end.
