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Canopy Growth Corporation to Announce Fourth Quarter and Fiscal Year 2018 Financial Results
SMITHS FALLS, ON, June 13, 2018 /CNW/ – Canopy Growth Corporation (TSX: WEED) (NYSE: CGC) (“Canopy Growth” or the “Company”) will release its financial results for the fourth quarter and fiscal year ended March 31, 2018 on June 27, 2018. Following the release of its fourth quarter and fiscal year 2018 financial results, Canopy Growth will host a conference call and audio webcast with Bruce Linton, Chairman and Chief Executive Officer, and Tim Saunders, Executive Vice-President and Chief Financial Officer, at 8:30 am Eastern Time the same day.
A live audio webcast will be available at: https://event.on24.com/wcc/r/1771235/379B96B1D255809263227A69A167C4CB
Toll Free Dial-In Number: 1-888-231-8191
International Dial-In Number (647) 427-7450
Conference ID: 8166317
A replay of the call will be accessible by telephone until 11:59 PM ET on September 26, 2018.
Toll Free Dial-in Number: 1-855-859-2056
Replay Password: 8166317
The Company also announced that, based upon information currently available to management, it anticipates reporting revenue of between $22.5 million and $23 million for the quarter ended March 31, 2018, compared to approximately $14.7 million for the quarter ended March 31, 2017. The Company sold a record of over 2,500 kilogram and kilogram equivalents in the quarter ended March 31, 2018 as compared to 1,740 kilograms and kilogram equivalents in the quarter ended March 31, 2017. Cash on hand on March 31, 2018 was in excess of $320 million.
The average selling price per gram sold was up sequentially over the quarter ended December 31, 2017 based on the Company’s mix of products, including oil‐based Softgel capsules and medical cannabis sold in Germany, which has a higher selling price, by the Company’s wholly‐owned subsidiary Spektrum Cannabis GmbH. The number of registered patients with Canopy Growth has grown from approximately 55,000 on March 31, 2017 to over 74,000 on March 31, 2018 and is currently over 80,000 registered patients. In connection with the settlement agreement with Bedrocan International BV, the Company expects to impair non-cash intangible product rights related to the 2015 acquisition of Bedrocan Canada Inc. in the amount of approximately $28 million.
All figures reported above with respect to the quarter ended March 31, 2018 are preliminary and are unaudited and subject to change and adjustment as the Company prepares its consolidated financial statements for the years ended March 31, 2018 and March 31, 2017. Accordingly, investors are cautioned not to place undue reliance on the foregoing information. The Company does not intend to provide preliminary results in the future. The preliminary results provided in this news release constitute “forward-looking information” and “forward-looking statements” within the meaning of applicable Canadian and U.S. securities laws, are based on several assumptions and are subject to a number of risks and uncertainties. Actual results may differ materially. See “Forward-looking Statements”.
All references to “$” in this news release are to Canadian dollars.
Here’s to Future Growth.
About Canopy Growth Corporation
Canopy Growth is a world-leading diversified cannabis and hemp company, offering distinct brands and curated cannabis varieties in dried, oil and Softgel capsule forms. From product and process innovation to market execution, Canopy Growth is driven by a passion for leadership and a commitment to building a world-class cannabis company one product, site and country at a time.
Canopy Growth has established partnerships with leading sector names including cannabis icon Snoop Dogg, breeding legends DNA Genetics and Green House seeds, and Fortune 500 alcohol leader Constellation Brands, to name but a few. Canopy Growth operates ten cannabis production sites with over 2.4 million square feet of production capacity, including over 500,000 square feet of GMP-certified production space. The Company has operations in eight countries across five continents. The Company is proudly dedicated to educating healthcare practitioners, conducting robust clinical research, and furthering the public’s understanding of cannabis, and through its partly owned subsidiary, Canopy Health Innovations, has devoted millions of dollars toward cutting edge, commercializable research and IP development. Through partly owned subsidiary Canopy Rivers Corporation, the Company is providing resources and investment to new market entrants and building a portfolio of stable investments in the sector. From our historic public listing to our continued international expansion, pride in advancing shareholder value through leadership is engrained in all we do at Canopy Growth. For more information visit www.canopygrowth.com
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