Canopy Growth Q2 Revenue Sinks as Losses Increase
- Canopy Growth Corporation announced its financial results for the second quarter ended September 30, 2024, showing strong growth across its various businesses.
- The company reported progress towards profitability with improvements in gross margins and a reduction in SG&A expenses.
- Canopy USA strategy is performing well, and the company remains optimistic about its momentum.
- Management is confident in achieving positive Adjusted EBITDA at the consolidated level in the coming quarters through expected improvement in top-line growth and continued cost discipline.
SMITHS FALLS, ON, November 8, 2024 /PRNewswire/ – Canopy Growth Corporation (“Canopy Growth” or the “Company”) (TSX:WEED) (Nasdaq: CGC) today announces its financial results for the second quarter ended September 30, 2024 (“Q2 FY2025″). All financial information in this press release is reported in Canadian dollars, unless otherwise indicated.
“We delivered a solid second quarter led by strong growth across our Storz & Bickel, Canadian medical, and European cannabis businesses and we are well positioned to accelerate momentum in the second half of our fiscal year. In addition, we remain highly optimistic about the momentum building within Canopy USA as this strategy was uniquely designed to succeed independent of the need for federal legalization.”
David Klein, Chief Executive Officer
“We’ve demonstrated another quarter of progress towards profitability driven by improvement in gross margins as well as a reduction in SG&A expenses. With expected improvement in top-line growth in the second half of the fiscal year and continued cost discipline, we believe we remain on a path to achieve positive Adjusted EBITDA at the consolidated level in the coming quarters.”
Judy Hong, Chief Financial Officer
Original press release