Canopy Growth brought in $39 million from its Canadian cannabis businesses in the past three months, down from $52 million in the same quarter in 2022 (July-September).
The figures from Canopy’s second quarter fiscal year 2024 financial results show the company’s cannabis operations outside of Canada brought in another $9 million in sales compared to $10.6 in the same quarter 2023.
Sales from Storz & Bickel, which Canopy owns, were $12 million in the three months ending in September 2023, compared to $13.5 million in July-September 2022.
Canadian cannabis businesses delivered a net revenue of $39 million in Q2 FY2024. Canadian medical cannabis net revenue increased for Canopy by 6% compared to the prior year period, even as Canada’s overall medical cannabis market contracts.
Canopy continues to operate at a loss, although it is losing less than it was in the past. The company lost $7 million from continuing operations, which was much lower than the $149 million loss in the same period in 2022. Adjusted EBITDA loss was $12 million in Q2 2024, compared to a loss of $56 million in Q2 2023.
Canopy claims its increasing sales are due to an increase in quality, citing its Tweed Kush Mints being nominated for a 2023 Karma Cup award, as well as moving up to the top three supplier of cannabis flower in British Columbia, compared to the eleventh place slot the company held in the same time period last year.
It also plans to re-introduce its Wana brand edibles into the Canadian non-medical market, products that have remained successful for Canopy in the US. It will also ship five new SKUs to international markets in Q3 of this year, focusing on the Australian medical cannabis market.
Wana also launched 11 new products in four US markets in August 2023, while Canopy’s Jetty launched its vape products in Colorado in July 2023 and California in August, and its Acerage Superflux products were released in New Jersey in November.