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Canopy Growth Corporation Reports Third Quarter Fiscal 2019 Financial Results Gross Sales of $98M; Net Revenue Hits Record $83M

Nachrichtenquelle: PR Newswire (engl.)
15.02.2019, 06:07  |  1071   |   |   

SMITHS FALLS, Ontario, February 15, 2019 /PRNewswire/ --

  • Cannabis shipments totaled 10,102 kilograms and kilogram equivalents. 
  • Net income of $74.9 million, including changes in fair values of financial liabilities included in Other Income. 
  • Closed the previously announced $5 billion investment by Constellation Brands Inc and began putting that capital to work for shareholders with key acquisitions of Storz & Bickel and the assets of ebbu Inc. 
  • Expanded to new markets including United Kingdom and Peru, and announced intention to establish operations in New York State, marking the Company's entry into the US hemp market. 
  • Intellectual property portfolio grew to 32 issued patents and over 140 patent applications, covering a range of target areas from technology to genetics to clinical formulations. 

Canopy Growth Corporation (TSX: WEED) (NYSE: CGC) ("Canopy Growth" or "the Company") today released its consolidated financial results for the third quarter fiscal 2019 ended December 31, 2018.  All financial information in this press release is reported in Canadian dollars, unless otherwise indicated.


   
    Third Quarter Fiscal 2019 Operational and Financial Highlights

                                                                 Q3 2019  Q3 2018 % Change
    Net revenue (millions)                                         $83.0    $21.7     282%
    Kilograms and kilogram equivalents sold                       10,102    2,330     334%
    Average Selling Price per gram - Recreational                  $6.96        -       NM
    Average Selling Price per gram - Canadian Medical              $9.77    $8.21      19%
    Average Selling Price per gram - International Medical        $13.28   $12.61       5%
    Average Selling Price per gram                                 $7.33    $8.30     -12%
    Inventory & Biological Assets (millions)                        $216     $108     100%
    Kilograms harvested (kilograms)                                7,556    7,961      -5%
    Cash, cash equivalents and marketable securities (millions)   $4,915     $429    1046%
    NM = Not Meaningful


   
    Third Quarter Fiscal 2019 Revenue Highlights

                                                          Q3 2019     Q3 2018     % Change
    Canadian Recreational Cannabis Gross Revenue -
    Business to Business                                     $60.1           -          NM
    Canadian Recreational Cannabis Gross Revenue -
    Business to Consumer                                     $11.5           -          NM
    Canadian Recreational Cannabis Revenue - Subtotal        $71.6           -          NM
    Canadian Medical Cannabis Gross Revenue                  $15.9       $19.3        -18%
    International Medical Cannabis Gross Revenue              $2.7        $1.0        170%
    Medical Revenue - Subtotal                               $18.6       $20.3         -8%
    Other Revenue                                             $7.5        $1.4        436%
    Total Gross Revenue                                      $97.7       $21.7        350%
    Less Excise Taxes                                        $14.7           -          NM
    Net Revenue                                              $83.0       $21.7        282%
    NM = Not Meaningful


   
    Third Quarter Fiscal 2019 Product Sales Highlights

    Product Sales (Kilograms & kilogram
    equivalents)                                      Q3 2019       Q3 2018       % Change
    Canadian Recreational Cannabis - Business to
    Business                                             7,381             0            NM
    Canadian Recreational Cannabis - Business to
    Consumer                                               906             0            NM
    Canadian Medical Cannabis                            1,611         2,254          -29%
    International Medical Cannabis                         204            76          168%
    Total                                               10,102         2,330          334%
    NM = Not Meaningful

Management Commentary 

"Our successful first full quarter with recreational sales in Canada reinforces our long held strategy of making meaningful investments early in order to secure market share," said Bruce Linton, Chairman & Co-CEO, Canopy Growth. "With a strong cash position, we added strategic assets and IP through acquisitions to accelerate the sophistication of our inputs with ebbu, and our consumer-facing outputs with Storz and Bickel."

"The Canadian recreational cannabis market will be dominated in the long term by businesses delivering excellent products and consumer experiences. Sales from the first wave of products and retail environments launched in the third quarter demonstrate that we are capturing consumers' attention."

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