ER Highlights - Achieved 23% revenue growth in Q1 2022 versus Q1 2021 driven by strong double-digit growth in both cannabis and other consumer products businesses.
- Maintained #1 market share 1 in tracked Canadian recreational cannabis market amid a highly competitive landscape.
- Completed acquisition of Ace Valley and Supreme Cannabis, with commercial and operational Integration progressing smoothly.
- Led by consumer insights, a robust innovation pipeline with over 100+ SKUs across key product categories set to hit store shelves from Q2 2022 to Q4 2022.
- Momentum with cannabis reform increasing as the Company continues to build its U.S. presence through broad portfolio of innovative CBD and CPG brands.
- Remains committed to accelerating top-line growth in the second half of fiscal 2022 and achieving positive Adjusted EBITDA by end of fiscal 2022.
“With the right strategy and strong foundation in place we are confident in our ability to deliver long-term success as Canopy’s products and brands continue to demonstrate their appeal to consumers in our core markets,” said David Klein , CEO, Canopy Growth. “While we’re encouraged by regulatory advancement in the U.S., Canopy is not waiting as we continue to scale our business on both sides of the border with an exciting product pipeline planned for the coming quarters.”
“We’re continuing to drive cost savings and operational efficiencies across the company, and remain broadly on track to our target of $150 – $200 million in fiscal 2022- fiscal 2023,” added Mike Lee , CFO. “We look forward to scaling our new operating model in coming months as we push forward our profitability goals in fiscal year 2022.”