Canopy Growth Corporation (TSX: WEED;NYSE: TWMJ), a wholly-owned subsidiary of Canopy Growth Corporation, is a world leader in the production and distribution of medical-grade cannabis. The Company operates, through multiple subsidiary companies, various medical and recreational cannabis growing facilities, including its wholly-owned subsidiary Tweed Inc., one of Canada’s leading cannabis companies, and operates a cannabis production facility in Ontario, Canada. The Company also operates a cannabis dispensary in Ontario, Ontario, Canada.
Canopy Growth (CGC) reported its Q4 earnings on Wednesday, December 12, 2016. The company reported revenue of $148.14 million, an increase of 38% over the same period last year.
Canopy Growth Corporation (TSX:WEED)(NYSE:CGC) has reported its Q4 2017 results for the period ending December 31, 2017. The company reported revenues of $148 million for the quarter compared to $72 million from last year. This increase of 38% was primarily due to the increase in production of high-margin cannabis products.. Read more about 420 investor portfolio and let us know what you think.
Canopy Growth announces financial results for the fourth quarter and fiscal year 2021
- Achieve 37% revenue growth in fiscal year 2021, with high double-digit growth in cannabis and other consumer products.
- Better supply chain execution and quality leads to economic success
- Maintains #11 market share in the overall floral category in Canada; recently announced acquisitions strengthen Canopy’s leadership position in the Canadian recreational market
- The ecosystem strategy in the US continues to gain momentum and is aimed at further capitalizing on growth opportunities in the US.
- Remains on track to deliver positive adjusted EBITDA in the second half of fiscal 2022
SMITS FALLS, ON, 1. June 20, 2021 /PRNewswire/ – Canopy Growth Corporation (Canopy Growth or the Company) (TSX: WEED) (NASDAQ: CGC) today announced financial results for the fourth quarter and fiscal year 2021 ended June 31. March 2021 is over. All financial information in this press release is in Canadian dollars unless otherwise indicated. Canopy Growth transformed into a GIC organization in fiscal year 2021, strengthening the foundation for sustainable growth and long-term success. By using consumer insights and innovation to develop best-in-class products, Canopy Growth is able to achieve its goal of unleashing the power of cannabis to improve people’s lives.
David Klein, CEO, Canopy Growth
We are beginning to see strong momentum in all of our core businesses and remain committed to capturing opportunities in the U.S. in fiscal 2022. We have made great progress in improving our supply chain and properly organizing our production space to balance supply and demand, added Mike Lee, CFO. Our cost reduction program is on track to deliver $150 million to $200 million in savings over the next 18 months. We remain committed to profitability through the end of fiscal year 2022 by continuing to invest in an organization focused on knowledge, innovation and capturing the U.S. market. __________________________ 1 Unless otherwise noted, the market share data in this press release was calculated using the company’s internal market share tool, which is based on data from a third-party data provider, government agencies and our own retail stores nationwide. The tool collects point of sale data from an average of 29% of stores in Alberta, British Columbia, Saskatchewan, Manitoba, Newfoundland and Labrador; point of sale data from 100% of stores in New Brunswick, Nova Scotia, and Prince Edward Island; and OCS e-commerce attrition and sales data. Financial overview of the fourth quarter of 2021 Financial statement for the financial year 2021 Key financial results of the Company for the fourth quarter and year 2021
- Income: Net income of $148 million in the fourth quarter. The fourth quarter of 2021 is up 38% from the fourth quarter of 2021. Quarter 2020. In fiscal year 2021, net income increased 37% from the prior year, driven by double-digit growth in Canadian cannabis, international cannabis and other consumer products. Total net cannabis income was $101 million in the fourth quarter of 2021 and $379 million in fiscal 2021, increases of 27% and 28% from the fourth quarter of 2020 and the prior year, respectively.
- Gross margin: Gross margin reported in Q4 2010 was The decrease is 7% in Q4 2021. Adjusted gross margin, excluding restructuring charges of $10.3 million included in cost of sales, was 14% compared to 42% in the fourth quarter. Gross margin for fiscal year 2021 was negative 12%, compared to 8% for fiscal year 2020, and was negatively impacted by lower production volumes, unfavorable product mix in the Canadian recreational market and inventory costs, partially related to the write-off of certain packaging inventory in anticipation of the transition to new cannabis packaging, partially offset by labor cost subsidies received Gross margin for fiscal year 2021 was negative 12%, compared to 8% for fiscal year 2020. Adjusted gross margin, excluding restructuring charges of $26 million included in cost of sales, was 17% in fiscal 2021, compared to 26% in fiscal 2020, due to lower production volumes and unfavorable product mix, partially offset by wage subsidies we received from the Government of Canada under the COVID-19 incentive program in fiscal 2021.
- Operational expenditure: Total selling, general and administrative expenses (SG&A) decreased 25% in the fourth quarter. quarter 2021 compared to the fourth quarter. This was due to the year-on-year decline in sales and marketing and research and development (R&D) spending in the third quarter of 2020. In fiscal 2021, administrative and management expenses decreased 17% from fiscal 2020 due to a 20% decrease in sales and marketing expenses, a 22% decrease in general and administrative expenses and a 7% decrease in research and development expenses. Share-based compensation expense decreased 76% from Q4 2020 and 72% from FY 2020.
- Net loss: Net lossin the fourth quarter $617 million, a decrease of $710 million from the fourth quarter 2021. quarter 2020, was primarily due to other charges of $367 million in the fourth quarter. 292 million and impairment and restructuring charges of $75 million, primarily related to impairment charges recorded in 9Q2021. December 2020 ushered in changes to our Canadian operations. The net loss of $1.7 billion for fiscal 2021, an increase of $283 million from fiscal 2020, was primarily due to changes in other income (expense), net, a decrease in tax refunds, expected credit losses on financial assets and related charges, partially offset by an improvement in gross margin for the year and a decrease in selling, general and administrative expenses, share-based compensation expense and impairment and restructuring charges.
- Custom EBITDA: Adjusted EBITDA loss in the fourth quarter of 2010 was $94 million, down $8 million from the fourth quarter of 2021. quarter of 2020, driven by higher revenue and lower operating expenses. For fiscal year 2021, adjusted EBITDA loss was $340 million, a decrease of $102 million from fiscal year 2020, due to higher revenues and lower operating expenses.
- Cash position: At March 31, 2021, cash, cash equivalents and short-term investments were $2.3 billion, an increase of $0.3 billion from $1.98 billion at March 31, 2020, which includes the net proceeds from the March 18 sale. Mars 2021 announced senior secured debt of $930 million ($750 million), partially offset by EBITDA losses and capital expenditures.
______________________________ 2 Adjusted gross margin is a non-GAAP measure and excludes $10.3 million of restructuring charges included in cost of goods sold in Q4 2021 (Q4 2020 – excludes (i) $132.1 million of restructuring and other charges related to the impact of the restructuring and (ii) $4.7 million related to the spillover effects of inventory increases resulting from the business combination in fiscal 2020) See Non-GAAP Measures. 3 Adjusted EBITDA is a non-GAAP measure. See Non-GAAP measures. 4 Free cash flow is a non-GAAP measure. See Non-GAAP measures. 5 Adjusted gross margin is a non-GAAP measure and excludes $26.0 million of restructuring charges included in cost of sales in fiscal 2021 and $1.5 million related to the deferral of stock increases in connection with the business combination in fiscal 2020 (in fiscal 2020 – excluding the $136.8 million of charges described above). See Non-GAAP measures. Operating results for the fourth quarter and fiscal year 2021
- Canopy Growth continues to build momentum in its core product lines in Canada
- In the flower category, the company maintained its number one position in the Canadian leisure market with a 19% market share in the fourth quarter of 2021. Twd. was the number one flower brand in Canada for FY2021, with 6 of the top 10 SKUs. In the 4th. In the first quarter of 2021, the Company’s premium flower brands had a combined market share of 10.9% of the premium flower segment in Canada. The company launched its first exclusive Quebec Green brand in the fourth quarter of 2021, supported by several Quebec-grown Green Cush and Sour Kush varieties, as well as floral products named for the Ontario Tweed lineage.
- In Vapes,The company has strengthened its position in the Canadian vape market with the switch to 0.5ml 510 cartridges in the fourth quarter of 2021. The addition of Ace Valley vape products to the company’s portfolio will enable Canopy to immediately capture the No. 3 vape market share in Canada and the No. 1 all-in-one vape market share in the fourth quarter of fiscal 2021.
- For Beverages,In fiscal year 2021, the Company introduced a portfolio of THC-containing beverages to the Canadian recreational cannabis market, which captured a 35% dollar share of the total beverage category for the full year. Canopy Growth launched Quatreau CBD drinks in Canada in Q3 2021 and has been the #1 CBD drink in the Canadian market since launch. In the first quarter of 2022, Canopy expanded its THC beverage offerings and began shipping Tweed Iced Tea (flavored with lemon and raspberry, both contain 5 mg of THC).
- in Edibles,has the company Twd. Strawberry Chews in Ontario at 4. Countrywide distribution will begin in the first quarter of 2021. The project is expected to commence in the fourth quarter of 2022.
- The acquisition of Ace Valley and the proposed acquisition of Supreme Cannabis are expected to strengthen Canopy’s leading position in the Canadian recreational market, with an 18.1% market share in the fourth quarter of 2021, according to Canopy’s internal market share data.
- Thebusiness in the US is poised for significant growth with a strong base ofCBD and non-CBD products.
- Canopy successfully launched the Martha Stewart line of CBD-based health and wellness products, including gummies, softgels and oils, in the U.S. in fiscal year 2021. Martha Stewart’s CBD products are already among the top 9 brands of all CBD supplements in the grocery, drugstore and convenience store channel, according to data from IRI for the 4 weeks ending FY18. April 2021.
- In the fourth quarter of 2021, the company launched Quatreau CBD drinks in the US, becoming the first CBD drink brand in the US to sign a contract with major beverage distributor Southern Glazer’s Wine & Spirit.
- BioSteel is gaining ground in the US market with distribution agreements in the US for its ready-to-drink sports drinks (RTD). BioSteel RTD drinks are already among the top 7 sports drink brands with an ACV content of just 3.6%, according to data from IRI for the 13 weeks ending FY16. May 2021.
- Storz & Bickel’s (S&B) vaporization products ended the year with strong year-over-year sales growth of 67%, driven by extensive distribution and strong customer acceptance.
- The Company is on track to deliver positive adjusted EBITDA in the second half of fiscal 2022, with a stronger balance sheet providing additional fuel for growth
- Implementation of supply chain optimization is on track, and network optimization and complexity reduction initiatives are expected to deliver $150 million to $200 million in previously announced cost savings by the end of the first half of fiscal 2023.
- Good management of production in Canada has increased the demand and supply of cannabis: In the 4th. In the first quarter of 2021, the number of kilograms of cannabis sold exceeded the number of kilograms harvested by more than 40 percent.
- Total inventories decreased in the fourth quarter. Finished product inventory declined steadily during the second quarter of 2021, although it increased due to the introduction of several new products.
- Canopy strengthened its balance sheet with a $750 million term loan with an option to borrow another $500 million.
Financial and operating report for the fourth quarter and the financial year 2021 Sales revenue by channel _______________________ 6 Includes excise taxes of $17.5 million and other revenue adjustments of $3.1 million for Q4 2021 (Q4 2020 – $5.8 million and $5.4 million, respectively) and excise taxes of $54.9 million and other revenue adjustments of $14.0 million for FY 2021 (FY 2020 – $35.6 million and $51.5 million, respectively). 7 Includes excise taxes of $1.4 million for the fourth quarter of 2021 ($1.3 million for the fourth quarter of 2020) and excise taxes of $5.6 million for fiscal 2021 ($5.2 million for fiscal 2020). Revenue per form Canadian Cannabis
- B2B net sales in the leisure sector increased in the fourth quarter. The Company’s revenue in the third quarter of 2021 increased 40% from the prior year primarily due to growth in the Canadian retail channel during the year, as well as increased flower value and sales of cannabis for consumption, cannabis extracts and topical cannabis products.
- Net sales for the fourth quarter of 2021 increased from the fourth quarter. The company’s revenues increased 37% in the second quarter of 2020, driven by growth in flower sales, availability of vape, beverage and edible products, and an increase in the number of company-owned stores. The number of company-owned branches increased by 11 over the same period to 33.
- Canadian Medical Technology’s net income increased 1% in the fourth quarter of 2021 compared to the fourth quarter of 2020, primarily due to a higher average order value in the fourth quarter. This development is attributable to the first quarter of 2021.
- C3 sales in the fourth quarter of 2021 decreased 2% year-over-year, in part due to COVID-19 restrictions that limited sales activity.
- Other Income in the Fourth Quarter Sales in the first quarter of 2021 increased 84% year-over-year, primarily due to increased CBD sales in the United States.
____________________________ 8 Excludes the effect of adjustments to other revenues. 9 Other adjustments to revenues represent the Company’s determination of returns and price adjustments and relate to Canadian leisure chain operations for the store. Other consumer goods
- S&B spray sales increased 52% in the fourth quarter of 2021 compared to the fourth quarter of 2020, driven by higher U.S. sales, strong consumer demand and a broader product range.
- Sales increased 2% in the fourth quarter of 2021 compared to the fourth quarter of 2020, driven by organic growth in online sales and sales of Stress Check hand sanitizer launched in the UK and US in FY2021.
- Other Income in the Fourth Quarter Revenue in the third quarter of 2021 increased 149% from the same period last year, primarily due to increased sales of BioSteel in the United States, which benefited from expanded distribution.
After end of quarter
- Entered into a definitive agreement to acquire 100% of the shares of The Supreme Cannabis Company, Inc. (Supreme Cannabis), a deal that combines Canopy’s name recognition with Supreme Cannabis’ position in the top 10 in Canada, creating a notional 13.6% market share in the Canadian recreational market, including the 7ACRES brand, which is Canada’s leading premium flower brand and the top 5 in Canada for pre-rolled joints. Completion of the Supreme acquisition is subject to the approval of Supreme Cannabis’ shareholders and certain judicial and regulatory approvals.
- The acquisition of AV Cannabis Inc. (Ace Valley), Ontario’s leading cannabis brand with a focus on ready-to-eat (RTE) products and a loyal group of Millennials and Generation Z consumers, intending to leverage Canopy Growth’s national sales, marketing and distribution capabilities to expand its product portfolio and grow the brand across Canada. The financial results presented in this press release for the fourth quarter of fiscal 2021, the fourth quarter of fiscal 2020, fiscal 2021 and fiscal 2020 have been prepared in accordance with US GAAP.
Information on webcasting and teleconferencing The company will be listed on 1. June 20, 2021 at 10:00 AM ET for a conference call and audio webcast with David Klein, CEO, and Mike Lee, CFO. Information about the webcast A live audio broadcast will be available at https://produceredition.webcasts.com/starthere.jsp?ei=1455554&tp_key=5f1698b420 Read more information The data will be kept for a maximum of 30 years. August 2021, 23:59 ET, will be available online at the following address https://produceredition.webcasts.com/starthere.jsp?ei=1455554&tp_key=5f1698b420 Non-GAAP measures Adjusted EBITDA is a measure used by management that is not defined by U.S. GAAP and may not be comparable to similar measures used by other companies. Adjusted EBITDA is calculated as net loss excluding income tax recoveries (expenses), other income (expenses), losses on equity investments, equity compensation expense, depreciation and amortization, asset impairment and restructuring charges, expected credit losses on financial assets and related charges, restructuring charges and other charges included in cost of sales. A reconciliation of Adjusted EBITDA is included in this press release and will be discussed in the Company’s Annual Report on Form 10-K to be filed with the Securities and Exchange Commission. ______________________________________ 10 According to a press release issued by the company on 8… April 2021, Source: Provincial tips; Headphone reviews: These market share figures differ from Canopy’s domestic market share figures provided in previous Canopy earnings calls due to differences in methodology and time periods. Market share data is as of 01-Oct-20, based on the latest available data: County council data for ON online, PEI, NS. (27/3/28/21) and NB (17/3/21); and headphone data for ON retail (28/21) and AB, BC and SK (31/3/21). 11 According to the company’s press release of 08/04/2021, the market share figures as of 01/10/20 are based on the most recent data available: County council data for ON online, PEI, NS. (27/3/28/21) and NB (17/3/21); and headphone data for ON retail (28/21) and AB, BC and SK (31/3/21). Free cash flow is a measure used by management that is not defined by U.S. GAAP and may not be comparable to similar measures used by other companies. This ratio is calculated as net cash from (used in) operating activities less acquisitions and payments for tangible fixed assets. The free cash flow reconciliation is presented in this press release and discussed in the Company’s Annual Report on Form 10-K to be filed with the Securities and Exchange Commission. Adjusted gross margin and adjusted gross margin percentage are non-GAAP measures used by management that may not be comparable to similar measures used by other companies. Adjusted gross margin is calculated as gross margin excluding restructuring and other costs included in cost of goods sold and costs associated with deferring inventory growth in a business combination. The adjusted gross margin percentage is calculated as the ratio of adjusted gross margin to net sales. A reconciliation of adjusted gross margin and adjusted gross margin percentage is included in this press release. About Canopy Growth Corporation Canopy Growth (TSX:WEED, NASDAQ:CGC) is the world’s first diversified cannabis and cannabinoid consumer products company, driven by a passion to improve lives, end prohibition and empower communities by unlocking the full potential of cannabis. With the knowledge and innovation of our customers, we offer dried flowers, oils, soft gel capsules, infused drinks, edible and topical formats and sprays of high quality from Canopy Growth and industry leader Storz & Bickel. Our global medical brand, Spectrum Therapeutics, markets a range of full-spectrum products using its colour classification system and is the market leader in Canada and Germany. We reach adult drug users with our award-winning Tweed and Tokyo Smoke banners, and have built a loyal following by focusing on high quality products and meaningful customer relationships. Canopy Growth has entered the consumer health and wellness market with BioSteel sports nutrition and This Works skin and sleep solutions in key markets such as Canada, the United States and Europe, and has launched additional government-approved CBD products in the United States with the First & Free and Martha Stewart CBD brands. Canopy Growth has partnered with Fortune 500 market leader in the spirits sector Constellation Brands. For more information, see www.canopygrowth.com. Annex Annex 2 Annex 3 Annex 4 Annex 5 Annex 6 Annex 7 Annex 8 Annex 9 Annex 10 Original press release Stay ahead of the crowd by subscribing to 420 Investor, the largest and most comprehensive subscription service for cannabis dealers and investors since 2013. New Cannabis Ventures is committed to gathering quality content and information about leading cannabis companies to help our readers filter through the noise and stay informed about the most important news in the field. Do you have sensitive information? Please contact us.
Canopy Growth has released its annual financial report for the year ended December 31, 2017. The company’s revenue was $148.3 million for the 2017 fiscal year, compared to $116.5 million for the 2016 fiscal year.. Read more about marketfly and let us know what you think.
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