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Canopy Growth | DEFA14A: Others

SEC announcement ·  Feb 9 10:44
Summary by Moomoo AI
Canopy Growth Corporation reported its financial results for the third quarter of fiscal year 2024, ending December 31, 2023. The company saw 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. Despite a 7% decline in consolidated net revenue year-over-year, gross margins improved significantly, with consolidated gross margins reaching 36% and Canada cannabis gross margins increasing to 28%. The company also reported a record quarter for medical sales and a 54% sequential increase in net revenue for Storz & Bickel, driven by strong sales of the new VENTY portable vaporizer. Free cash flow from continuing operations improved by 57% year-over-year, and the company reduced overall debt by $69MM during the quarter...Show More
Canopy Growth Corporation reported its financial results for the third quarter of fiscal year 2024, ending December 31, 2023. The company saw 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. Despite a 7% decline in consolidated net revenue year-over-year, gross margins improved significantly, with consolidated gross margins reaching 36% and Canada cannabis gross margins increasing to 28%. The company also reported a record quarter for medical sales and a 54% sequential increase in net revenue for Storz & Bickel, driven by strong sales of the new VENTY portable vaporizer. Free cash flow from continuing operations improved by 57% year-over-year, and the company reduced overall debt by $69MM during the quarter. Canopy Growth reaffirmed its expectation to achieve positive Adjusted EBITDA in each business unit by the end of FY2024. A special shareholder meeting is scheduled for April 12, 2024, to move forward with the Canopy USA strategy. The company also announced the appointment of two new board members, Willy Kruh and Luc Mongeau, effective February 7, 2024.
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