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Canopy Growth Corporation (TSX:WEED) (NASDAQ:CGC) announced its financial results on Friday for the third quarter ended Dec. 31, 2023, reporting an 81% year-over-year increase in "rest-of-world" cannabis revenue to CA$10.5 million ($7.8 million).
The Ontario, Canada-based medical cannabis giant attributed the increase in international cannabis revenue mostly to continued strong growth in Australia and a return to growth in Europe driven by new products and improved sales execution.
See also: These 2 Canadian Cannabis Companies Forge Ahead In European Markets With German, Dutch Ventures
Canopy also revealed its plans to take its fair share of the U.S. cannabis market through its non-controlling interest in Canopy USA.
Canopy officials said in October 2022 that the company plans to create a new U.S.-domiciled holding company, Canopy USA, LLC that will hold the company’s U.S. cannabis investments and enable it to exercise rights to acquire Acreage, Wana and Jetty.
On Friday, the company said it expects to file its definitive proxy statement with the U.S. Securities and Exchange Commission (SEC) on or about Feb. 13, followed by a special meeting with its shareholders on April 12, 2024.
The shareholders decided in the meeting that Canopy would consider the creation of a new class of non-voting, non-participating exchangeable shares in the capital of the company.
Once exchangeable shares are created and following Canopy USA’s acquisition of U.S. THC businesses, the company’s investors are expected to have an opportunity to participate in the U.S. cannabis market.
“This is the dawn of a new era at Canopy Growth," CEO David Klein said. "We’re singularly focused on cannabis and demonstrating growth across all of our business units. With our Canopy USA strategy now moving forward, we expect to be the first and only U.S. listed company offering shareholders a unique opportunity to gain exposure to the fastest growing cannabis market in the world.”
Net revenue totaled CA$78.5 million, compared to CA$84.9 million in the prior year's quarter.
Net revenue for Canada’s cannabis segment totaled CA$39 million, down from CA$46.6 million in the third quarter of fiscal 2023.
Net loss attributable to Canopy Growth decreased to CA$216.8 million from CA$259.4 million in the third quarter of fiscal 2023.
Loss from continuing operations jumped to CA$230 million from CA$226 million in the same quarter of last fiscal year.
Total operating expenses dropped to CA$88.5 million from roughly CA$118 million in the prior year's period.
Adjusted EBITDA came in negative at CA$9 million, representing an 82% year-over-year improvement.
Consolidated gross margins of 36%, with Canada cannabis gross margins increasing to 28% in the quarter, up a negative profit margin of 11% in the corresponding quarter of 2023.
Cash and cash equivalents dropped from CA$667 million at the end of 2023 to CA$142 million as of March 31, 2023.
Canopy's shares traded 0.24% lower at $4.1 per share during the pre-market session on Friday morning.
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