Canopy Growth's (TSX: WEED, NYSE: CGC) unique (one might say its deceptive and misleading sleight-of-hand) way of reporting its Q1 (ended June 30) quarterly financial performance - by comparing the latest quarter with the same quarter in the previous fiscal year - prevents a clear picture of how Q1  financial results compare with those of the previous quarter and, therefore, masks the trend in performance. This report has done the analysis and gives you that comparison below:

Q1 2021 Financial Review (All numbers are in millions of Canadian dollars and comparative to Q4)

• Net Revenue: increased 2.3% vs. a 13% decrease in the previous quarter
  • Canadian recreational revenue: decreased a further 11.2% on top of a 28% decrease in the previous quarter of which
    • business-to-business: decreased a further 4.9% on top of a 31% decrease in the previous quarter
    • business-to-consumer: decreased a further 29% on top of a 14% decrease in the previous quarter
    • Dry bud: decreased a further 18% on top of a 29% decrease in the previous quarter
    • Oils, softgels and cannabis-infused chocolates and beverages, and cannabis vape products:  decreased 0.7% vs. a 34% increase in the previous quarter
  • Canadian medical revenue: decreased 7% vs. a 1% increase in the previous quarter
  • International medical revenue: unchanged of which
    • Dry bud: increased 4% on top of a 7% increase in the previous quarter
    • Oils and softgels: decreased 3.1% vs. a 6%  increase the previous quarter
  • Adjusted gross margin: decreased to 7% from 42% the previous quarter
• Net Loss: reduced by 90.3% to $(128.3M) vs. $(1,326.4M) for the previous quarter
• Adjusted EBITDA: loss reduced by 9.6% to $(92.2M)
• Cash Position: unchanged at $2.0B 

Q1 Business & Operational Highlights

1. Made significant progress on company's strategic priorities and organizational design
2. Strengthened competitive positioning in Canada recreational market
3. Stepped up activities in the U.S. market to drive accelerated revenue growth
4. Entered into a proposal agreement with Acreage Holdings, Inc. to amend the terms of the existing arrangement between them that reaffirms the Company's path to the U.S. THC market when federally permissible
5. Has avoided disruption to its production and supply chains despite the COVID-19 pandemic having re-opened its 22 corporate-owned retail stores and maintaining a strong liquidity position.

Canopy's efforts to misdirect investors as to the health of the company have been successful as its stock price in the chart below, as of mid-day today, so clearly indicates:

(Click on image to enlarge)

About Canopy Growth Corporation

Canopy Growth is a diversified cannabis, hemp, and cannabis device company that sells a line of distinct brands and curated cannabis varieties in dried, oil and softgel capsule forms in over a dozen countries across five continents.