Canopy Growth Reports First Quarter Fiscal 2022 Financial Results – The John Bonham Of Cannabis?


Here it is all dressed up in finery although the song remains the same Adjusted EBITDA loss in Q1 2022 was $64 million, a $29 million narrower loss versus Q1 2021 driven by higher sales and lower operating expenses. Adjusted EBITDA loss in Q1 2022 was negatively impacted by a $10.1 million impairment charge related to the changes in our sourcing strategy for certain products.   Canopy Growth Corporation (“Canopy Growth” or the “Company”) (TSX: WEED) (NASDAQ: CGC) today announces its financial results for the first quarter fiscal 2022 ended June 30, 2021. All financial information in this press release is reported in Canadian dollars, unless otherwise indicated. Highlights Achieved 23% revenue growth in Q1 2022 versus Q1 2021 driven by strong double-digit growth in both cannabis and other consumer products businesses. Maintained #1 market share1 in tracked Canadian recreational cannabis market amid a highly competitive landscape. Completed acquisition of Ace Valley and Supreme Cannabis, with commercial and operational Integration progressing smoothly. Led by consumer insights, a robust innovation pipeline with over 100+ SKUs across key product categories set to hit store shelves from Q2 2022 to Q4 2022. Momentum with cannabis reform increasing as the Company continues to build its U.S. presence through broad portfolio of innovative CBD and CPG brands. Remains committed to accelerating top-line growth in the second half of fiscal 2022 and achieving positive Adjusted EBITDA by end of fiscal 2022. “With the right strategy and strong foundation in place we are confident in our ability to deliver long-term success as Canopy’s products and brands continue to demonstrate their appeal to consumers in our core markets,” said David Klein, CEO, Canopy Growth. “While we’re encouraged by regulatory advancement in the U.S., Canopy is not waiting as we continue to scale our business on both sides of the border with an exciting product pipeline planned for…

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Source : Canopy Growth Reports First Quarter Fiscal 2022 Financial Results – The John Bonham Of Cannabis?

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