Please wait while we load the requested 10-Q report or click the link below:
https://last10k.com/sec-filings/report/1737927/000156459021005014/cgc-10q_20201231.htm
SEC Filings
CGC Annual Reports
CGC Quarterly Reports
CGC Corporate News
Financial Exhibit
New Agreement
New Financial Obligation
Regulated Disclosure February 2023
Earnings Release
Financial Exhibit February 2023
Financial Exhibit
Other Events January 2023
Unregistered Sales December 2022
Event for Officers November 2022
Financial Exhibit
Other Events November 2022
Earnings Release
Financial Exhibit November 2022
Financial Exhibit
New Agreement
Other Events
Unregistered Sales October 2022
Financial Exhibit
Other Events
Regulated Disclosure September 2022
Event for Officers
Vote of Security Holders September 2022
Financial Exhibit
New Agreement
New Financial Obligation
Regulated Disclosure
New Agreement
New Financial Obligation
Regulated Disclosure
February 2023
Earnings Release
Financial Exhibit
Financial Exhibit
February 2023
Financial Exhibit
Other Events
Other Events
January 2023
Unregistered Sales
December 2022
Event for Officers
November 2022
Financial Exhibit
Other Events
Other Events
November 2022
Earnings Release
Financial Exhibit
Financial Exhibit
November 2022
Financial Exhibit
New Agreement
Other Events
Unregistered Sales
New Agreement
Other Events
Unregistered Sales
October 2022
Financial Exhibit
Other Events
Regulated Disclosure
Other Events
Regulated Disclosure
September 2022
Event for Officers
Vote of Security Holders
Vote of Security Holders
September 2022
CGC Corporate News
6-K Foreign Issuer Report April 2020
6-K Foreign Issuer Report March 2020
6-K Foreign Issuer Report March 2020
6-K Foreign Issuer Report March 2020
6-K Foreign Issuer Report March 2020
6-K Foreign Issuer Report February 2020
6-K Foreign Issuer Report February 2020
6-K Foreign Issuer Report January 2020
6-K Foreign Issuer Report January 2020
6-K Foreign Issuer Report January 2020
6-K Foreign Issuer Report
April 2020
6-K Foreign Issuer Report
March 2020
6-K Foreign Issuer Report
March 2020
6-K Foreign Issuer Report
March 2020
6-K Foreign Issuer Report
March 2020
6-K Foreign Issuer Report
February 2020
6-K Foreign Issuer Report
February 2020
6-K Foreign Issuer Report
January 2020
6-K Foreign Issuer Report
January 2020
6-K Foreign Issuer Report
January 2020
Last10K.com | 10-Q Quarterly Report Tue Feb 09 2021
Exhibit 99.1
CANOPY GROWTH REPORTS THIRD QUARTER FISCAL 2021 FINANCIAL RESULTS
Business transformation continues to gain traction
Improved commercial and operational execution drives record net revenue of $153 million, up 23% vs Q3 2020
Q3 2021 Canadian recreational market share increased by 30bps vs Q2 2021 based on our proprietary market share tracker
Provides medium-term financial targets, including expectations to achieve profitability during the second half of FY 2022, while continuing to invest behind consumer insights, R&D and the U.S. market
With renewed sense of optimism, Canopy further advanced the U.S. growth strategy ahead of potential cannabis reform
February 9, 2021
SMITHS FALLS, ON — Canopy Growth Corporation (“Canopy Growth” or the “Company”) (TSX:WEED, NASDAQ:CGC) today announces its financial results for the third quarter fiscal 2021 ended December 31, 2020. All financial information in this press release is reported in millions of Canadian dollars, unless otherwise indicated.
Third Quarter Fiscal 2021 Financial Summary
|
|
Net revenue |
Gross margin percentage |
Adjusted gross margin percentage1 |
Net loss |
Adjusted EBITDA2 |
Free cash flow3 |
|
Reported |
$152.5 |
16% |
26% |
$(829.3) |
$(68.4) |
$(135.4) |
|
vs. Q3 2020 |
23% |
(1,500) bps |
(500) bps |
(656%) |
29% |
62% |
|
1 Adjusted gross margin percentage is a non-GAAP measure, and for Q3 2021 excludes restructuring costs included in cost of goods sold of $15.6 million. |
||||||
|
2 Adjusted EBITDA is a non-GAAP measure. See "Non-GAAP Measures". |
||||||
|
3 Free cash flow is a non-GAAP measure. See "Non-GAAP Measures". |
||||||
“We delivered another quarter of record net revenue, with growth across all our businesses, led by improved commercial and supply chain execution,” said David Klein, CEO. “We are building a track record of winning in our core markets, while also accelerating our U.S. growth strategy with the momentum building behind the promising cannabis reform in the U.S.”
“We are executing against our cost savings program, with several initiatives already completed and more underway to build a leaner and more agile business,” added Mike Lee, CFO. “These cost savings, along with our top-line growth and continued cost discipline, puts Canopy firmly on a path to achieve profitability during Fiscal 2022, with further improvement anticipated beyond.”
The following information was filed by Canopy Growth Corp (CGC) on Tuesday, February 9, 2021 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
View differences made from one quarter to another to evaluate Canopy Growth Corp's financial trajectory
Compare this 10-Q Quarterly Report to its predecessor by reading our highlights to see what text and tables were removed , added and changed by Canopy Growth Corp.
Assess how Canopy Growth Corp's management team is paid from their Annual Proxy
Canopy Growth Corp's Definitive Proxy Statement (Form DEF 14A) filed after their 2021 10-K Annual Report includes:
- Voting Procedures
- Board Members
- Executive Team
- Salaries, Bonuses, Perks
- Peers / Competitors
SEC Filing Tools
Rating
Learn More
Filter Sentiment:
Filter Category:
Filter Subcategory:
-
M & A - Other Highlight
In December 2020, we entered into an arrangement agreement (the "Canopy Rivers Arrangement Agreement") with our wholly-owned subsidiary The Tweed Tree Lot Inc. ("Tweed NB"), Canopy Rivers and its wholly-owned subsidiary Canopy Rivers Corporation ("CRC"), pursuant to which we will acquire certain assets from CRC, as set out below, in exchange for cash, common shares in the capital of Canopy Growth and the surrender of all shares in the capital of Canopy Rivers held by us by way of a plan of arrangement under the Business Corporations Act (Ontario) (the "Arrangement").
-
Financial - Expense Highlight
A decrease in non-cash expense of $15.3 million related the fair value changes on the liability arising from the Acreage Arrangement, from $265.2 million in the nine months ended December 31, 2019 to $249.8 million in the nine months ended December 31, 2020.
-
Financial - Income Highlight
Management calculates Adjusted EBITDA as the reported net loss, adjusted to exclude income tax recovery (expense); other income (expense), net; loss on equity method investments; share-based compensation expense; depreciation and amortization expense; asset impairment and restructuring costs; expected credit losses on financial assets and related charges; restructuring costs recorded in cost of goods sold; and charges related to the flow-through of inventory step-up on business combinations, and further adjusted to remove acquisition-related costs.
-
Financial - Shares Highlight
As additional consideration for the assets being transferred and the termination of the royalty agreement, we will make a cash payment to CRC of $115.0 million and issue an aggregate of up to 3,750,000 common shares.
-
Financial - Expense Highlight
Additionally, we incurred operating costs of $34.9 million relating to facilities not yet cultivating or processing cannabis, not yet producing cannabis-related products or having under-utilized capacity, primarily related to start-up costs associated with our advanced manufacturing and beverage facilities in Smiths Falls, our greenhouse in Denmark, and under-utilized capacity associated with our KeyLeaf extraction facility.
-
Financial - Expense
The year-over-year decrease in the...Read more
-
Financial - Expense
The year-over-year decrease in the...Read more
-
Revenue - Product
However, these improvements were partially...Read more
-
Financial - Expense
The current period expense amount,...Read more
-
Financial - Income
The income amount recognized in...Read more
-
Financial - Income
A decrease in interest income...Read more
-
Legal - Other
We undertake no obligation to...Read more
-
Financial - Income
The increase in the net...Read more
-
Financial - Expense
In the third quarter of...Read more
-
Revenue - Product
C contributed revenue of $17.6...Read more
-
Financial - Expense
The increase of $194.0 million...Read more
-
Financial - Cash Flow
To date, we have incurred...Read more
-
Revenue - Product
The year-over-year increase of $20.3...Read more
-
Financial - Cash Flow
CCAA Proceedings During the nine...Read more
-
Revenue - Product
Additionally, This Works contributed a...Read more
-
Other - Other
Our "Adjusted EBITDA" is a...Read more
-
Revenue - Product
Additional cash inflows during the...Read more
-
M & A - Other
C (acquired in April 2019)...Read more
-
Revenue - Product
In addition to the full...Read more
-
Revenue - Product
Additionally, This Works contributed revenue...Read more
-
Financial - Earnings
Comparatively, our gross margin percentage...Read more
-
Financial - Income
The current quarter income amount...Read more
-
Revenue - Geography
We also benefited in the...Read more
-
Revenue - Product
The year-over-year increase is primarily...Read more
-
Revenue - Product
The year-over-year increase of $53.0...Read more
-
M & A - Other
In the third quarter of...Read more
-
M & A - Other
In the nine months ended...Read more
-
Financial - Expense
The current quarter expense amount,...Read more
-
Other - Other
Accordingly, management believes that Adjusted...Read more
-
Financial - Cash Flow
Management believes that free cash...Read more
-
Other - Other
The following table presents Adjusted...Read more
-
Other - Other
The following table presents Adjusted...Read more
-
Financial - Expense
Increase in non-cash expense of...Read more
-
Financial - Cash Flow
Partially offsetting these year-over-year fair...Read more
-
Financial - Cash Flow
Partially offsetting these year-over-year fair...Read more
-
Financial - Debt
Therefore, we are subject to...Read more
-
Revenue - Geography
The decrease in the net...Read more
-
Financial - Shares
The year-over-year decrease is primarily...Read more
-
Revenue - Product
Our business-to-business gross revenue improved...Read more
-
Other - Other
The losses related to property,...Read more
-
Financial - Income
An increase of $36.7 million...Read more
-
Financial - Shares
As a result of the...Read more
-
Financial - Cash Flow
Given the uncertainties associated with...Read more
-
Other - Other
Partially offsetting these decreases in...Read more
-
Other - Other
A variety of factors, including...Read more
-
Other - Other
In September 2020, following receipt...Read more
-
Revenue - Product
Additionally, we were impacted by...Read more
-
Revenue - Product
These favorable year-over-year variances were...Read more
-
Other - Other
This Management's Discussion and Analysis...Read more
-
Other - Other
In connection with certain deferred...Read more
-
Other - Other
In connection with certain deferred...Read more
-
Financial - Cash Flow
There can be no assurance...Read more
-
Legal - Other
Losses recorded in the second...Read more
-
Other - Other
The year-over-year decrease in the...Read more
-
Financial - Expense
Comparatively, in the third quarter...Read more
-
Financial - Expense
The year-over-year decrease is due...Read more
-
Financial - Debt
The total principal amount owing,...Read more
-
Revenue - Product
Our German medical business contributed...Read more
-
Other - Other
The year-over-year increase is due...Read more
-
Other - Other
The year-over-year increase is due...Read more
-
Financial - Expense
In the third quarter of...Read more
-
Other - Other
These forward-looking statements are generally...Read more
-
Legal - Other
Pursuant to the Acreage Arrangement,...Read more
-
Financial - Earnings
The year-over-year decrease in the...Read more
-
Financial - Earnings
The year-over-year decrease in the...Read more
-
Revenue - Product
Revenue from Storz & Bickel...Read more
-
Revenue - Product
Revenue from Storz & Bickel...Read more
-
Other - Other
We established a COVID-19 Management...Read more
-
Legal - Other
This amount was then compared...Read more
-
Financial - Cash Flow
Free cash flow is a...Read more
-
Financial - Expense
Additionally, costs were incurred in...Read more
-
Financial - Expense
The year-over-year decrease is primarily...Read more
-
Financial - Shares
The year-over-year decrease is primarily...Read more
-
Financial - Shares
The year-over-year decrease is primarily...Read more
-
Revenue - Product
The year-over-year increase is primarily...Read more
-
Other - Other
We have continued to operate...Read more
-
Revenue - Product
We took steps to reposition...Read more
-
Financial - Expense
Comparatively, the expense amount of...Read more
-
Other - Other
Readers are cautioned to consider...Read more
Financial Statements, Disclosures and Schedules
Inside this 10-Q Quarterly Report
Document And Entity Information
Condensed Interim Consolidated Balance Sheets (Parenthetical) (Unaudited)
Condensed Interim Consolidated Balance Sheets (Unaudited)
Condensed Interim Consolidated Statements Of Cash Flows (Unaudited)
Condensed Interim Consolidated Statements Of Operations And Comprehensive (Loss) Income (Unaudited)
Condensed Interim Consolidated Statements Of Shareholder's Equity (Unaudited)
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss) (Tables)
Accumulated Other Comprehensive Income (Loss) - Accumulated Other Comprehensive Income (Details)
Acreage Arrangement And Amendments To Cbi Investor Rights Agreement And Warrants
Acreage Arrangement And Amendments To Cbi Investor Rights Agreement And Warrants - Additional Information (Details)
Amounts Receivable, Net
Amounts Receivable, Net (Tables)
Amounts Receivable, Net - Additional Information (Details)
Amounts Receivable, Net - Components Of Amounts Receivable, Net (Details)
Asset Impairment And Restructuring Costs
Asset Impairment And Restructuring Costs - Additonal Information (Details)
Basis Of Presentation
Cash And Cash Equivalents
Cash And Cash Equivalents (Tables)
Cash And Cash Equivalents - Components Of Cash And Cash Equivalents (Details)
Debt
Debt (Tables)
Debt - Additional Information (Details)
Debt - Summary Of Components Of Debt (Details)
Debt - Summary Of Components Of Debt (Parenthetical) (Details)
Description Of Business
Equity Method Investments
Equity Method Investments (Tables)
Equity Method Investments - Additional Information (Details)
Equity Method Investments - Summary Of Changes In Investments In Associates That Are Accounted For Using Equity Method (Details)
Equity Method Investments - Summary Of Financial Information Of Equity Method Investments (Details)
Fair Value Of Financial Instruments
Fair Value Of Financial Instruments (Tables)
Fair Value Of Financial Instruments - Additional Information (Details)
Fair Value Of Financial Instruments - Summary Of Financial Assets And Liabilities Measured At Estimated Fair Value On A Recurring Basis (Details)
Fair Value Of Financial Instruments - Summary Of Valuation Techniques And Significant Unobservable Inputs In The Fair Value Measurement Of Significant Level 2 Financial Instruments (Details)
Fair Value Of Financial Instruments - Summary Of Valuation Techniques And Significant Unobservable Inputs In The Fair Value Measurement Of Significant Level 3 Financial Instruments (Details)
Goodwill
Goodwill (Tables)
Goodwill - Changes In Carrying Amount Of Goodwill (Details)
Income Taxes
Intangible Assets
Intangible Assets (Tables)
Intangible Assets - Additional Information (Details)
Intangible Assets - Summary Of Components Of Intangible Assets (Details)
Inventory
Inventory (Tables)
Inventory - Additional Information (Details)
Inventory - Components Of Inventory (Details)
Noncontrolling Interests
Noncontrolling Interests (Tables)
Noncontrolling Interests - Summary Of Net Change In Noncontrolling Interests (Details)
Other Accrued Expenses And Liabilities
Other Accrued Expenses And Liabilities (Tables)
Other Accrued Expenses And Liabilities - Components Of Other Accrued Expenses And Liabilities (Details)
Other Financial Assets
Other Financial Assets (Tables)
Other Financial Assets - Additional Information (Details)
Other Financial Assets - Summary Of Changes In Other Financial Assets (Details)
Other Income (Expense), Net
Other Income (Expense), Net (Tables)
Other Income (Expense), Net - Schedule Of Other Income (Expense), Net (Details)
Other Liabilities
Other Liabilities (Tables)
Other Liabilities - Components Of Other Liabilities (Details)
Pharmhouse
Pharmhouse - Additional Information (Details)
Pharmhouse - Other Financial Assets, Including Loans Receivable - Additional Information (Details)
Pharmhouse - Pharmhouse Equity Method Investment - Additional Information (Details)
Pharmhouse - Pharmhouse Financial Guarantee - Additional Information (Details)
Prepaid Expenses And Other Assets
Prepaid Expenses And Other Assets (Tables)
Prepaid Expenses And Other Assets - Components Of Prepaid And Other Assets (Details)
Property, Plant And Equipment
Property, Plant And Equipment (Tables)
Property, Plant And Equipment - Additional Information (Details)
Property, Plant And Equipment - Schedule Of Components Of Property, Plant And Equipment (Details)
Redeemable Noncontrolling Interest
Redeemable Noncontrolling Interest (Tables)
Redeemable Noncontrolling Interest - Summary Of Net Change In Redeemable Noncontrolling Interests (Details)
Revenue
Revenue (Tables)
Revenue - Additional Information (Details)
Revenue - Summary Of Disaggregation Of Revenue (Details)
Segment Information
Segment Information (Tables)
Segment Information - Additional Information (Details)
Segment Information - Summary Of Financial Information For Canopy Rivers (Details)
Share Capital
Share Capital (Tables)
Share Capital - Additional Information (Details)
Share Capital - Summary Of Issuances Of Stock Other (Details)
Share Capital - Summary Of Warrants (Details)
Share-Based Compensation
Share-Based Compensation (Tables)
Share-Based Compensation - Additional Information (Details)
Share-Based Compensation - Summary Of Assumptions Applied To Establish Fair Value Of Options Granted Using Black-Scholes Option Pricing Model (Details)
Share-Based Compensation - Summary Of Change In Seed Capital Options (Details)
Share-Based Compensation - Summary Of Changes In Canopy Rivers' Stock Options (Details)
Share-Based Compensation - Summary Of Outstanding Stock Options (Details)
Share-Based Compensation - Summary Of Share-Based Compensation Expense Related To Acquisition Milestones (Details)
Share-Based Compensation - Summary Of The Changes In Omnibus Plan Employee Options (Details)
Share-Based Compensation - Summary Of The Changes In Options Outstanding Under The Omnibus Plan (Details)
Share-Based Compensation - Summary Of The Changes In Rsus (Details)
Short-Term Investments
Short-Term Investments (Tables)
Short-Term Investments - Additional Information (Details)
Short-Term Investments - Components Of Short-Term Investments (Details)
Subsequent Events
Subsequent Events - Additional Information (Details)
Summary Of Significant Accounting Policies (Policies)
Material Contracts, Statements, Certifications & more
Canopy Growth Corp provided additional information to their SEC Filing as exhibits
Ticker: CGC
CIK: 1737927
Form Type: 10-Q Quarterly Report
Accession Number: 0001564590-21-005014
Submitted to the SEC: Tue Feb 09 2021 4:31:25 PM EST
Accepted by the SEC: Tue Feb 09 2021
Period: Thursday, December 31, 2020
Industry: Medicinal Chemicals And Botanical Products
External Resources:
Stock Quote
Social Media
Bookmark the Permalink: https://last10k.com/sec-filings/cgc/0001564590-21-005014.htm
SEC Filing Exhibit
PDF Download
Loading SEC Filing Exhibit...
Excel DownloadLoading SEC Filing Financial Summary...