Canopy Growth Corp

Canopy Growth

Overview

Canopy Growth is a global cannabis company that produces, distributes, and sells a range of cannabis and cannabis-related products for medical and adult-use markets. The company operates under multiple brands and formats, with emphasis on cultivation quality, product innovation, and consumer-focused branding.

Brands and product scope

• Adult-use brands in Canada: Tweed, 7ACRES, Maitri, HiWay, Twd., Wana, Claybourne, DOJA, DeeLish, MTL Cannabis, LowKey, R’belle, Deep Space.
• Medical brands: Spectrum Therapeutics (Canada) and Canopy Medical (international), supported by patient services through Canada House Clinics, Abba Medix, and Apollo Cannabis Clinics.
• Product formats: dried flower, pre-rolled joints, oils, softgel capsules, edibles (gummies), vapes, and cannabis accessories.
• Storz & Bickel: designs and manufactures vaporizers (Volcano, Mighty, Crafty, Veazy, Venty) and related devices.

Global footprint and operations

• Canada: Medical and adult-use operations with in-house production capabilities and third-party sourcing for certain products; EU-GMP-certified facility in Kincardine for European medical exports.
• Europe: Medical cannabis activities in Germany and Poland; Canopy Medical operates as a European medical cannabis manufacturer. The Tweed brand was reintroduced in Germany in fiscal 2026.
• United States: Canopy Growth is not a U.S. Marijuana Issuer. Canopy USA holds a non-controlling interest and operates independently to manage federal cannabis risk. Canopy Growth holds rights to participate in Canopy USA via non-voting shares and related agreements. Canopy USA’s assets include Wana, Jetty, Acreage, and TerrAscend-related interests held through Canopy USA LPs.
• Australia and New Zealand: Medical cannabis and related devices are sold; Storz & Bickel devices are registered and sold in Australia as medical devices; licenses exist for import and distribution of medical cannabis in Australia.

Corporate structure and strategic focus

• Asset-right operating model with brands, global cultivation, and selective investments aimed at accelerating profitability.
• Strategic pillars:
  1. Canada’s leading medical cannabis provider by revenue.
  2. Global leadership in vaporization via Storz & Bickel.
  3. Growth in international medical markets (Germany, Poland, Australia, UK).
  4. Profitable scale in adult-use cannabis through strong brands.
  5. Deepening exposure to the U.S. cannabis market via Canopy USA.
  6. Brand development and selective manufacturing investments to drive profitability.

Products and safety

• Product range includes dried flower, pre-rolls, oils, hash, concentrates, softgel capsules, edibles (gummies), and vaping solutions.
• Storz & Bickel produces vaporizers with medical device certifications in applicable markets.
• Global pharmacovigilance and product safety programs monitor adverse events and manage safety data across medical and consumer cannabis products, including Storz & Bickel devices.

Customer and patient reach

• Spectrum Therapeutics patients: 6,694
• Abba Medix patients (veterans pricing program): 331
• Figures reflect patients accessing pricing programs and medical channels as of March 31, 2026.

People

• Total employees: 1,128 (as of March 31, 2026)
  • Employees in Canada: 923
  • Employees outside Canada: 205

Financial highlights and fundraising activity

• Gross sales to cannabis control authorities in Canada (year ended March 31, 2026): approximately $130.2 million; no single cannabis control authority accounted for 10% or more of net consolidated revenue.
• At-the-market equity programs (ATM) for the fiscal year ended March 31, 2026:
  • February 2025 ATM: 127,505,498 Canopy Shares sold for gross proceeds of approximately $238.4 million (US$173.3 million).
  • August 2025 ATM: 56,206,101 Canopy Shares sold for gross proceeds of approximately $135.8 million (US$98.0 million).
  • As of June 11, 2026, Canopy Growth can issue and sell up to US$102.0 million of Canopy Shares under the August 2025 ATM Program.

Acquisitions and related arrangements

• MTL Cannabis Corp.:
  • Arrangement completed on March 16, 2026.
  • Canopy Growth issued 41,232,337 Canopy Shares and paid $18.5 million in cash to MTL shareholders; additional shares and replacement warrants/options were issued in connection with the arrangement.
• Acreage acquisition (via Canopy USA):
  • Acreage was acquired by Canopy USA. Canopy Growth issued Canopy Shares to Acreage securityholders and issued additional shares and warrants related to the acquisition.
  • As of March 31, 2026, Acreage and related debt arrangements involve an intercompany loan structure with Canopy USA, including Elevate entities pledging equity interests and Canopy USA guarantees.
• Canopy USA ownership structure (as of March 31, 2026):
  • Canopy Growth holds non-voting, non-participating Canopy Growth shares in Canopy USA and has governance rights via a standing protection agreement.
  • Canopy USA’s significant assets include Wana, Jetty, Acreage, and TerrAscend-related interests held by Canopy USA LPs.
  • The Trust holds 28,571,429 Canopy USA Common Shares and warrants to acquire up to 85,714,284 Voting Shares (expiring April 26, 2031).
  • Canopy Growth’s non-voting shares are convertible into Canopy USA Class B Shares only after a Stock Exchange Permissibility Date.

Segment reporting

• Prior to June 30, 2025: four reportable segments (Canada cannabis, International cannabis, Storz & Bickel, This Works).
• As of June 30, 2025: two reportable segments (Cannabis and Storz & Bickel).
• The CODM focuses on segment net revenue and segment gross margin.

Regulatory and legal

• Operates under Canadian Cannabis Act licenses (cultivation, processing, sale for medical and adult-use, testing, research) and EU-GMP standards for exports.
• U.S. participation is restricted and structured to avoid direct violation of federal law; ongoing U.S. regulatory developments may affect Canopy Growth’s U.S. strategy and investments.