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Red or black: A roundup of cannabis financial news

Published on November 28, 2025 by Pat Bulmer

Photo: Adobe Stock/AI/the oz.

Cannabis financial news: Everything’s fine, says Canopy; MediPharm revenues up; Auxly at top of charts; Record tumble at Village; Avicanna chases patent;  Decibel makes internal impact

Canopy Growth to survive

There’s no need to worry about the future of Smiths Falls, Ont.-based Canopy Growth any more.

“Conditions that previously raised substantial doubt concerning the company’s ability to continue as a going concern have been resolved,” the company declared in its latest financial report. Canopy reported having $298 million in cash and cash equivalents as of Sept. 30 “which exceed debt balances by $70 million.”

The quarterly report showed recreational and medical cannabis revenues are rising.

Adult-use revenues have increased 37% and medical revenues 15% so far this year. Adult-use revenue was up 30% to $24 million compared to the same quarter a year ago and medical revenue increased 17% to $22 million, the report said.

The recreational cannabis boost “was primarily attributable to growth in infused pre-roll joints and new all-In-one vapes from Tweed and 7Acres.”

The medical increase was “driven by an increase in the number of insured patients, increased order sizes, and a larger assortment of cannabis product choices offered to our patients.”

International net revenue for the quarter was $5 million, a decrease of 39% compared from the same quarter a year ago. The decrease was primarily attributable to supply chain challenges in Europe, the report said.

“The company has mobilized a dedicated effort to improve supply chain execution in its European medical cannabis business.  The company expects operations to stabilize and improve,” the report said.

Company brass credited its successes to fiscal discipline.

“Our financial discipline continues to improve our path to profitability. Through cost reductions, margin expansion, and balance sheet strength, we’re building a more resilient company poised for long-term success,” said CFO Tom Stewart.

There were still losses, but less than before. Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) was $3 million in the hole, compared to minus $6 million a year ago. Operating loss from continuing operations was $17 million for the quarter “representing an improvement of 63%.”

Canopy Growth also announced it is expanding its Spectrum Therapeutics portfolio in Australia with new softgel capsules.

No mismanagement here

A medical cannabis company accused earlier this year of financial mismanagement reported increased revenues, reduced costs and a rising cash balance in its latest financial report.

“The third quarter continued to show our commercial strategy is working, with Q3 2025 revenue growth of 17% and year-to-date revenue growth of 14%,” said MediPharm Labs CFO Greg Hunter in the financial statement.

“We maintained our disciplined approach to expense and cash management, reducing operating expenses by 19% versus prior year and 35% versus prior quarter, while increasing our cash balance to $10.6 million at the end of Q3 2025.

“As we move forward, management remains focused and relentless in driving further revenue growth and continuing to streamline expenses to enhance our profitability profile.”

In the spring, MediPharm beat back an effort by a group of shareholders to replace its board of directors. The dissident group said MediPharm’s finances and stock price were a mess. And just after this financial report had been released, MediPharm announced a libel suit filed by some of the opposition group had been dismissed.

Revenue for the third quarter was $11.4 million, an increase of $1.6 million or 17% compared to the same quarter in 2024. The revenue increase was driven by continued growth in the company’s international business, the report said. International medical cannabis revenue reached $6.4 million in the quarter and now represents 56% of total revenue.

“The 83% year-over-year growth in revenue for international medical cannabis was

achieved through product portfolio expansion across multiple geographies,” the report said.

Canadian adult-use and wellness products generated $1.8 million in revenue, a small increase over the previous quarter and the equivalent 2024 quarter.

“In Q3 2025, the company expanded its line of inhalers in the domestic market to include minor cannabinoids, and launched metered dose inhalers in Australia. The company has plans to launch inhalers in other international markets, in the future, including the UK,” the report said.

Gross profit for the quarter was $2.6 million. Operating expenses were reduced to $4.4 million.

Adjusted EBITDA was negative $1.1 million for the quarter

MediPharm ended the quarter with a cash balance of $10.6 million,

Auxly brand is No. 1

Boasting it has the top cannabis brand in Canada, Auxly Cannabis delivered a financial report with many numbers on the rise.

Back Forty is Canada’s top cannabis brand and Auxly is the No. 3 Canadian licensed producer by market share, the quarterly and nine-month financial statement said.

“Our focused strategy and culture of innovation has continued to strengthen Back Forty’s position as the leading brand in Canadian cannabis,” said CEO Hugo Alves.

Auxly said it expects the Canadian recreational cannabis market will continue to benefit from increasing social acceptability, capture of market share from the illicit market and export opportunities.

“Over the long-term, Auxly remains confident in its ability to deepen its leadership position in Canada’s largest cannabis categories: dried flower, vapes, and pre-rolls,” the statement said.

Auxly said it will be pursuing export opportunities.

Financially, key categories showed improvement, the report said.

“Our operating efficiency and disciplined cost control, resulted in 48% year-over-year adjusted EBITDA growth … and $11 million in cash flow from operations. Adjusted EBITDA was $12.3 million and $31.2 million for the three and nine months ended September 30, 2025, an improvement of $4.0 million and $15.5 million over the same periods in 2024.”

The company is also paying off debts.

“Now that we are accumulating free cash flow, we repaid high-interest debt subsequent to quarter-end resulting in approximately $900,000 of annualized interest expense savings.”

For the three and nine months ended Sept. 30, net revenues were $39.9 million and $111.4 million, compared to $33.3 million and $87.7 million during the same periods in 2024.

Dried flower and pre-rolls accounted for about 62% of revenues with the remainder coming from oils and cannabis 2.0 (vapes, edibles, beverages) product sales.

Almost 75% of cannabis sales originated were in British Columbia, Alberta and Ontario. Since 2024, Auxly has sold in all provinces and the Yukon and Northwest territories.

Auxly realized a gross profit of $28.2 million and $69.5 million for the three and nine months ended Sept. 30.

The company expects to allocate $2- $2.5 million of cash flow from operations towards capital projects at its Leamington, Ont., and Charlottetown locations, part of which has already been invested.

“Excess cash flow after these expenditures will be allocated towards strengthening our balance sheet and/or pursuing accretive strategic initiatives.

Village Farms setting records

Records are falling at Village Farms.

“Our team achieved several new performance records in Q3,” said CEO Michael DeGiglio in the company’s latest financial report.

“We delivered 29% year-over-year growth in net sales, record gross margin of 56%, a 900% year-over-year increase in net income, a 306% increase in adjusted EBITDA and a 331% increase in cash flow from operations.”

Village Farms, which started as a produce company, has operations in Canada, the United States and the Netherlands.

In Canada, net sales increased 29% to $64.1 million compared to the same quarter a year ago. Medical export sales increased 758%, mostly to Germany. Retail sales dropped 4%, but that was due to a planned shift toward higher-margin products.

The company said it maintained a top five overall market share position in Canada and the No. 2 position in dried flower.

After the quarter’s end on Sept. 30, the company began expanding cultivation capacity at its Delta 2 greenhouse in B.C. The expansion is expected to yield 40 metric tonnes of cannabis production annually, expanding capacity by approximately 33%.

Village Farms’ operations in the U.S. and Netherlands are smaller.

In the U.S., Balanced Heath Botanicals net sales were down to $3.3 million from $3.9 million. Village Farms has applied for a Texas medicinal marijuana licence, where it has 2.2 million square feet of greenhouse space and 950 acres of owned, unoccupied land for future expansion.

“In the Netherlands, we experienced continued momentum in sales growth during the third quarter and our Drachten facility has now reached its full operating capacity. Our team has continued to improve our portfolio of product offerings to coffeeshops as well as our overall market penetration, and we remain very pleased with our competitive position in the Dutch market,” the report said. Net sales in the Netherlands were $3.6 million.

On Sept. 29, the company’s board of directors approved a share repurchase plan.

On Nov. 6, the company announced it had hired a new chief information and technology officer

Village Farms ended the quarter with approximately $88 million in cash.

Avicanna seeks another patent

Revenues continue to grow for cannabis pharmaceutical company Avicanna.

“The company generated revenue of $6.40 million and $18.88 million for the three-and nine-month periods ended September 30, 2025,” a financial statement for the Toronto-based company said. “Canadian revenue increased by 4%, marking a second consecutive quarter of revenue growth across Canadian business units.”

Avicanna’s focus is cannabinoid-based CBD, THC and CBG products and formulations. Its R&D department continues to develop more food, cosmetics, medical and pharmaceutical products, the company said in the statement.

Avicanna reported record sales of “62,987 units, representing a 39% increase compared to the same period in 2024,” the report said.

Total medical and adult-use listings increased, the company said.

The company reported gross profit of $3.15 million and $9.88 million for the last three- and nine-month periods. The three-month result was a decline, but the nine-month result was an improvement over last year.

Much-watched EBITDA was slightly into the negative — again a decline for the three-month period, but an improvement over the longer term.

“Other Canadian business units including B2B Medical (medical sales to healthcare providers, pharmacies and medical suppliers) achieved a 113% increase in products sold. In addition, the adult-use business unit entered into three new provinces and territories,” the company said.

Avicanna partnered with Harrington Wellness to sell re+Play CBD creams and gels that employ “Avicanna’s patented deep tissue technology” in the United States. An Avicanna subsidiary completed its first export of CBD-dominant cannabis flower to Switzerland.

Avicanna also announced it has filed a provisional patent application in the U.S. for a new “drug delivery platform.” The system can be added to tablets, capsules, sachets and pouches to help the body better absorb cannabinoids (CBD, CBG, THC and CBN). Previously, Avicanna received a U.S. patent for a cannabinoid face cream.

International sales grow for Decibel

International sales drove increased revenue growth for Calgary-based Decibel Cannabis.

“International demand continues to outpace supply,” said company CEO Benjamin Sze, as the company released three- and nine-month financial reports.

“Net revenue was $32.9 million, a year-over-year increase of 37%,” the report said.

International sales were $8.4 million, a quarter-over-quarter increase of 37%. AgMedica  Bioscience was responsible for $7.8 million of that, the report said.

“Net Canadian recreational sales were $24.5 million, a year-over-year increase of 3%,” the report said. “The increase in net Canadian recreational sales was driven by successful initiatives including: new marketing campaigns, reinvesting in growing the Qwest brand presence, launching ultra high-potency vapes and infused pre-rolls, new large format all-in-one disposable, and milled flower.”

Decibel acquired medical cannabis producer and exporter AgMedica in 2024. It has an EU-certified cultivation and processing facility in Chatham, Ont.

Decibel also operates a processing and manufacturing facility in Calgary, and cultivation sites in Creston, BC, and Battleford, Sask.

“With premium products gaining traction globally and our execution capabilities proven, we believe Decibel is only at the beginning of its growth trajectory.” Sze said.

Decibel has faced some hurdles. Germany put a limit on cannabis imports, which Decibel had reached, but the limit was then raised. A government-workers’ strike slowed cannabis distribution in BC.

One of the most-watched of the financial categories was particularly strong. Adjusted EBITDA was $7.3 million, a year-over-year increase of 40%, the company reported.