WEED - Canopy Growth Reports 7% YoY Increase In Q4 Net Revenue Continues Focus On Innovation In Canada And International Expansion | Benzinga
Canopy Growth Corporation (TSX:WEED) (NASDAQ:CGC) announced its financial results on Thursday for the fourth quarter and fiscal year ended March 31, 2024.
Fourth quarter net revenue for the company's subsidiary Storz & Bickel which manufactures high-end and medically certified cannabis vaporizers surged 43% year-over-year to CA$22million ($16 million).
Canada’s cannabis net revenue in the same period increased 4% year-over-year led by a 16% increase in the Canada medical cannabis business that saw its 5th consecutive quarter of revenue growth.
Canopy CEO David Klein said the company made "remarkable progress and delivered dramatic reductions in expenses, cash burn, and debt over the past year," which is expected to result in "achieving positive Consolidated Adjusted EBITDA."
Canopy will seize positive cannabis regulatory shifts in Germany and the United States, Klein added. "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.”
See also: Canopy Growth Expands U.S. Reach By Acquiring These Two Key Cannabis Brands
Q4 2024 Financial Highlights
- Net revenue totaled CA$72.8 million, up from CA$68.2 million in the same quarter of 2023.
- International markets cannabis net revenue increased 32% year-over-year to CA$12 million driven by growth in Germany and Poland as well ...