Canopy Growth Corporation in Smiths Falls announced financial results for the fourth quarter and fiscal year end, March 31, 2020. 76% up in year over year in net revenue, a net loss of $1.3 billion with an adjusted EBITDA loss of $102 million in Q4 2020, driven by lower sales and higher operating expenses, are outlined in their extensive news release.
“Through the COVID-19 pandemic we have worked hard to ensure the health and well-being of our teams and customers and the continuity of our business. During this time, our team has rolled out our exciting new cannabis-infused beverages and vape products in Canada and a portfolio of CBD products in the US,” shared CEO David Klein.
Canopy Growth expects Fiscal 2021 to be a transition year as the Company resets its strategic focus, rolls out a new organizational design, and implements a comprehensive operational and supply chain productivity program Added Klein, “I am excited to implement our strategy reset and organization redesign over the course of fiscal 2021. We have a renewed strategic focus and a clear change agenda that is already underway. We are building what we believe is the best cannabis company in the world by putting the consumer at the heart of everything we do and are re-aligning our organization to be faster and more agile.”
Canopy Growth is a world-leading diversified cannabis, hemp and cannabis device company. The Company operates retail stores across Canada under its award-winning Tweed and Tokyo Smoke banners. Tweed is a globally recognized cannabis brand which has built a large and loyal following by focusing on quality products and meaningful customer relationships.
You can find the full news release here.