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Canopy Growth Corp (CGC) SEC Filing 10-K Annual Report for the fiscal year ending Thursday, March 31, 2022

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Canopy Growth Corp

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CIK: 1737927 Ticker: CGC

Canopy Growth Corporation Reports Fourth Quarter and Fiscal year 2022 Financial Results

Company Advances Premium Brand Driven Strategy, Laying a Foundation for Long-Term Sustainable Growth and Profitability

 

SMITHS FALLS, ON, May 27, 2022 /PRNewswire/ - Canopy Growth Corporation ("Canopy Growth" or the "Company") (TSX: WEED) (NASDAQ: CGC) today announces its financial results for the fourth quarter and fiscal year ended March 31, 2022. All financial information in this press release is reported in Canadian dollars, unless otherwise indicated.

Highlights

•

The Company progressed its leading North American brand driven strategy with Canopy Growth entering into plans to acquire Wana Brands, the #1 cannabis edibles brand in North America, and Jetty Extracts (“Jetty”), a top 10 Cannabis brand in California, adding to the robust brand portfolio.  

•

Premium brands gained ground with Canadian consumers with Company maintaining #1 share of premium flower category throughout FY20221, led by in demand offerings from Doja, 7ACRES and 7ACRES Collective brands; and improved market share performance in the mainstream flower category in Q4 FY2022 with the Tweed rebrand and new Tweed product offerings in flower and beverages.

•

Storz & Bickel posted 22nd year of consecutive revenue growth in FY2022; strong consumer demand for Storz & Bickel vaporizers including the new VOLCANO ONYX and MIGHTY+ drove 21% increase in revenue in Q4 FY2022 versus Q4 FY2021.

•

Increased distribution of BioSteel hydration products drove year-over-year revenue growth in FY2022 of 56% versus FY2021. Focusing strategic investments to accelerating brand growth with aspiration to be top 4 player in the North American sports drink market.

•

The Company generated Net revenue of $520 million in FY2022, representing a decline of 5% versus FY2021.

 

•

Through restructuring actions that were previously announced on April 26, 2022, management expects to generate COGS savings of $30 - $50 million and SG&A expense reductions of $70 – $100 million, both within 12 to 18 months.  

 

“Canopy Growth is building the industry’s leading portfolio of premium brands across North America. We’ve taken concrete steps to advance this ambition by strengthening our positioning in Canada, and further bolstering our U.S. THC ecosystem through the addition of two high performance brands in Wana Brands and Jetty Extracts. In the fiscal year ahead, we will remain focused on growing our market share in the key segments that will drive profitable growth and continuing to scale our premium brands across North America.”

David Klein, Chief Executive Officer

"Achieving profitability is critical and we have undertaken additional initiatives to streamline and drive efficiencies for our global cannabis business. In FY2023, we are focused on executing our path to profitability in Canada, while we continue to invest in high potential opportunities – particularly in BioSteel, and further developing our U.S. THC ecosystem, which we believe remains significantly under-appreciated by the market.”

Judy Hong, Chief Financial Officer

 

 

   -    PAGE \* MERGEFORMAT 1

 

 

 

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. The tool captures point of sale data from an average of 28% of stores in Alberta, British Columbia, Saskatchewan, Manitoba and Newfoundland & Labrador, point of sale data from 100% of stores in New Brunswick, Nova Scotia, Prince Edward Island and Quebec, as well as depletions and e-commerce sales data from the OCS.

 

 

 

 

The following information was filed by Canopy Growth Corp (CGC) on Friday, May 27, 2022 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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Inside Canopy Growth Corp's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Operations And Comprehensive Income (Loss)
Consolidated Statements Of Shareholders' Equity
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 - Bct And Spectrum Uk - Additional Information (Details)
Acquisitions - Bct And Spectrum Uk - Summary Of Measurement Period Adjustments (Details)
Acquisitions - Biosteel - Additional Information (Details)
Acquisitions - Biosteel - Summary Of Measurement Period Adjustments (Details)
Acquisitions - C3 - Additional Information (Details)
Acquisitions - C3 - Summary Of Measurement Period Adjustments (Details)
Acquisitions - Summary Of Consolidated Balance Sheet Impact At Acquisition Of Company's Business Combinations (Details)
Acquisitions - Supreme Cannabis - Additional Information (Details)
Acquisitions - This Works - Additional Information (Details)
Acquisitions - This Works - Summary Of Measurement Period Adjustments (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 (Tables)
Asset Impairment And Restructuring Costs - Additional Information (Details)
Asset Impairment And Restructuring Costs - Summary Of Pre-Tax Charges Recognized In Restructuring Actions And Other Impairments (Details)
Basis Of Presentation
C3 Divestiture
C3 Divestiture (Tables)
C3 Divestiture - Additional Information (Details)
C3 Divestiture - Summary Of Derecognized Assets And Liabilities Transferred (Details)
C3 Divestiture - Summary Of Derecognized Assets And Liabilities Transferred (Parenthetical) (Details)
Cash And Cash Equivalents
Cash And Cash Equivalents (Tables)
Cash And Cash Equivalents - Components Of Cash And Cash Equivalents (Details)
Commitments
Commitments (Tables)
Commitments - Summary Of Annual Minimum Commitments Associated With Contractual Agreements (Details)
Debt
Debt (Tables)
Debt - Additional Information (Details)
Debt - Summary Of Components Of Debt (Details)
Debt - Summary Of Components Of Debt (Parenthetical) (Details)
Debt - Summary Of Required Principal Repayments Under Long-Term Debt Obligations (Details)
Description Of Business
Fair Value Of Financial Instruments
Fair Value Of Financial Instruments (Tables)
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 - Additional Information (Details)
Goodwill - Changes In Carrying Amount Of Goodwill (Details)
Income Taxes
Income Taxes (Tables)
Income Taxes - Additional Information (Details)
Income Taxes - Summary Of Income Tax Recovery (Details)
Income Taxes - Summary Of Losses Carried Forward Available To Reduce Future Years' Taxable Income (Details)
Income Taxes - Summary Of Net Loss Before Income Taxes (Details)
Income Taxes - Summary Of Reconciliation Of Amount Of Income Taxes Compared To Expected Income Taxes Calculated At Combined Federal And Provincial Enacted Statutory Tax Rate (Details)
Income Taxes - Summary Of Significant Compenents Of Deferred Income Tax Assets (Liabilities) (Details)
Intangible Assets
Intangible Assets (Tables)
Intangible Assets - Additional Information (Details)
Intangible Assets - Summary Of Components Of Intangible Assets (Details)
Intangible Assets - Summary Of Estimated Amortization Expense (Details)
Inventory
Inventory (Tables)
Inventory - Additional Information (Details)
Inventory - Components Of Inventory (Details)
Leases
Leases (Tables)
Leases - Additional Information (Details)
Leases - Summary Of Components Of Total Lease Expense (Details)
Leases - Summary Of Lease Right-Of-Use Assets And Liabilities (Details)
Leases - Summary Of Measurement Of Lease Liabilities (Details)
Leases - Summary Of Minimum Payments Due For Lease Liabilities (Details)
Leases - Summary Of Right-Of-Use Assets Obtained In Exchange For New Lease Liabilities (Details)
Leases - Summary Of Weighted Average Discount Rate (Details)
Leases - Summary Of Weighted Average Remaining Lease Term (Details)
Loss From Equity Method Investments - More Life - Additional Information (Details)
Loss From Equity Method Investments - Summary Of Derecognized Assets And Liabilities (Details)
New Accounting Policies
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 Financial Assets -Additional Information (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 - Additional Information (Details)
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)
Plan Of Arrangement With Riv Capital
Plan Of Arrangement With Riv Capital (Tables)
Plan Of Arrangement With Riv Capital - Additional Information (Details)
Plan Of Arrangement With Riv Capital - Schedule Of Derecognized Assets And 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)
Related Party
Revenue
Revenue (Tables)
Revenue - Additional Information (Details)
Revenue - Summary Of Disaggregation Of Revenue (Details)
Revenue - Summary Of Disaggregation Of Revenue (Parenthetical) (Details)
Segmented Information
Segmented Information (Tables)
Segmented Information - Additional Information (Details)
Segmented Information - Summary Of Disaggregation Of Long-Lived Tangible Assets By Geographic Areas (Details)
Segmented Information - Summary Of Disaggregation Of Net Revenue By Geographic Area (Details)
Segmented 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 Changes In Rsus (Details)
Share-Based Compensation - Summary Of Outstanding Stock Options (Details)
Share-Based Compensation - Summary Of The Changes In Omnibus Plan Employee Options (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
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies (Tables)
Summary Of Significant Accounting Policies - Additional Information (Details)
Summary Of Significant Accounting Policies - Summary Of Expected Useful Life Of Property, Plant And Equipment (Details)
Summary Of Significant Accounting Policies - Summary Of Finite Lived Intangible Assets Useful Life (Details)
Ticker: CGC
CIK: 1737927
Form Type: 10-K Annual Report
Accession Number: 0001564590-22-021923
Submitted to the SEC: Tue May 31 2022 5:18:17 PM EST
Accepted by the SEC: Tue May 31 2022
Period: Thursday, March 31, 2022
Industry: Medicinal Chemicals And Botanical Products

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