Exhibit 99.1

 

CANOPY GROWTH REPORTS FOURTH QUARTER AND FISCAL YEAR 2021 FINANCIAL RESULTS

 

Achieves 37% revenue growth in FY 2021 with strong double-digit growth across both cannabis and other consumer products businesses

Improved supply chain execution and quality enhancements are leading to commercial success

Maintains #1 market share1 of the total flower category in Canada; recently announced acquisitions further solidify Canopy’s leadership position in the Canadian recreational market    

The U.S. ecosystem strategy continues to gain traction with focus to further capitalize on growth opportunities in the U.S.

Remains on track to achieve positive Adjusted EBITDA during the second half of FY 2022

June 1, 2021

SMITHS FALLS, ON — Canopy Growth Corporation (“Canopy Growth” or the “Company”) (TSX:WEED, NASDAQ:CGC) today announces its financial results for the fourth quarter and Fiscal Year 2021 ended March 31, 2021.  All financial information in this press release is reported in Canadian dollars, unless otherwise indicated.

“During Fiscal 2021, Canopy Growth transformed into a CPG-modelled organization, reinforcing a foundation for sustained growth and long-term success. By leveraging consumer insights and innovation to deliver best-in-class products, Canopy Growth is positioned to achieve our goal of unleashing the power of cannabis to improve lives," said David Klein, CEO, Canopy Growth. “We are starting to see strong momentum across all of our key businesses and remain firmly focused on capitalizing on U.S. opportunities in Fiscal 2022.”

“We made tremendous progress improving our supply chain and right-sizing our manufacturing footprint, bringing supply and demand into balance,” added Mike Lee, CFO. “Our cost savings program is on track to deliver $150-$200 million of savings within the next 18 months, and we remain committed to our path to profitability by the end of Fiscal 2022, while continuing to invest in an organization that is focused on insights, innovation and gaining momentum in the U.S. market.”

 

 

1 

Unless otherwise indicated, market share data disclosed in this press release is calculated using the Company’s internal proprietary market share tool that utilizes point of sales data supplied by a third-party data provider, government agencies and our own retail store operations across the country.  Tool captures point of sale data from an average of 29% of stores in Alberta, British Columbia, Saskatchewan, Manitoba and Newfoundland & Labrador, point of sale data from 100% of stores in New Brunswick, Nova Scotia and Prince Edward Island, as well as depletions and ecommerce sales data from the OCS.

 

 


The following information was filed by Canopy Growth Corp (CGC) on Tuesday, June 1, 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-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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