Canopy Growth Corp (NASDAQ: CGC) is a Canadian cannabis company that cultivates, processes, and sells cannabis products across adult-use and medical channels. It generates revenue through product sales spanning dried flower, vapes, and cannabis vaporizer devices, with operations primarily in Canada and international medical cannabis markets. For the fiscal year ended March 31, 2025, Canopy Growth reported net revenue of CAD $269.0 million, down 9% from CAD $297.1 million in FY2024. Canadian cannabis contributed CAD $155.9 million, split between adult-use cannabis (CAD $78.8 million) and medical cannabis (CAD $77.0 million). The company reported a net loss from continuing operations of CAD $604.1 million in FY2025. Gross margin improved to 30% in FY2025 from 27% in FY2024. Canopy Growth also holds a non-controlling equity method interest in Canopy USA, which holds U.S. THC brand investments including Wana and Jetty. Storz and Bickel, a subsidiary, manufactures medical cannabis vaporizer devices sold internationally.

Revenue model

Transactional product sales across two Canadian cannabis segments: adult-use (provincial wholesale and retail channels) and medical cannabis (direct-to-patient). Additional revenue from Storz and Bickel vaporizer device sales in international markets. No subscription or licensing revenue model is disclosed in the filing excerpts.

Products and services

Dried cannabis flower, vape concentrate cartridges (510-format and all-in-one devices) sold under the Tweed and 7ACRES brands, and medical cannabis vaporizer devices and dry herb vaporizers manufactured by Storz and Bickel in an internationally certified medical device facility.

Customers and end markets

Canadian adult-use cannabis consumers purchasing through provincial retail channels; Canadian medical cannabis patients; international medical cannabis patients served through Storz and Bickel vaporizer devices. Canopy USA's Wana and Jetty brands target U.S. THC consumers, though Canopy Growth holds only a non-controlling equity method interest in that entity as of the FY2025 filing.

Value-chain role

Vertically integrated cannabis producer: cultivates and processes cannabis, manufactures finished consumer products, and sells through regulated wholesale and direct channels. Storz and Bickel operates as a medical device manufacturer within the group.

Geographic exposure

Primary operations in Canada. International presence through Storz and Bickel's medical vaporizer device sales. Equity method exposure to the U.S. market via the non-controlling interest in Canopy USA.

Competitors

Unlicensed cannabis growers and retailers (illegal market, Canada), Contract manufacturing license holders operating under third-party brands (Canada)

Source: SEC 10-K, filed 2025-05-30

Industry: Medicinal Chemicals & Botanical Products Peers: SNDL Inc