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Canopy Growth Corporation (TSX: WEED) (Nasdaq: CGC) announced its financial results for Q4 quarter ended March 31st, 2023 yesterday. All financial information below is reported in Canadian dollars unless otherwise indicated, and compared to the previous quarter.

Q4 Financial Highlights

• Total Net Revenue: DOWN 7.3% to $72.8M
  • Canadian: DOWN 4.9% to $37.1M
    • As a % of Net Revenue: UP to 51.0% from 49.7% 
      • Recreational: DOWN 11.1% to $20.8M
        • As a % of Net Revenue: DOWN to 28.6% from 29.8%
      • Medical: UP 4.5% to $16.3M
        • As % of Net Revenue: UP to 22.4% from 19.9%
      • International: UP 10.5% to $11.6M
        • As % of Net Revenue: UP to 15.9% from 13.4%
• Total Cannabis: DOWN 1.6% to $48.7M 
  • As a % of Net Revenue: UP to 66.9% from 63.1%
• Consumer Products: UP 15.9% to $24.1M
  • As a % of Net Revenue: UP to 33.1% from 26.5%
    • Storz & Bickel (vaporizers): UP 20.0% to $22.2M
      • As a % of Net Revenue: UP to 30.5% from 23.6%
    • Other: DOWN 17.4% to $1.9M 
      • As a % of Net Revenue: DOWN to 2.6% from 2.9%
• Adj. EBITDA: DOWN 67.8% to $(15.1)M from $(9.0)M
  • As a % of Net Revenue: Increased to (20.7)% from (11.5)%
• Net Loss from Continuing Operations:  DOWN 57.4% to $(92.3)M

Q4 Operational Highlights

• Launched 2 new SKUs 
• Extended the Spectrum Reserve collection for medical cannabis customers in Canada
• Added over 2,300 points of distribution in the Canadian adult-use market

Management Commentary

David Klein, Chief Executive Officer, said:

"...Entering FY2025, Canopy has growing businesses in all of the world's most attractive cannabis markets, a leading portfolio of high-impact brands, and a rapidly developing U.S. ecosystem.''

Judy Hong, Chief Financial Officer, said:

"...With no material debt maturing until 2026, Canopy is equipped to capitalize on growth opportunities and enhance shareholder value."

Stock Performance

Canopy Growth's stock price went UP 69% in Q4 (ending March 31st, 2024) and has ended May relatively unchanged.

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