Canopy Growth Corp (CGC) SEC Filing 10-Q Quarterly report for the period ending Tuesday, June 30, 2020

Exhibit 99.1

CANOPY GROWTH REPORTS FIRST QUARTER FISCAL 2021 FINANCIAL RESULTS

Transformation strategy gains traction

Net Revenue of $110 million increases 22% over Q1 FY20  

Net Loss of $128 million; Adjusted EBITDA loss of $92 million narrows versus Q1 FY20

Established leadership position in growing cannabis-infused beverage segment; shipping +1.2mm cans to Canadian provinces since launch

Strengthened foothold in U.S. market with launch of shopcanopy.com

August 10, 2020

SMITHS FALLS, ON —  Canopy Growth Corporation (“Canopy Growth” or the “Company”) (TSX:WEED, NYSE:CGC) today announced its financial results for the first quarter fiscal 2021 ended June 30, 2020.  All financial information in this press release is reported in millions of Canadian dollars, unless otherwise indicated.

“We’re proud of our strong first-quarter performance, despite unprecedented volatility and uncertainty in the market and across the globe,” said David Klein, CEO.  “We grew our revenue year-over-year and are seeing market share improvement, notably achieving number one market share in cannabis-infused beverages in the Canadian market.  We are implementing a renewed corporate strategy with the appointment of a new leadership team which will focus on delivering quality products to our consumers, positioning our business for continued growth.  The proposed retooled Acreage announcement refocuses our entry for the evolving U.S. market, where we are seeing increased momentum."

“Following our previously announced restructuring actions, we have substantially reduced our expense and cash burn in this quarter in addition to reducing headcount by over 18% since beginning of this calendar year.   Our marketing and R&D investments are being re-allocated to programs with high-return potential in order to drive sales", added Mike Lee, CFO. “Our gross margins in the quarter came in below our expectations due to under-utilization of our large-scale infrastructure. We've already proven we can deliver 40%-plus gross margin and are confident that we can return to that level as we work toward higher capacity utilization across our facilities as demand for our cannabis products continue to grow.  In the meantime, we are focused on further optimizing our operating footprint through a full end-to-end strategy that looks at people, process, technology, and infrastructure that we believe will lead to best in class margins over time.”