CANOPY GROWTH CORPORATION REPORTS FOURTH QUARTER AND FISCAL 2019 RESULTS WITH ANNUAL SALES OF$226.3M
●Achieved annual net revenue growth of 191% to $226.3 million. Generated $140.5 million of gross revenue from new Canadian recreational channel and $78.9 million in global medical sales.●Fourth quarter revenue growth of 13% versus third quarter with additional revenue being generated through value-added products, extraction services, and clinic partners.
●Shipped 24,300 kilograms and kilogram equivalents during the fiscal year, including 16,300 kilograms of dry flower and 8,000-kilogramequivalents of oil and softgels.
●Canadian cannabis harvested expected to increase to approximately 34,000 kilograms in Q1 fiscal 2020, with further licensed capacity still to come; additional capacity is expected to increase finished inventory available for sale beginning in Q2 fiscal 2020.●Expansion in Smiths Falls bringing headquarters campus footprint to over 950,000 square feet of value-add production and logistics space.
●$5 billion investment secured from Constellation Brands being deployed to accelerate globalexpansion, including the acquisition of medical cannabis device manufacturer, Storz & Bickel. Subsequent to year end, the Company acquired Germany-based C³ Cannabinoid Compound Company, Europe’s largest cannabinoid-based pharmaceutical company and UK-based beauty and wellness brand, This Works Products Limited.
●Rapid expansion into United States CBD market following passage of new Farm Bill; investments and partnerships related to extraction, advanced manufacturing, and warehousing/logistics are underway. Seeking to bring CBD products to market by the end of fiscal 2020.
●Further solidified United States strategy with shareholder approval of plan to acquire leading multi-state operator Acreage Holdings, Inc. (“Acreage”) a deal which gives the Company a path to serve recreational and medical markets upon federal permissibility, and licensing structure to provide Acreage with brand and product IP to accelerate their United States market expansion
●International licences covering over 35 million square feet of production now in place across Africa, Europe, and Latin America, with new certifications, sales and global partnerships established to accelerate sales of medical and CBD products internationally (See Linked Monday Press Release).
●At March 31, 2019, the Company’s cash, cash equivalents available, and marketable securities totaled $4.5 billion