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- **Canadian dominance**: 30% revenue growth in adult-use, 17% medical expansion, and 12% cannabis segment growth.
- **Cost efficiency**: CAD 21M+ savings vs. CAD 20M target, supporting 2026 EBITDA positivity.
- **International turnaround**: Europe restructuring to 100% Canadian-sourced flower, positioning for H2 profitability.


**【Management Opening Remarks】**
- Canopy Growth issued Q2 FY2026 financial results with CAD 51 million in cannabis net revenue, up 12% year-over-year. 
- The company achieved CAD 298 million in cash and cash equivalents, exceeding debt balances by CAD 70 million.
- Adjusted EBITDA loss narrowed significantly, driven by cost-saving initiatives and improved gross margins.

**【CEO Summary Section】**
- Canadian adult-use cannabis revenue grew 30% YoY, driven by Claybourne-infused pre-rolls and Tweed all-in-one vapes.
- Medical cannabis revenue increased 17% YoY, supported by patient registrations and product assortment expansion.
- International markets faced supply chain challenges, but Europe-focused restructuring is underway.

**【CFO Financial Commentary】**
- Q2 operating expenses declined 13% YoY, with CAD 21 million in annualized savings vs. CAD 20 million target.
- Free cash flow improved 67% YoY, reflecting debt reduction and working capital management.

**【Q&A Highlights】**
- Europe retooling to source 100% of flower from Canadian GMP facilities.
- Positive adjusted EBITDA expected in H2 FY2026 through cost management and capacity utilization.
- Storz & Bickel VZ Vaporizer sales up 5% QoQ, targeting holiday season growth.


Canopy Growth Corp (CGC) Q2 2026 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

CGC

CGC fundamentals

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