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