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  • Net revenue for the period amounted to $110.1 million, down 19 per cent from $136.2 million in the same quarter last year
  • The company maintained number one share of combined premium flower and pre-rolled joint (PRJ) segment in Q1 FY 2023
  • Increased share of the combined mainstream flower and PRJ segment by 35 basis points to four per cent in Q1 FY2023
  • International medical cannabis net revenue approximately doubled versus Q1 FY2022 driven primarily by strong sales in Israel and Australia
  • Record BioSteel revenues in Q1 FY2023 increased 169 per cent versus Q1 FY2022
  • Canopy Growth Corp. (WEED) is down 7.05 per cent trading at C$3.43 as of 11:35 am EDT

Canopy Growth Corp. (WEED) has announced financial results for the first quarter ended June 30, 2022.

All financial information in this press release is reported in Canadian dollars, unless otherwise indicated.

Highlights:

  • Q1 FY2023 net revenue was flat compared to Q4 fiscal year (FY) 2022
  • Company maintained number one share of combined premium flower and pre-rolled joint (PRJ) segment in Q1 FY2023.
  • Increased share of the combined mainstream flower and PRJ segment by 35 basis points to four per cent in Q1 FY2023.
  • International medical cannabis net revenue approximately doubled versus Q1 FY2022 driven primarily by strong sales in Israel and Australia.
  • Net loss in Q1 FY2023 was $2,088 million, which is a $2,478 million increase in the net loss versus Q1 FY2022, driven primarily by the non-cash $1,725 million impairment in goodwill, and non-cash fair value change.

Record BioSteel revenues in Q1 FY2023 increased 169 per cent versus Q1 FY2022. Secured retail agreement with Walmart Stores covering 2,200 stores in 39 states. Entered partnership to become the Official Hydration Partner of the NHL and NHLPA.

Cost reduction program on track with operating expenses3 in Q1 FY2023 decreasing by 13 per cent versus Q1 FY2022.

David Klein, Chief Executive Officer, commented,

“Through advancements in our North American brand led strategy we delivered a record quarter from BioSteel and maintained #1 share in the premium flower and pre-rolled joint segment, while driving growth of our premium Doja and mainstream Tweed brands. As our U.S. THC ecosystem continues to strengthen with Acreage operating in the recreational cannabis market in New Jersey, along with the expansion of Wana across North America, we remain focused on delivering a robust pipeline of innovation aligned to what consumers are looking for – premium, infused, and ready to enjoy.”

Chief Financial Officer, Judy Hong, added,

“The cost saving program announced earlier in the quarter combined with sound expense discipline contributed to a meaningful decline in operating expenses during the quarter. We expect cost savings to ramp in the second half of the year, enabling us to execute on our path to profitability even as we continue to invest in strategic growth initiatives including in BioSteel and our U.S. THC ecosystem.”

Canopy Growth Corp. (WEED) is down 7.05 per cent trading at C$3.43 as of 11:35 am EDT.


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