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Canopy Growth Corp (CGC) SEC Filing 10-Q Quarterly Report for the period ending Thursday, September 30, 2021

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Canopy Growth Corp

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CIK: 1737927 Ticker: CGC

SMITHS FALLS, ON, November 5, 2021 /PRNewswire/ - Canopy Growth Corporation ("Canopy Growth" or the "Company") (TSX: WEED) (NASDAQ: CGC) today announces its financial results for the second quarter fiscal 2022 ended September 30, 2021. All financial information in this press release is reported in Canadian dollars, unless otherwise indicated.

Highlights

•

Announced plan to acquire the #1 edibles company in North America, Wana Brands, upon U.S. THC permissibility further strengthening U.S. ecosystem.

•

Delivered a robust innovative new product pipeline with over 40+ new SKUs launching globally during Q2 FY2022.

 

•

Launched whisl, an innovative CBD vape designed for mood management, through an exclusive partnership with Circle-K in the U.S.

 

•

Net revenue declined by 3% in Q2 FY2022 versus Q2 FY2021. Maintained market leadership position in premium flower category and increased market share in vapes and edibles during Q2 FY2022 across tracked Canadian recreational cannabis market.

 

•

Pushing out positive Adjusted EBITDA target due to Canada supply challenges and a delayed revenue ramp in the U.S.; taking a number of actions to improve Canadian performance and remain optimistic about the mid-to long-term outlook.

 

"In new industries where the potential is immense, progress is rarely a straight line. With a focused strategy, a foundation for growth, and our burgeoning U.S. ecosystem, Canopy is uniquely positioned to win as the industry matures.”

 

David Klein, Chief Executive Officer, Canopy Growth Corporation

 

"Achieving profitability remains a top priority. We are focused on increasing market share in Canada, premiumizing our product mix and delivering on our cost savings commitment.”

 

Mike Lee, Chief Financial Officer, Canopy Growth Corporation

 

 

Second Quarter Fiscal 2022 Financial Summary

 

(in millions of Canadian

\dollars, unaudited)

 

Net Revenue

Gross margin

percentage

Adjusted

gross margin

percentage1

Net loss

Adjusted

EBITDA2

Free cash

flow3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reported

 

$131.4

(54%)

(52%)

$(16.3)

$(162.6)

$(101.3)

vs. Q2 FY2021

 

(3%)

(7,300) bps

(7,100) bps

83%

(90%)

47%

 

 

 

1 Adjusted gross margin is a non-GAAP measure, and for Q2 fiscal 2022 excludes $3.1 million related to the flow-through of inventory step-up associated with the acquisition of Supreme Cannabis (Q2 FY2021 - excludes $0.3 million related to the flow-through of inventory step-up associated with fiscal 2020 business combinations). See "Non-GAAP Measures".

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".

 

   -   1

 

The following information was filed by Canopy Growth Corp (CGC) on Friday, November 5, 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.

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Canopy Growth Corp's Definitive Proxy Statement (Form DEF 14A) filed after their 2021 10-K Annual Report includes:

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Inside Canopy Growth Corp's 10-Q Quarterly Report:

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)
Acquisitions
Acquisitions (Tables)
Acquisitions - Ace Valley - Additional Information (Details)
Acquisitions - Additional Information (Details)
Acquisitions - Summary Of Consolidated Balance Sheet Impact At Acquisition Of Company's Business Combinations (Details)
Acquisitions - Supreme Cannabis - Additional Information (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 - Additional 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
Earnings (Loss) Per Share
Earnings (Loss) Per Share (Tables)
Earnings (Loss) Per Share - Computation Of Basic And Diluted Earnings (Loss) Per Share (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 - 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)
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)
Revenue - Summary Of Disaggregation Of Revenue (Parenthetical) (Details)
Segment Information
Segment Information (Tables)
Segment Information - Additional Information (Details)
Segment Information - Summary Of Disaggregation Of Long-Lived Tangible Assets By Geographic Areas (Details)
Segment Information - Summary Of Disaggregation Of Net Revenue By Geographic Area (Details)
Segment Information - Summary Of Reconciliation Of Operating Profit (Loss) From Segments To Consolidated (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 Outstanding Stock Options (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)
Ticker: CGC
CIK: 1737927
Form Type: 10-Q Quarterly Report
Accession Number: 0001564590-21-055275
Submitted to the SEC: Mon Nov 08 2021 4:31:43 PM EST
Accepted by the SEC: Mon Nov 08 2021
Period: Thursday, September 30, 2021
Industry: Medicinal Chemicals And Botanical Products

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