Wednesday, September 3, 2025

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Canopy Growth Posts Q3 2021 Revenues Of $152.5 Million, Net Loss Of $829.3 Million

Canopy Growth Corp (TSX: WEED) (NASDAQ: CGC) this morning released its third quarter 2021 financial results, reporting revenue of $152.5 million, along with a net loss of $829.3 million. The massive loss posted by the company was the result on numerous impairment and restructuring charges that the company took, as announced in December.

Cost of goods sold for the quarter came in at $127.9 million, resulting in a gross margin of $24.6 million for the company, demonstrating just how far away profitability is for the firm. Operating expenses meanwhile amounted to $578.2 million, of which $400.4 million were asset impairment and restructuring costs.

The next largest expense was that of selling, general and administrative, which came in at $144.1 million – meaning the company is still spending roughly $0.94 on SG&A for every $1.00 in net revenue it generates. Other expenses meanwhile amounted to $290.6 million, pushing the net loss for the quarter to $829.3 million.

Looking at the balance sheet, the company managed to improve its cash and cash equivalent position from $673.3 million to $825.0 million during the quarter. This however came at the expense of short term investments, which fell from $1,048.9 million to $768.6 million. Receivables meanwhile climbed from $79.7 million to $93.7 million. Inventory was slightly down, from $398.5 million to $394.0 million. Overall, total current assets fell from $2,291.9 million to $2,171.5 million.

Payables meanwhile rose from $81.1 million to $86.5 million, while other accrued expenses and liabilities also rose, climbing from $83.1 million to $88.4 million. Other liabilities also rose, from $147.6 million to $160.3 million. Total current liabilities overall rose from $324.5 million to $348.2 million.

Finally, Canopy Growth released several “medium-term financial milestones” this morning as well, which include:

  • Net revenue is expected to host a CAGR of 40% to 50% from FY 2022 to FY 2024
  • Positive adjusted EBITDA is not expected until the second half of FY 2022, and a 20% adjusted EBITDA margin is not anticipated until FY 2024
  • Positive operating cash flow is not anticipated to occur until FY 2023, and positive free cash flow is not anticipated to occur until FY 2024

Full financial results have yet to be filed by the company.

Canopy Growth Corp last traded at $43.87 on the Nasdaq.


Information for this briefing was found via Sedar and Canopy Growth. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

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