Cannabis company Canopy Growth Corporation releases fourth quarter results

By gor goz

Canopy Growth Corporation, the Ontario based cannabis company, has announced its financial results for the fourth quarter of FY19.

In the company’s June 20 press release, Canopy Growth highlighted the achievement of annual net revenue growth of 191% to $226.3mn. In the fourth quarter, revenue grew by 13% versus the third quarter, which the company credited to value-added products, extraction services and clinic partners.

Over the 2019 financial year, Canopy Growth said that they shipped 24,300 kilograms and kilogram equivalents of products, including 16,300 kilograms of dry flower and 8,000 kilogram equivalents of oil and softgels. Also detailed was a $5bn investment from Constellation Brands, which is to be used to accelerate the company’s global expansion.

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"The fourth quarter wraps up a historic year with major steps taken in Canada to build-out our national platform while scaling all of our processes to bring cannabis to market,” said Bruce Linton, Chairman and Co-CEO of Canopy Growth. “The third quarter of the year benefitted from months of advanced production while the fourth quarter relied more on efficient throughput and a more automated platform. With more product formats coming to the Canadian market later in the year, we are working hard to ensure that we are ready to hit the ground running with products, formats and brands that Canadians trust."

Canopy Growth is the world’s largest cannabis company by market capitalization, and is listed on the TSX under the symbol “WEED” and NYSE under the symbol “CGC”.

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