Welcome to our dedicated page for Canopy Growth Corporation Common Shares news (Ticker: CGC), a resource for investors and traders seeking the latest updates and insights on Canopy Growth Corporation Common Shares 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 (TSX: WEED) (NASDAQ: CGC) has announced the mailing of proxy materials for its 2024 annual general meeting (AGM) scheduled for September 24, 2024, at 1:00 PM ET. The virtual-only meeting will be conducted via live audio webcast. Shareholders will vote on three items: election of directors, re-appointment of auditors, and a non-binding advisory vote on executive compensation.
The company emphasizes the importance of shareholder participation, highlighting that a quorum of 33 1/3% of outstanding shares is required. Shareholders of record as of July 31, 2024, are eligible to vote. Multiple voting methods are available, including online, phone, and mail. Canopy Growth has engaged Laurel Hill Advisory Group as its proxy solicitation agent to assist shareholders with voting and inquiries.
Canopy Growth (TSX: WEED) (Nasdaq: CGC) reported its Q1 FY2025 financial results, highlighting a 67% increase in gross profit year-over-year to $23 million, despite a 13% decline in consolidated net revenue to $66.2 million. The company achieved a consolidated gross margin of 35% and a Canada cannabis segment gross margin of 32%. Operating loss from continuing operations improved by 47% to $29 million, while Adjusted EBITDA loss narrowed by 77% to $5 million. Canopy Growth also extended the maturity of its senior secured term loan to December 18, 2026, with an option to further extend to September 18, 2027. The company's Canada Medical Cannabis segment saw a 20% increase in net revenue, marking its 6th consecutive quarter of growth.
Canopy Growth (TSX: WEED) (NASDAQ: CGC) has announced that it will release its financial results for the first quarter of fiscal year 2025 on August 9, 2024, before financial markets open. The company will host an audio webcast on the same day at 10 AM Eastern Time, featuring CEO David Klein and CFO Judy Hong. The webcast will be available live at https://app.webinar.net/Lm5q6QW1Apv, with a replay accessible until November 7, 2024. This announcement provides investors and analysts with a specific date to anticipate Canopy Growth's latest financial performance and future outlook.
Canopy Growth announced an at-the-market (ATM) equity program to issue and sell up to $250 million of common shares. The shares will be sold on the Nasdaq, TSX, or other U.S. and Canadian markets at prevailing market prices. Proceeds will be used for investments, acquisitions, working capital, and debt repayment. The ATM program is effective until the earlier of the sale of all shares, effectiveness lapse of regulatory filings, or July 5, 2026. The program is supported by a distribution agreement with BMO Nesbitt Burns and BMO Capital Markets.
Canopy Growth (CGC) has exercised its option to acquire Acreage Holdings' Class E and Class D subordinate voting shares, making Acreage a wholly-owned subsidiary of Canopy USA.
Additionally, Canopy USA completed the acquisition of Wana Wellness and The CIMA Group, and a 77% stake in Jetty, with full acquisition of Mountain High Products pending regulatory approval.
The debt acquisition involved approximately $99.8 million of Acreage's debt for $69.8 million in cash and $30.1 million from escrow. The new terms permit Canopy to exercise a call right on $45.6 million of debt before January 14, 2025.
The acquisitions are part of Canopy's strategy to benefit from emerging adult-use cannabis markets in the Midwest and Northeast.
Canopy Growth announced its Q4 FY2024 and fiscal year 2024 results, highlighting a 7% year-over-year revenue increase for Q4, or 16% excluding divested businesses. Notably, Storz & Bickel's revenue surged 43% compared to Q4 FY2023, driven by the new Venty portable vaporizer. Canada medical cannabis revenue grew 16% in Q4 and 10% for the fiscal year. Cost of Goods Sold in Canada decreased by 54% for FY2024. Despite an operating loss of $229 million for FY2024, adjusted EBITDA loss improved by 72% year-over-year to $59 million. The company holds $203 million in cash and investments and has no major debt obligations until March 2026.
Canopy Growth (TSX: WEED, NASDAQ: CGC), a leading cannabis company, will announce its fourth quarter and fiscal year 2024 financial results on May 30, 2024, before market open. The results cover the period ending March 31, 2024. Following the release, CEO David Klein and CFO Judy Hong will host an audio webcast at 10 AM ET.
The webcast can be accessed live and will be available for replay until August 28, 2024. Canopy Growth offers a wide range of premium and mainstream cannabis products and has a significant presence in the U.S. THC market through partnerships with brands like Wana, Jetty Extracts, and Acreage Holdings.
Canopy Growth is also committed to social equity, responsible use, and community reinvestment, aiming to improve lives through cannabis products and education.
Canopy Growth announced that Canopy USA, has exercised options to acquire Wana, a leading cannabis edibles brand, and Jetty, a California-based producer of high-quality cannabis extracts. These acquisitions are expected to drive revenue growth, realize cost synergies, and establish a brand-focused powerhouse in the U.S. cannabis market. Canopy USA will own 100% of Wana and approximately 75% of Jetty upon closing, subject to regulatory approvals.
Canopy Growth announced a financing agreement with an institutional investor to receive approximately US$50 million in gross proceeds and exchange C$27.5 million of existing debt for a new senior unsecured convertible debenture. The company intends to use the proceeds for working capital and general corporate purposes. The offering is expected to close in May 2024, subject to customary conditions.
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