Canopy Growth Corporation has shared its financial results for the
third quarter fiscal 2019 ended December 31, 2018.
The company's report shows that cannabis shipments totaled 10,102 kilograms and kilogram equivalents. The net income is of $74.9 million, including changes in fair values of financial liabilities included in other income. In addition, the company points out the closing of the previously announced $5 billion investment by Constellation Brands Inc and says it began putting that capital to work for shareholders with key acquisitions of Storz & Bickel and the assets of ebbu Inc.
Furthermore, the company expanded to new markets including United Kingdom and Peru, and announced intention to establish operations in New York State, marking Canopy Growth’s entry into the US hemp market. Additionally, the company explains that its 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
“Our successful first full quarter with recreational sales in Canada reinforces our strategy of making early meaningful investments in order to secure market shares,” said Bruce Linton, Chairman & Co-CEO, Canopy Growth. “We added strategic assets and IPs through acquisitions to accelerate the sophistication of our inputs with ebbu, and our consumer-facing outputs with Storz and Bickel.” “Sales from the first wave of products and retail environments launched in the third quarter demonstrate that we are capturing consumers' attention.” Concluded Linton, “We have developed a fully integrated platform at scale and will continue to expand by making strategic production investments in regions with federally permissible paths to market for our cannabis and hemp offerings. We believe this strategy will develop a significant and sustained return on invested capital over the long-term.”
Read the full report at canopygrowth.com
For more information:
Canopy Growth
1 Hershey Dr.
Smiths Falls, Ontario
K7A 0A8
1 855 558 9333 x 122
invest@canopygrowth.com
canopygrowth.com