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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 has agreed to divest its subsidiary, C³ Cannabinoid Compound Company GmbH, to Dermapharm Holding SE for an upfront payment of EUR80M (approx. CAD$115.5M) and potential earnout payments up to EUR42.6M (approx. CAD$61.4M). This strategic sale allows Canopy Growth to focus on its core consumer packaged goods model, reducing operational complexities and capital investment requirements by over CAD$50M. The transaction is expected to close by January 31, 2022, with all C³ employees remaining with Dermapharm.
Beatrice Society has announced the formation of its Board of Directors, appointing Gary Yeoman as Chairman. The board includes seasoned professionals Lorne Gertner and Krisztián Tóth. Yeoman, previously at Voxtur Analytics and Altus Group, aims to build on recent acquisitions in psychedelics and wellness. Gertner co-founded Cannasat Therapeutics and has notable ties to the cannabis industry, while Tóth specializes in corporate finance. The board's expertise is expected to strengthen Beatrice's position in the growing psychedelic therapy market.
On November 19, 2021, Canopy Growth announced critical changes in its Executive Management Committee. Mike Lee, Chief Financial Officer, and Rade Kovacevic, Chief Product Officer, will depart by December 31, 2021. Judy Hong and Tara Rozalowsky have been appointed as interim CFO and Chief Product Officer, respectively. CEO David Klein emphasized that these changes aim to enhance the company’s long-term growth and shareholder value. Canopy Growth continues to pursue its strategic priorities while maintaining its leadership position in the cannabis industry.
Canopy Growth Corporation (CGC) reported financial results for Q2 FY2022, ending September 30, 2021. Net revenue was $131.4 million, a 3% decline from Q2 FY2021, with cannabis revenue rising 1% to $95 million. The company announced plans to acquire Wana Brands, enhancing its U.S. presence. Gross margin dropped to -54%, impacted by inventory write-downs of $87 million, while adjusted EBITDA loss widened to $163 million. Despite challenges, Canopy remains optimistic about U.S. growth, aiming to stabilize Canadian operations and enhance product distribution.
On October 28, 2021, Martha Stewart CBD announced the release of new CBD products, including the permanent Harvest Medley CBD Wellness Gummies and limited-edition Mini CBD Peppermint Ribbons and Snowflake CBD Gummy Sampler for the holiday season. The brand has exceeded initial projections and is the fastest-growing CBD brand, with a 20% quarter-over-quarter growth. The Harvest Medley Gummies feature popular flavors like Green Apple, Concord Grape, and Pomegranate. These products aim to enhance wellness while celebrating Martha Stewart's commitment to making CBD accessible.
Canopy Growth Corporation (CGC) will announce its financial results for the second quarter of fiscal year 2022, ending September 30, 2021, on November 5, 2021, before market open. The company's executive team, including CEO David Klein and CFO Mike Lee, will host an audio webcast at 10:00 AM ET on the same day to discuss the results. Canopy Growth, a leading cannabis company, continues to expand its portfolio and market presence, including partnerships with major brands and growth in health and wellness sectors.
Canopy Growth Corporation has announced its agreement to acquire Wana Brands, the leading cannabis edibles brand in North America, upon federal legalization of THC in the U.S. This strategic move, valued at USD 297.5 million, aims to enhance Canopy's presence in the U.S. cannabis market, which is expected to expand significantly. Wana operates in 12 U.S. states and has plans to reach more than 20 states by the end of 2022. The acquisition is seen as a pivotal step in Canopy's growth strategy, leveraging Wana's established brand and profitable business model.
Karma Water has launched its first CBD beverage, Karma CBD Water, in collaboration with Canopy Growth Corporation. This innovative drink combines 25mg of CBD distillate made from U.S. hemp with Karma's patented Push Cap technology, designed to preserve potency until consumption. Available in five natural flavors, the product aims to cater to the growing demand for quick-acting wellness beverages. Distributed through Constellation Brands' beer network, Karma CBD Water is positioned to strengthen both companies' market presence in the CBD category.
On September 14, 2021, Canopy Growth Corporation (NASDAQ: CGC) held its annual general and special meeting where 66.01% of issued shares were voted. All proposals in the proxy statement were approved by the majority. Key results included the election of directors with high support, such as Judy A. Schmeling with 98.59% votes in favor, and the appointment of KPMG LLP as auditors for fiscal year 2022. The shareholders also approved amendments to the Company’s By-laws and an advisory resolution on executive compensation.
Canopy Growth Corporation has launched its first CBD vape, whisl, available for purchase on ShopCanopy.com and at over 3,000 Circle K stores nationwide starting October 1. This nicotine-free vaporizer features interchangeable pods tailored for focus, relaxation, and sleep, each containing 200 mg of premium CBD isolate. The MSRP for the starter kit is $39.99, and each pod package is priced at $19.99. Designed for immediate effects, whisl aims to enhance mood management while ensuring quality and safety through rigorous testing.
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