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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 (NASDAQ: CGC) has launched its CBD-infused sparkling water brand, Quatreau, in the U.S., following its success in Canada. This ready-to-drink beverage contains 20 mg of hemp-based CBD, comes in four flavors, and has an MSRP of $3.99 per can. The product aims to cater to U.S. consumers looking for a zero-sugar, low-calorie option. Canopy Growth's President believes the beverage will enhance growth in the CBD market. The launch coincides with an astrology-themed marketing campaign, partnering with celebrity astrologist Susan Miller.
Canopy Growth has completed a plan of arrangement under Ontario's Business Corporations Act.
The company now holds 38,890,570 exchangeable shares and 22,474,130 warrants in TerrAscend, representing approximately 20% of TerrAscend's shares on a fully-diluted basis. This move strengthens Canopy's U.S. exposure amidst potential cannabis reform. Additionally, Canopy Growth increased its ownership in Vert Mirabel from about 41% to approximately 55%. The arrangement also resulted in annual cash savings of approximately $2.9 million by terminating a royalty agreement.
Canopy Rivers has received court approval for a plan of arrangement involving Canopy Growth (CGC), wherein Rivers will transfer three portfolio assets in exchange for approximately $115 million in cash and 3.65 million shares of Canopy Growth. The arrangement, expected to finalize by February 23, 2021, includes the cancellation of all voting shares of Rivers held by Canopy Growth. Following this, Canopy Rivers will rebrand to RIV Capital Inc..
Canopy Rivers reported a comprehensive income of $82.2 million for Q3 2021, significantly attributed to the increased value of its investment in TerrAscend. The company finalized a transformative transaction with Canopy Growth (CGC), expected to close by late February, enhancing its strategic position for entering the U.S. cannabis market. Despite a net operating loss of $9.6 million for the quarter, Canopy Rivers anticipates stronger financial stability and growth opportunities following this deal. The company is also advancing its restructuring efforts with PharmHouse.
Canopy Rivers reported a comprehensive income of $82.2 million for Q3 2021, driven by significant gains in its investment in TerrAscend. The company announced a transformative transaction with Canopy Growth to sell interests valued at $115 million, expected to close by the end of February 2021. This transaction is projected to enhance liquidity and strategic positioning for entry into the U.S. cannabis market. Despite a net operating loss of $9.6 million, the company's prior challenges seem to be resolving as it anticipates profitable growth following the deal.
Canopy Growth Corporation reported record net revenue of $153 million for Q3 FY 2021, marking a 23% increase year-over-year. Canadian recreational market share rose to 15.7%, boosted by improved commercial execution. The company is implementing a cost savings program aimed at achieving profitability in the second half of FY 2022. However, a net loss of $829 million was attributed to impairment and restructuring charges. The company projects a 40%-50% CAGR in net revenue from FY 2022 to FY 2024, amid positive trends in both domestic and international cannabis markets.
Canopy Animal Health, a division of Canopy Growth (NASDAQ:CGC), has launched SurityPro, a new line of scientifically formulated CBD soft chews and oils for dogs. These products aim to enhance health and well-being, offering solutions for calm behavior, joint flexibility, and healthy aging. The SurityPro line includes five formulas with varying CBD concentrations, all adhering to NASC quality standards. The launch follows extensive research and collaboration with veterinarians. Additionally, Canopy partnered with Martha Stewart to offer another CBD pet product range.
Canopy Growth Corporation will announce its financial results for the third quarter fiscal 2021 on February 9, 2021, prior to market opening. The results will cover the period ending December 31, 2020. Following this, a live audio webcast will feature insights from David Klein, CEO, and Mike Lee, EVP & CFO, at 10:00 AM ET. A replay will be available until May 10, 2021. Canopy Growth specializes in diversified cannabis products and has a strong presence in both medical and consumer markets.
Canopy Growth Corporation (NASDAQ: CGC) launched the Martha Stewart CBD for Pet line, featuring gourmet-flavored CBD products for dogs, including soft-chews and oil drops. The line aims to enhance the mental and physical well-being of pets. Available in three formulations—Wellness, Calm, and Mobility—the products are scientifically crafted in collaboration with veterinarians. All items carry the NASC Quality Seal, ensuring high manufacturing standards. The product line is available for purchase on various online platforms as of January 26, 2021.
The cannabis industry is projected to reach $40.6 billion in global licensed dispensary sales by 2024, with the US contributing approximately $30 billion. Recreational cannabis sales are expected to hit $26.7 billion and medical cannabis $13.9 billion. A focus on cannabis delivery services is emerging as a key growth area. NxGen Brands has acquired an exclusive license for tracking technologies to enhance its cannabis delivery app. Additionally, Sundial Growers launched new premium cannabis derivatives, while HEXO Corp's joint venture Truss CBD USA introduced a sparkling CBD beverage line in Colorado.
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