News

Holidays were good to Canopy Growth’s bottom line

Published on February 21, 2025 by Pat Bulmer

Photo: Contributed

Medical cannabis and strong vape sales gave Canopy Growth a financial boost to close 2024.

“Canopy Growth’s third quarter highlights that our business has the right ingredients for success, as demonstrated by the continued momentum in our medical cannabis businesses, Storz & Bickel (vapourizers) and the successful introduction of Claybourne infused pre-rolls in Canada,” said new CEO Luc Mongeau in a news release.

Many financial categories were still in the red, however.

Strong holiday sales boosted German-made Storz & Bickel’s vape sales by 19% compared to a year earlier. Canadian medical cannabis revenues increased 16% and international sales were up 14%, compared to the previous year, the financial report said.

The new Claybourne pre-rolls jumped to No. 3 in market share in BC and No. 6 in Ontario, the company said.

Net revenue was down slightly compared to a year earlier because of operations the company had divested, but was up for parts the company kept on.

“The third quarter marked our best adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) to date,” said chief financial officer Judy Hong, referring to an earnings loss of $3 million.

Operating loss from continuing operations was $24 million — better than the previous year, due largely to “a reduction in operating expenses.”

Canadian cannabis net revenue was $41 million, up 1% from the previous year.

Canopy Growth has Canadian and American divisions and a large medical cannabis export business.