Canadian cannabis sales down, international sales up for Canopy in Q2 2025

Canopy Growth Corporation reported nearly $74 million in revenue in its second fiscal quarter of 2025, but a net loss of $128.3 million.

The second quarter of 2025, covering the three months ended September 30, 2024, saw a year-over-year decline in revenue, from $82 million in Q2 2024, but a decrease in losses, which were $324.8 million for the three months ended September 30, 2024.

Net revenue for the Canadian cannabis producer was $63 million, with $18.4 million coming from Canadian adult-use sales, $18.7 coming from Canadian medical cannabis sales, $10.1 million coming from international cannabis sales, and $15.9 million from its vaporizer company, Storz & Bickel.

Net revenue from Canadian adult-use cannabis sales was down 24% from $24.1 million in the same quarter last year, while Canadian medical cannabis revenue was up 16% from $16.2 million. International medical sales revenue was up 12% from $9 million in Q2 2024, while revenue from Storz & Bickel was up 32% from $12 million. 

Canopy attributes the decline in revenue from the non-medical cannabis market in Canada to lower sales volumes, “which were partially affected by supply constraints for certain products as a result of financial difficulties with our contract manufacturers and lower sales velocity due to continued increase in price competition.”

The company attributes the year-over-year increase in revenue from domestic medical cannabis revenue to an increase in the average size of medical orders placed by its customers, which it says is primarily due to an increase in the percentage of insured customers and a more extensive assortment of cannabis product choices offered to its customers.

Canopy’s international sales increased from Q2 2024 because of the increased shipments of flower products in Europe, especially Poland and Germany, offset by a decline in Australian medical business due to greater competition in that market. 

The company also incurred nearly $11 million in excise tax in the most recent quarter. 

“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,” said David Klein, Canopy’s CEO. “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.”