Canopy Growth registers common shares for resale

EditorLina Guerrero
Published 11-12-2024, 03:44 am

Canopy Growth Corp (NASDAQ:CGC), a medicinal chemicals and botanical products company, has filed a prospectus supplement with the Securities and Exchange Commission (SEC) on Monday for the resale of common shares by certain selling securityholders.

According to InvestingPro analysis, the company has been rapidly burning through cash and remains unprofitable over the last twelve months. The document, dated December 10, 2024, supplements the company's prospectus from June 5, 2024, included in its automatic shelf registration statement filed on the same date.

In other recent news, Canopy Growth Corporation reported mixed results for Q2 FY2025. The company's consolidated net revenue saw a 9% decrease year-over-year, totaling CAD 63 million, but when excluding divested businesses, revenue increased by 3%. Gross margins improved to 35%, and adjusted EBITDA losses narrowed to CAD 6 million, a 54% improvement from the same period last year.

Strong revenue growth was reported in Canopy Growth's Storz & Bickel device business and Canadian medical cannabis segment, while the adult-use segment saw a decline. The company completed acquisitions of Wana and Jetty and is on track to finalize the Acreage acquisition, contributing to recent developments.

Despite the drop in adult-use business revenue, partly due to supply interruptions of Wana edibles, Canopy Growth aims to enhance its adult-use offerings and expand in the U.S. market.

The company anticipates significant growth following recent acquisitions and product launches, and plans to improve profitability in the second half of FY2025 through new product innovations.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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