World News – CA – Umbrella Growth Report on Financial Results for Q2 FY 2021

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A net loss of $ 97 million; Adjusted loss in EBITDA was $ 86 million, which is a 43% improvement compared to Q2FY2020

Increase market share by 200 basis points in the Canadian entertainment market based on our proprietary market share tracker

SMITHS FALLS, ON, Nov 9, 2020 / PRNewswire / – Canopy Growth Corporation (« Canopy Growth » or « The Company ») (TSX: WEED) (NYSE: CGC) today announced its second-quarter financial results for fiscal year 2021 Ended September 30, 2020 All financial information contained in this press release has been reported in millions of Canadian dollars, unless otherwise noted.

David Klein, CEO, said: “Our revamped strategy of engaging consumers, combined with increased flexibility and implementation, has resulted in record second-quarter net profits and momentum in key business areas.” “Canopy Growth is positioned for continued growth as we establish A strong leadership position displayed through our wide range of brands and diversified products – including the leading beverages in the hemp industry ‘

“We have seen another quarter of improvement in our operating expense ratio as our investments in Marketing and R&D are redirected to increase sales,” Mike Lee, CFO added, “Most importantly, our comprehensive review identified cost savings opportunities in A range of US $ 150-200 million across cost of goods sold, general and administrative expenses, and inventory, and efforts are underway to rapidly quantify value. Leveraging on continuous improvements across our business, we are speeding our path to profitability, particularly in our largest market, Canada.

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1 reflect sales tax of $ 14 million and other income adjustments of $ 3 million for Q2 2021 (Q2 2020 – $ 7 million) $ 8 million and $ 32 7 million respectively)

2 Hemp 20 products include hemp-infused chocolate, hemp-infused drinks, and hemp products (including energy sources such as rechargeable and compact batteries, prepackaged e-cigarette pens and vape cartridges / capsules)

3 Other Revenue Adjustments represent the company’s determination of revenue and price adjustments, and relate to the Canadian Intercompany Entertainment Business Channel.

The financial results for the second quarter of the fiscal year 2021 and the second quarter of the fiscal year 2020 included in this press release have been prepared in accordance with UAS GAAP standards

The company will host a conference call and webcast with David Klein, CEO and Mike Lee, Chief Financial Officer at 10:00 AM ET on November 9, 2020

Replay can be accessed via webcast until 11:59 PM ET on February 7, 2021 at: https: // Producteredition Webcast / STARHAK JSP? ei = 1384068&tp_key = 9317fbfde9

Adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization of Debt is a non-GAAP metric used by management and not specified by YOS. GAAP and may not be comparable to similar measures provided by other companies. EBITDA is calculated. As the net reported income (loss), adjusted to exclude income tax (expense) recovery; Other income (expense), net; Loss on equity method investments; Calculation of compensation on the basis of shares; Depreciation and amortization expenses; Depreciation of assets and restructuring costs; Expected credit losses on financial assets and related fees; Charges related to inventory excess flow in business groups, and further adjusted to remove costs related to acquisition The revised EBITDA adjustment is presented in this press release and is explained in the Company’s Quarterly Report in Form 10-Q to be submitted to the Securities and Exchange Commission

Free cash flow is a non-GAAP metric used by management and not specified by UAS General Accepted Accounting Principles and may not be comparable to similar measures offered by other companies. This measure is calculated as net cash provided (used in) operating activities minus purchases and deposits on property Plant and Equipment A free cash flow adjustment is filed within this press release and explained in the company’s quarterly report in Form 10-Q to be submitted to the Securities and Exchange Commission.

Canopy Growth (TSX: WEED, NYSE: CGC) is a global leader in hemp, hemp and hemp devices, offering premium brands and varieties of hemp curated in capsule, oil, and softgel shapes, as well as medical devices through a corporate affiliate Storz & Bickel GMbH & Co, from product and process innovation to market execution, drives Canopy Growth’s passion for leadership and commitment to building a world-class hemp company one product, location and country simultaneously The company operates in more than a dozen countries across five continents

The company’s medical division, Spectrum Therapeutics, is proudly dedicated to educating healthcare practitioners, conducting robust clinical research, and enhancing public understanding of cannabis, and has dedicated millions of dollars to cutting-edge marketable research and intellectual property development Spectrum Therapeutics sells a range of full-spectrum products using Color-coded classification spectrum system plus Dronabinol, under the brand name Bionorica Ethics

The company operates retail stores across Canada under Tweed Signs and the award-winning Tokyo Smoke Tweed is a globally recognized cannabis brand that has successfully built a large number of loyal followers by focusing on high-quality products and meaningful customer relationships

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From our public listing on the Toronto Stock Exchange and the New York Stock Exchange to our continued international expansion, pride in enhancing shareholder value through leadership is rooted in everything we do at Canopy Growth. Canopy Growth has partnered with leading industry names including cannabis icons Snoop Dogg , Seth Rogen, Breeding Legends, DNA Genetics and Green House Seeds, and Constellation Brands Leading the Alcohol Industry of Fortune 500, to name but a few. For more information, visit Umbrella Growth Com

This press release contains « forward-looking statements » within the meaning of applicable securities laws, which involve certain known and unknown risks and uncertainties. Forward-looking statements predict or describe our future operations, business plans, business and investment strategies, and the performance of our investments. These forward-looking statements are generally identified. Through their use of terms and phrases such as “intent,” “goal,” “strategy,” “assessment,” “anticipation,” “project,” “expectations,” “forecasts, plans,“ seeks ”,“ anticipates ”,“ potential , “Suggested,” “will,” “should,” “could,” “may,” “may,” “probable,” “designed for,” “future foreseen,” “believe,” “scheduled” and other similar expressions. Our actual results or results may differ materially from those expected. You are cautioned not to rely unnecessarily on these forward-looking statements, which only speak as of the date on which the statement is issued

Some of the forward-looking statements presented here relating to the industries in which we do business are based on estimates prepared using data from publicly available government sources, market research, industry analysis, and on assumptions based on data and knowledge of these industries that we believe are reasonable however, despite They generally refer to relative market conditions, market shares and performance characteristics. However, these data are imprecise by nature. The industries in which we do business involve risks and uncertainties that are subject to change based on various factors. They are explained in more detail below.

The forward-looking statements presented here are based on certain material assumptions that have been applied in deriving a conclusion, projection or expectation, including: (1) Management’s perceptions of historical trends, current conditions and expected future developments; (2) Our ability to generate cash flow from operations; (3) The general economic, financial, regulatory and political conditions in which we operate; (Iv) Production, manufacturing and production capabilities of our facilities, our joint ventures, strategic alliances and equity investments; (5) Consumer interest in our products; (6) Competition; (7) Expected and unexpected costs (8) Governmental regulations for our activities and products including but not limited to the areas of taxation and environmental protection; (9) Receive any regulatory permits, approvals, approvals, permits and / or regulatory licenses in a timely manner; * Our ability to obtain qualified personnel, equipment and services in a timely and cost-effective manner; (11) Our ability to conduct operations in a safe and efficient manner; (12) Our ability to generate expected benefits or synergies or generate revenue, profits or value from our recent acquisitions in our current operations; (13) Our ability to continue operating in light of the COVID-19 pandemic and the impact of the pandemic on the demand for our products, our distribution channels and their sales; And (14) other considerations that management believes are appropriate in the circumstances. While our management considers these assumptions reasonable based on the information currently available to management, there is no guarantee that these expectations will prove to be correct.

Forward-looking statements are subject, by their nature, to inherent risks and uncertainties that may be general or specific and that lead to the possibility that expectations, expectations, expectations, expectations or conclusions are not accurate, and that those assumptions may not be correct and that goals, strategic objectives and priorities will not be achieved for a variety of Factors, including known and unknown risks, many of which are beyond our control, could cause actual results to differ materially from the forward-looking statements contained in this press release and other reports we provide or submit to the Securities and Exchange Commission (“SEC”). Other regulatory agencies that are conducted by our directors, officers, other employees, and other persons authorized to speak on our behalf.These factors include, but are not limited to, the risk that the COVID-19 pandemic will disrupt our operations, the operations of our suppliers and distribution channels, and adversely affect the use of our products; Consumer demand for hemp and hemp products that cost savings and any other synergies from CBI Group Investments may not be fully realized or may take longer to achieve than expected; Future levels of revenue; Our ability to manage disruptions in credit markets or changes in our credit rating; Future levels of capital, environmental or maintenance expenditures, general and administrative expenses, etc. The success or timing of completion of ongoing or anticipated capital or maintenance projects; Business strategies, growth opportunities and projected investment; The adequacy of our capital and liquidity resources, including but not limited to the availability of adequate cash flow to implement our business plan (either within the expected timeframe or not); The potential effects of court or other action on our business, financial condition, results of operations, and cash flows; Volatility and / or deterioration of general economic, market, industrial or commercial conditions; Compliance with applicable environmental, economic, health and safety policies and regulations and other policies and regulations, in particular health concerns regarding electronic fumigation and use of hemp and cannabis products in vaping devices; The anticipated effects of actions by third parties such as competitors, active investors, federal, state, state, provincial, or local regulatory authorities, self-regulatory organizations, litigants, or persons threatening litigation; Changes in regulatory requirements regarding our business and products; The factors discussed under the heading « risk factors » in the company’s annual report on Form 10-K for the year ended March 31, 2020 submitted to the Securities and Exchange Commission on June 1, 2020 Readers are warned to consider these factors and other factors, doubts and potential events carefully and not to approve Unnecessarily on forward-looking statements

Forward-looking statements are presented for the purposes of assisting the reader in understanding our financial performance, our financial position and our cash flows in the periods ending on certain dates and for the periods ending on certain dates and to display information about the management’s current expectations and plans related to the future. The reader warns that the forward-looking statements may not be suitable for any Other purpose While we believe that the assumptions and expectations reflected in the forward-looking statements are reasonable based on the information currently available to management, there is no guarantee that these assumptions and expectations will prove to be correct. Forward-looking statements are issued as of the date of their issuance and are based on the beliefs, estimates, expectations and opinions of management on that date. We undertake to update or review any forward-looking statements, whether as a result of new information, estimates, opinions, events, future results or otherwise, or to explain any material difference between subsequent actual events and these forward-looking statements, except as required by law for the forward-looking statements contained in this press release and other reports. That we submit to the Securities and Exchange Commission or make available to it and other regulatory agencies And that our directors, officers, other employees, and other persons authorized to speak on our behalf are expressly qualified in this Warning Statement

Common stock – par value Nil in US dollars; Authorized – unlimited number of shares; Issued – 372,046,111 shares and 350,112,927 shares, respectively

Canopy Growth Corporation, Finance, Financial Statement, Fiscal year, NYSE: CGC, Accounting, TSE: WEED, Stock

World News – CA – Canopy Growth Reports for FY2 2021 financial results
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SOURCE: https://www.w24news.com

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