Welcome to our dedicated page for Canopy Growth news (Ticker: CGC), a resource for investors and traders seeking the latest updates and insights on Canopy Growth 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 Corporation (TSX: WEED, NASDAQ: CGC) will hold its 2022 Annual General and Special Meeting virtually on September 15, 2022, at 1:00 PM ET. Eligible shareholders as of July 22, 2022, can vote via live audio webcast. Important participation information is outlined in the proxy statement, available online. Shareholders received a notice of internet availability detailing how to access materials and vote, encouraging early proxy submission.
Canopy Growth is a leading cannabis company with diverse product offerings across various consumer sectors.
Martha Stewart CBD has introduced a new flavor of its gummies, Pumpkin Spice CBD Wellness Gummies, available for $34.99 on marthastewartcbd.com. This product launch reflects the brand's strategy to expand its offerings and tap into seasonal trends. Each gummy contains 10mg of pure CBD isolate, aiming to enhance consumer experience with a tasty, convenient wellness option. This launch marks a continuation of Martha Stewart's collaboration with Canopy Growth Corporation, highlighting their presence in the rapidly growing CBD market.
Canopy Growth reported its Q1 FY2023 results on August 5, 2022, reflecting a 19% year-over-year decline in net revenue to $110.1 million. The international medical cannabis revenue doubled driven by strong sales in Israel and Australia. Despite maintaining the #1 market share in the premium flower segment, gross margin fell to (1%) from 20% a year earlier due to lower production and price pressures. The company recognized a non-cash goodwill impairment of $1.725 billion. Operating expenses decreased by 13%, and BioSteel revenue surged by 169%.
Canopy Growth Corporation (NASDAQ: CGC) appoints Christelle Gedeon, Ph.D., as the new Chief Legal Officer, effective immediately. Gedeon, a notable figure in the cannabis sector, brings over a decade of legal experience, including prior roles at The Metals Company and Aphria. Her background includes significant expertise in regulatory structures and corporate governance, having played a part in over 50 mergers and acquisitions. CEO David Klein expressed confidence in Gedeon's ability to enhance Canopy Growth's strategy for North American cannabis leadership.
Canopy Growth Corporation (CGC) has launched new premium flower offerings under its brands 7ACRES and Doja. The products, available in retail locations across Canada this summer, include high-THC strains like 7ACRES Platinum Kush Breath and Doja OG Deluxe. These releases cater to cannabis enthusiasts prioritizing quality, with insights showing that 85% of consumers consider product quality essential. The new products aim to enhance customer experience during summer staycations and weekends away.
Canopy Growth Corporation (NASDAQ: CGC) will release its financial results for the first quarter of fiscal year 2023, ending June 30, 2022, before markets open on August 5, 2022. An audio webcast will follow at 10:00 AM ET on the same day, featuring CEO David Klein and CFO Judy Hong. Shareholders can submit questions for the Q&A session starting July 29, 2022. The webcast will be accessible live and a replay will be available until November 5, 2022. This is a key financial update that could influence investor sentiment.
Canopy Growth has successfully completed the retirement of approximately $263 million in unsecured debt, enhancing its balance sheet. This transaction involved the exchange of 4.25% unsecured notes due in 2023, enabling the company to reduce its debt obligations and associated interest payments. CBI, through its subsidiary, participated in this transaction. Canopy issued a total of 76,804,412 common shares to noteholders as part of the debt exchange. This strategic move is aimed at preserving cash for future investments while positioning the company to navigate economic headwinds.
Canopy Growth Corporation (NASDAQ: CGC) announced the execution of a privately negotiated Exchange Agreement with a holder of its 4.25% unsecured senior notes due 2023. The agreement allows Canopy to acquire approximately C$7.25 million in notes for common shares and a cash payment of C$140,000 for accrued interest. A purchase price of C$7.17 million will be paid in shares, with a maximum issuance of 80,629,270 Canopy Shares under the transaction. The shares will be issued based on a floor price of US$2.50 and a maximum price equal to the closing price prior to the agreement.
Canopy Growth Corporation (CGC) announced on June 29, 2022, that it entered into Exchange Agreements with certain holders to acquire approximately C$255.4 million of its 4.25% unsecured convertible senior notes due 2023. The transaction includes the issuance of Canopy Shares and C$3 million in cash for accrued interest. Constellation Brands' subsidiary, GCILP, will acquire a minimum of 21.9 million Canopy Shares. The transaction is structured to comply with securities regulations and is not deemed to require approval from minority shareholders.
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