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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 (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.
Canopy Growth Corporation (CGC) and Acreage Holdings have partnered to introduce Canopy's THC beverages in the U.S., starting summer 2021. Acreage aims to leverage its presence in Illinois and California to market these products through both its own dispensaries and existing distribution channels. Canopy has achieved significant success in Canada, selling over 1.7 million cans and holding a 74% market share in the cannabis beverage sector. The collaboration aims to capture growth in the expanding U.S. cannabis market.
Canopy Growth Corporation (NYSE: CGC) and Acreage Holdings, Inc. have executed an amended arrangement under British Columbia law. The arrangement introduces new share classes, allowing for the exchange of existing shares into Fixed and Floating Shares. Trading of these shares begins today on the Canadian Securities Exchange. Canopy Growth will acquire Fixed Shares at a specified exchange rate once U.S. federal marijuana laws permit. Acreage will remain independent while focusing on profitability and expanding its product offerings. Shareholders are set to receive approximately $0.30 per share as part of a $37.5 million upfront payment.
Canopy Growth announced the results from its annual general and special meeting of shareholders held on September 21, 2020. A total of 260,647,934 common shares were voted, representing 70.22% of outstanding shares. All proposed matters, including the election of directors and appointment of KPMG as auditors for fiscal 2021, were approved. Directors Judy A. Schmeling and David Klein received 99.13% and 99.05% approval, respectively. Shareholders also greenlit amendments to the Omnibus Incentive Plan and established annual votes on executive compensation.
Canopy Growth Corporation and Acreage Holdings announced that Acreage received final court approval for an amended arrangement under British Columbia law. The implementation is expected around September 23, 2020. Eligible Acreage shareholders as of September 22 will receive a pro rata share of US$37,500,024, approximately US$0.30 per Subordinate Voting Share. Shareholder approval was granted on September 16, 2020. This arrangement may lead to wider operational collaboration and potential for growth in the cannabis sector.
Canopy Growth Corporation (NYSE: CGC) has launched Martha Stewart CBD, a premium line of hemp-derived wellness products created in collaboration with Martha Stewart. This new offering includes gourmet flavored wellness gummies, softgels, and oil drops, aiming to provide consumers with high-quality, scientifically formulated CBD supplements. The initial product lineup features items priced between $34.99 and $44.99, designed to support daily wellness routines. These products are available for purchase online at Canopy Growth's ecommerce platform.
Canopy Growth announced that CEO David Klein and EVP & CFO Mike Lee will speak at the Barclays Global Consumer Staples Conference on September 9, 2020, at 4:40 PM ET. The event will be available via live audio webcast on Canopy Growth's website, with a replay option for later access. Canopy Growth is a leading cannabis and hemp product company known for its brands and innovative market strategies. It operates retail stores in Canada and has partnerships with notable figures like Snoop Dogg and Martha Stewart.
Canopy Growth Corporation (NYSE: CGC) will host its 2020 Annual General and Special Meeting on September 21, 2020, starting at 10:00 AM ET. The meeting will occur in a virtual format accessible via a live audio webcast. Shareholders of record as of July 28, 2020 are eligible to vote. A notice detailing instructions on how to participate and vote has been mailed to eligible shareholders. Canopy Growth is a leading cannabis company known for its diverse products and significant market presence, including partnerships with notable brands.
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