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Canopy Growth | 8-K: Canopy Growth Reports Fourth Quarter and Fiscal Year 2024 Financial Results; Q4 FY2024 Net Revenue increased 7% year-over-year, or 16% excluding divested businesses

SEC announcement ·  May 30 19:13
Summary by Futu AI
On May 30, 2024, Canopy Growth Corporation, a leading cannabis company, announced its financial results for the fourth quarter and fiscal year ended March 31, 2024. The report highlighted a 7% increase in Q4 FY2024 net revenue year-over-year, with a notable 43% increase in net revenue from Storz & Bickel, driven by strong sales of the new Venty portable vaporizer. The Canadian medical cannabis net revenue also saw a 16% increase in Q4 FY2024 and a 10% increase for the full fiscal year. The company's cost reduction actions led to a 54% decrease in Canada cannabis Cost of Goods Sold for the fiscal year compared to the previous year. Canopy Growth's balance sheet was strengthened with no material debt obligations due until March 2026. The company's CEO, David Klein, emphasized...Show More
On May 30, 2024, Canopy Growth Corporation, a leading cannabis company, announced its financial results for the fourth quarter and fiscal year ended March 31, 2024. The report highlighted a 7% increase in Q4 FY2024 net revenue year-over-year, with a notable 43% increase in net revenue from Storz & Bickel, driven by strong sales of the new Venty portable vaporizer. The Canadian medical cannabis net revenue also saw a 16% increase in Q4 FY2024 and a 10% increase for the full fiscal year. The company's cost reduction actions led to a 54% decrease in Canada cannabis Cost of Goods Sold for the fiscal year compared to the previous year. Canopy Growth's balance sheet was strengthened with no material debt obligations due until March 2026. The company's CEO, David Klein, emphasized the focus on cannabis and momentum in the industry, with growth opportunities in Germany and the United States. CFO Judy Hong highlighted the significant progress in reducing expenses, cash burn, and debt, moving the company towards positive Consolidated Adjusted EBITDA. The financial report also included details on the company's segments, with Storz & Bickel and Canada medical cannabis showing strong performance. The report concluded with statements on forward-looking expectations and strategies for growth.

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