Solid third quarter for Canopy Growth
Feb. 25, 2016, Smiths Falls, Ont. — Canopy Growth Corporation, a major medical cannabis producer based in Ontario, has posted impressive third quarter revenue and sales increases.
Earlier this week the company released its financial results for the third quarter of fiscal year 2016 ended December 31, 2015. All financial information in this press release is reported in Canadian dollars, unless otherwise indicated.
• • Revenues of $3.5 million, representing a 41 per cent increase over Q2 2016 and a greater than 400 per cent increase over the three-month period ended December 31, 2014.
• 462,000 grams sold, representing an increase of 45 per cent over Q2 2016 and a greater than 430 per cent increase over the three-month period ended December 31, 2014.
• Over 8,200 registered patients at December 31, 2015, compared to 6,200 at the end of Q2 2016 and 1,800 at the end of December 31, 2014.
• Completed acquisition of MedCannAccess, providing the company with three physical community engagement centres in the highly populous southern Ontario region.
Subsequent to Third Quarter Fiscal 2016:
• Tweed Inc. (“Tweed”) granted licence by Health Canada to produce and sell Cannabis Oil Extracts.
• Tweed launched sale of 10:1 Cannabis Oils™.
“Our diversified client acquisition and best-in-class customer service helped drive significant growth in active registered customers and revenue,” said chairman and CEO Bruce Linton. “Our revenues reached an important milestone, exceeded one million dollars per month in the third quarter.”
The intent from day one, he added, has been to build a scale of production and brands “that would be of value in medical and possibly non-medical markets, for when the time came. We are increasing our focus on brand clarity and market segmentation for Bedrocan and Tweed.”