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