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Canopy Growth | 8-K: Canopy Growth Reports Third Quarter Fiscal Year 2024 Financial Results; Achieves Third Quarter of Sequential Revenue Growth across Canada Cannabis Businesses and a Record Quarter for Medical Sales

SEC announcement ·  Feb 9 07:14
Summary by Moomoo AI
On February 9, 2024, Canopy Growth Corporation, a leading North American cannabis and consumer packaged goods company, reported its financial results for the third quarter of the fiscal year 2024, which ended on December 31, 2023. The company announced a 9% year-over-year increase in Canada adult-use cannabis business-to-business net revenue and an 11% increase in Canada medical cannabis net revenue. Canopy Growth achieved a consolidated gross margin of 36% for the quarter, marking a significant improvement from the previous year's negative margins. The company also reported a 54% sequential increase in net revenue for Storz & Bickel, driven by strong sales of the new VENTY portable vaporizer. Despite a 7% year-over-year decline in consolidated net revenue, which totaled $79 million, the company saw an...Show More
On February 9, 2024, Canopy Growth Corporation, a leading North American cannabis and consumer packaged goods company, reported its financial results for the third quarter of the fiscal year 2024, which ended on December 31, 2023. The company announced a 9% year-over-year increase in Canada adult-use cannabis business-to-business net revenue and an 11% increase in Canada medical cannabis net revenue. Canopy Growth achieved a consolidated gross margin of 36% for the quarter, marking a significant improvement from the previous year's negative margins. The company also reported a 54% sequential increase in net revenue for Storz & Bickel, driven by strong sales of the new VENTY portable vaporizer. Despite a 7% year-over-year decline in consolidated net revenue, which totaled $79 million, the company saw an 81% increase in Rest-of-World cannabis revenue, attributed to growth in Australia and Europe. Canopy Growth's free cash flow from continuing operations improved by 57% year-over-year, and the company reduced its overall debt by $69 million during the quarter. Management reaffirmed its expectation to achieve positive Adjusted EBITDA in each business unit by the end of FY2024. Additionally, Canopy Growth is moving forward with its Canopy USA strategy, with a special shareholder meeting scheduled for April 12, 2024, to discuss the creation of a new class of exchangeable shares, which would provide investors with exposure to the U.S. cannabis market.

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