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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.
BioSteel has secured a multi-year partnership with the Toronto Raptors, becoming the team's official sports drink and presenting partner for Raptors Training Camp. The deal allows BioSteel's new sugar-free sports drink to be available to players during games and training. Branding will be prominently displayed at home games and training facilities. BioSteel, founded in 2009, focuses on all-natural, nutritious products and has gained popularity among consumers and athletes alike. This partnership will further enhance BioSteel's market presence.
Canopy Growth Corporation (CGC) announced significant operational changes in Canada aimed at improving margins and accelerating profitability. The company plans to close multiple production sites, including locations in Newfoundland, New Brunswick, Alberta, and Ontario, impacting approximately 220 employees. This restructuring is part of a broader end-to-end review targeting $150-$200 million in cost savings. The closures represent about 17% of the company's Canadian footprint and are expected to incur pre-tax charges of $350-$400 million in the upcoming quarters.
Martha Stewart's CBD collection has officially launched at The Vitamin Shoppe and Super Supplements, marking a significant expansion for Canopy Growth Corporation (CGC). Available online and at over 580 retail locations, the product line includes a 15-Flavor CBD Gummy Sampler and various wellness products. The items, made from premium hemp-derived CBD isolate, aim to provide accessible wellness solutions just in time for the holiday shopping season. Consumers can enjoy a 25% discount on Martha Stewart wellness products through December 30, 2020, using promo code MARTHA25.
BioSteel has entered a multi-year partnership with the Philadelphia 76ers, becoming the official sports drink of the team and the presenting partner for the 76ers Training Camp. This agreement includes significant brand visibility at home games and the team’s training complex in Camden, New Jersey, featuring digital signage and product placement. BioSteel's logo will be prominently displayed on various items during games. The partnership emphasizes BioSteel's commitment to providing sugar-free hydration products, aimed at enhancing athlete performance.
Canopy Growth Corporation has published a groundbreaking study on the long-term toxicity and lifespan effects of cannabidiol (CBD) using the preclinical model C. elegans. Conducted in partnership with NemaLife Inc., the study indicates that CBD shows no acute or chronic toxicity at physiological concentrations. Instead, it extends mean lifespan by up to 18% and increases late-stage life activity by 206%. This research, published in the Cannabis and Cannabinoid Research journal, supports ongoing investigations into CBD's potential health benefits and influences public policy regarding cannabis use.
Canopy Growth Corporation (NYSE: CGC) has launched a limited edition Martha Stewart CBD Wellness Gummies Sampler, featuring 60 gummies in 15 seasonal flavors for the holidays. Retailing at $64.99, the sampler will be available for pre-order starting November 11, with shipping set for November 27. The gummies contain 10mg of premium CBD isolate each, crafted to offer wellness benefits while being a luxurious gift option. This collaboration between Canopy Growth and Martha Stewart aims to enhance the CBD product line, appealing to consumers looking for both quality and flavor.
Canopy Growth Corporation (CGC) reported record quarterly net revenue of $135 million for Q2 Fiscal 2021, driven by robust sales in the Canadian recreational market and contributions from acquired brands.
Despite revenue growth, the company faced a net loss of $97 million but improved its Adjusted EBITDA loss to $86 million, a 43% reduction compared to Q2 FY20.
The firm aims to achieve $150-$200 million in cost savings and has seen a 200 basis point market share increase in Canada.
Canopy Growth Corporation will transfer its U.S. stock listing from the New York Stock Exchange to the Nasdaq effective November 13, 2020. This transition aims to enhance cost-effectiveness and improve investor connectivity. Common shares will start trading on Nasdaq under the ticker CGC on November 16, 2020, with no action required from current shareholders. CEO David Klein emphasized the move aligns Canopy with leading innovative companies. The company is known for its diversified cannabis products and has significant partnerships in the industry.
Canopy Growth Corporation (TSX: WEED, NYSE: CGC) will announce its financial results for the second quarter of fiscal 2021, concluding on September 30, 2020, before markets open on November 9, 2020. Following the results, CEO David Klein and CFO Mike Lee will host an audio webcast at 10:00 AM ET. Canopy Growth continues to lead in the cannabis industry with its diversified product offerings and strong brand presence across Canada, including Tweed and Tokyo Smoke.
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