Canopy is like wringing a wet towel Up to a point there isn't any more water ( canopy case things to sell off ) before there is no
more drops .
Looks like the end of the line for Nasdaq or a reverse split to stay !!! Canopy is running out of cash
The market share of cannabis gets smaller and smaller ... Then CFO warns next quarter will be no help and softer ???
Canopy been dumping aged BioSteel product that isn't selling ?
THE ONLY REASON THE WAS SMALLER WAS DUE TO THE COMPANY DUMPING AN ASSET that
helped cushion ANOTHER LOSS ONCE AGAIN !!!!
horrible mismanaged company
Company's senior secured credit agreement (the "Credit Agreement") of approximately $118 million, partially offset by proceeds from asset dispositions of approximately $83 million.
Cash and short-term investments amounted to $571 million at June 30, 2023, representing a decrease of $212 millionfrom $783 million at March 31, 2023, reflecting the impact of cash used in operating activities, as well as the second tranche repayment of the term loan pursuant to the Company's senior secured credit agreement (the "Credit Agreement") of approximately $118 million, partially offset by proceeds from asset dispositions of approximately $83 million. Gross debt amounted to $1,045 million at June 30, 2023, representing a decline of $262 million from $1,307 million at March 31, 2023.
- The Company's Tweed brand captured 3.1% share of the total flower segment in the Canada adult-use cannabis market in Q1 FY2024, representing a 202 basis point ("bps") improvement year-over-year. The Company continues to see growing demand for high-quality Tweed strains including Tiger Cake and Kush Mints. In Q1 FY2024, Tweed Kush Mints 28g was the fourth best performing flower SKU in Canada.
- These increases were partially offset by: (1) a decrease in the amount of payroll subsidies received from the Canadian government pursuant to a COVID-19 relief program; and (2) a decline in the BioSteel segment primarily resulting from aging inventory write downs, higher warehousing costs, and higher production costs associated with the BioSteel manufacturing facility located in Verona, Virginia. Excluding BioSteel, gross margin in Q1 FY2024 was 18% compared to (4%) in Q1 FY2023.
But its second-quarter sales are expected to be lower sequentially due to seasonality, Chief Financial Officer Judy Hong said in a post-earnings conference call.