Welcome to our dedicated page for Canopy Growth Corporation Common Shares news (Ticker: CGC), a resource for investors and traders seeking the latest updates and insights on Canopy Growth Corporation Common Shares stock.
Canopy Growth Corporation (Symbol: CGC) is a leading North American cannabis company headquartered in Smiths Falls, Canada. The company is renowned for its extensive portfolio of brands, including Doja, 7ACRES, Tweed, and Deep Space, and its significant presence in both medicinal and recreational cannabis markets. Canopy Growth operates millions of square feet of indoor greenhouse production capacity, emphasizing quality and innovation in the cannabis industry.
Canopy Growth's product range extends beyond THC products to include non-THC offerings such as Martha Stewart CBD skincare products and premium vaporizers by Storz & Bickel. The company's commitment to delivering high-quality cannabis products is evident through continuous product innovation, such as the launch of new pre-roll products under its 7ACRES and Hiway brands, designed to cater to various consumer preferences and price points.
Recent Developments
- On February 22, 2024, Canopy Growth announced the introduction of five new pre-roll products across its adult-use cannabis portfolio, featuring unique filter designs and high THC content.
- On March 11, 2024, the company detailed a special resolution to amend its articles of incorporation, paving the way for the creation of non-voting exchangeable shares, which was approved by shareholders on April 12, 2024.
- On May 3, 2024, Canopy Growth secured approximately US$50 million from an institutional investor, enhancing its financial stability and liquidity.
- On May 7, 2024, Canopy USA, LLC exercised options to acquire Wana Brands and Jetty Extracts, marking a strategic move to consolidate its presence in the U.S. cannabis market.
- On May 30, 2024, Canopy Growth released its financial results for the fourth quarter and fiscal year ended March 31, 2024, highlighting significant reductions in expenses, cash burn, and debt.
- On June 4, 2024, the company exercised its option to acquire all issued and outstanding Class E subordinate voting shares of Acreage Holdings, Inc., further solidifying its market position in the U.S.
- On June 6, 2024, Canopy Growth announced an at-the-market equity program to issue and sell up to US$250 million of common shares for future investments and corporate purposes.
Canopy Growth's strategic focus includes advancing its Canopy USA strategy to capitalize on the U.S. THC market. The company's ecosystem encompasses rights to Acreage Holdings, a multi-state cannabis operator, Wana Brands, a leading edibles brand, and Jetty Extracts, a producer of high-quality cannabis extracts.
In addition to its product and market expansions, Canopy Growth maintains a strong commitment to social equity, responsible use, and community reinvestment. The company aims to pioneer a future where cannabis is widely accepted and utilized for its potential to enhance well-being and quality of life.
For more information, visit Canopy Growth’s website.
Canopy Growth (TSX: WEED, Nasdaq: CGC) reported Q2 FY2025 financial results with mixed performance. Net revenue decreased 9% year-over-year to $63.0MM, though excluding divested businesses, it grew 3%. Storz & Bickel showed strong growth with revenue up 32% to $16MM. Medical cannabis revenue increased in both Canada (16%) and international markets (12%). The company reduced its Adjusted EBITDA loss by 54% to $6MM and improved free cash flow by 16%. Gross margin increased to 35%, up 100 basis points from last year. The cash position strengthened to $231MM, up from $195MM in the previous quarter.
Canopy Growth (TSX: WEED) (NASDAQ: CGC) has announced it will release its second quarter fiscal 2025 financial results before market open on November 8, 2024. The results will cover the period ended September 30, 2024. Following the release, the company will host an audio webcast at 10 AM Eastern Time featuring CEO David Klein and CFO Judy Hong. The webcast will be available live and accessible for replay until February 6, 2025.
Canopy Growth (TSX: WEED) (NASDAQ: CGC) has made an early prepayment of US$100 million on its senior secured term loan at a discounted price of US$97.5 million. This move will result in annualized interest expense savings of approximately US$14 million and extends the loan's maturity date to December 18, 2026. The company has the option to make an additional US$100 million prepayment by March 31, 2025, which would further extend the maturity to September 18, 2027.
This action is part of Canopy Growth's strategy to reduce leverage, improve its balance sheet, and demonstrate fiscal discipline. CFO Judy Hong stated that this prepayment reflects the company's commitment to reducing cash burn and strengthening its capital structure, enabling investment in growth areas and long-term value creation for shareholders.
Canopy Growth (TSX: WEED, NASDAQ: CGC) has confirmed that Canopy USA has completed its acquisition of Wana, including Wana Wellness, The CIMA Group, and Mountain High Products. This follows Canopy USA's acquisition of approximately 75% of Jetty shares in June 2024. The move aligns with Canopy USA's strategy to establish a leading brand-focused cannabis company in the U.S.
Wana recently launched Wanderous™, a direct-to-consumer marketplace offering hemp-derived products, including Delta-9-THC and CBD gummies from various brands. Wana also introduced a new line of infused sparkling beverages. The acquisition is expected to unlock new growth opportunities in state-legal markets and through hemp-derived products across the U.S.
Canopy USA anticipates realizing significant financial benefits, including revenue growth and cost synergies, from the acquisitions of Wana, Jetty, and the contemplated acquisition of Acreage Holdings.
Canopy Growth (TSX: WEED) (NASDAQ: CGC) announced the voting results from its annual general meeting held on September 24, 2024. All matters put forward for shareholder consideration were approved. The election of directors saw all nominees elected with votes FOR ranging from 87.26% to 89.23%. Shareholders also approved the appointment of PKF O'Connor Davies, LLP as auditors for the fiscal year ending March 31, 2025, and authorized the board to fix their remuneration. Additionally, an advisory resolution on executive compensation was approved. Detailed voting results will be available on SEDAR+ and EDGAR.
Canopy Growth (TSX: WEED) (NASDAQ: CGC) has extended the proxy voting deadline for its upcoming annual general meeting to September 24, 2024 at 9:00 a.m. (Eastern Time). The meeting will be held virtually at 1:00 p.m. the same day. This extension aims to ensure a quorum of 33 1/3% of outstanding shares is achieved, as required by NASDAQ listing rules.
CEO David Klein emphasized the importance of shareholder participation to reach quorum. The company has retained Laurel Hill Advisory Group and Alliance Advisors as proxy solicitors to assist shareholders with voting. Shareholders can vote online, by phone, or by mail, depending on how they hold their shares.
The company urges all shareholders to vote, highlighting the ease and importance of the process. Detailed voting instructions and contact information for assistance are provided in the press release.
Canopy Growth (TSX: WEED) (NASDAQ: CGC) is urging shareholders to vote before the September 20, 2024 deadline for the upcoming annual general meeting on September 24, 2024. The company emphasizes the importance of achieving a 33 1/3% quorum, which is required for Nasdaq-listed companies. Canopy Growth has released a Q&A to address common shareholder questions about voting and quorum importance. The Board recommends voting FOR each proposal. Shareholders can vote online, by phone, or mail, with assistance available from Laurel Hill Advisory Group. The company stresses that every vote counts, especially given its diverse shareholder base without significant block holders.
STORZ & BICKEL, a subsidiary of Canopy Growth (TSX: WEED) (NASDAQ: CGC), has launched the Smokeless September Challenge. This campaign encourages consumers to switch from combustion to vaporization throughout September, using their latest device, the VENTY. The initiative aims to educate users on the benefits of vaporizing, including improved aroma and taste, increased inhalation efficiency, precise temperature control, and reduced coughing.
Participants can sign up at www.storz-bickel.com/smokeless-september to receive a discount code for purchasing the VENTY. They are encouraged to document and share their experiences on social media using #SmokelessSeptember. Dr. David Nathan, a Princeton-based psychiatrist, supports the campaign, emphasizing the safety and efficiency of high-quality vaporizers for cannabinoid consumption.
Wana Brands, a subsidiary of Canopy USA , has launched Wanderous, an online marketplace for hemp-derived THC and CBD products. The platform offers a curated selection of gummies and infused beverages from six premium brands, including Wana, Cann, Happi, Charlotte's Web, Martha Stewart CBD, and MXXN. Wanderous aims to provide consumers with trustworthy, lab-tested products and reliable product education.
Additionally, Wana Beverages, a new line of hemp-infused ready-to-drink beverages, has been introduced exclusively on Wanderous. The line includes three varieties: Lemonade Uplift Blend, Strawberry Lemonade Balance Blend, and Raspberry Tea Relax Blend, each with unique combinations of cannabinoids. This launch represents Wana's expansion into the growing hemp beverage market, offering consumers alternatives for social drinking and relaxation.
Canopy Growth (TSX: WEED) (NASDAQ: CGC) has announced that CEO David Klein will retire at the end of the fiscal year on March 31, 2025. The Board of Directors has initiated a comprehensive CEO selection process to find a successor. Klein will continue in his role until a replacement is named, focusing on advancing the company's strategic objectives, including profitability.
Under Klein's leadership since January 2020, Canopy Growth has undergone significant transformation, establishing a foundation for multi-market cannabis leadership through an asset-light model in Canada and international markets. The company's Q1 FY2025 results showed progress, with a 67% increase in gross profit year-over-year and a consolidated gross margin of 35%.
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