Canopy Growth Corp.

Company Overview

Canopy Growth (TSX:WEED) (NYSE: CGC) is a world-leading diversified cannabis and hemp company, offering distinct brands and curated cannabis varieties in dried, oil and soft gel capsule forms. The company has build a massive global footprint spanning dozens of countries, although the vast majority of its sales are in Canada. Notably, Canopy Growth received a ~$5B equity investment from U.S. based Constellation Brands and has been using this war-chest to acquire companies along the cannabis value-chain. These include, among others, C3 holdings a German based maker of synthetic cannabis, Acreage Holdings a leading U.S. Multi-State Operator, and Storz & Bickel a manufacturer of cannabis vaporizer equipment.


Key Financials

(C$M Unless Otherwise Stated)

30 JUN ’1730 SEP ’1731 DEC ’1731 MAR ’1830 JUN ’1830 SEP ’1831 DEC ’18
Excise taxes-14.66
Net revenue15.8717.5721.722.8125.9223.3383.05
Cost of Sales3.8211.18-3.13-15.6316.07-57.31-70.6
Gross margin19.728.7518.577.1841.99-33.9812.45
Operating expenses-23.93-29.9-44.6-58.21-72.69-180.64-169.69
Loss from operations-4.24-1.15-26.03-51.03-30.71-214.63-157.24
Net income-4.32-1.341.58-61.54-80.28-337.1467.58
Diluted EPS ($/sh)-0.03-0.010.01-0.31-0.4-1.52-0.38
Diluted Shares O/S (M sh)163.9167.2194.7196.6200.2221.7316


July 03, 2019: Bruce Linton to step down as co-CEO and Canopy Board member. Mark Zekulin remains CEO. Company Launches Search to Identify Leader to Guide Next Phase of Growth. (link)

June 24, 2019: Canopy Growth adds substantial production capacity in Canada after receiving licence for new outdoor site. The outdoor cannabis grow operation in Saskatchewan is in addition to Canopy Growth’s major hemp production platform, which scaled up from the 4,000 acres mentioned above to over 5,000 acres in 2019. 7 million sq. ft. (160 acres) secure cultivation field in Saskatchewan. (link)

April 18, 2019: Canopy Growth announces plan to acquire leading U.S. Multi-State Operator, Acreage Holdings.  Acreage holders will receive an immediate aggregate total payment of US$300 million or approximately US$2.55 per Acreage Subordinate Voting Share. In addition, upon the exercise of the Right, holders will receive 0.5818 of a common share of Canopy Growth. Upon exercise of the Right, the total consideration payable pursuant to the Transaction is valued at approximately US$3.4 billion on a fully-diluted basis, represents a premium of 41.7% over the 30-day volume weighted average price. (link)



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