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Canopy Growth Corporation (OTCMKTS:TWMJF) Reports Q2 Fiscal 2017 Financial Results

Today, Canopy Growth Corporation (OTC:TWMJF) (TSX:CGC) reported their second quarter fiscal 2017 financial results. Highlights of the results include:


"Second Quarter Fiscal 2017 Highlights

  • Revenue of $8.5 million; a 22% increase over first quarter fiscal year 2017 and 245% over the three-month period ended September 30, 2015  

  • Over one metric ton sold in the quarter, specifically 1,169 kilograms and kilogram equivalents, representing an increase of 19% over first quarter fiscal year 2017 and an increase of 267% over the second quarter fiscal year 2016 

  • Harvested 1,711 kilograms during the second quarter ended September 30, 2016 

  • Net income for the quarter ended September 30, 2016 was $5.4 million, including a non-cash unrealized gain on changes in the fair value of biological assets of $16.1 million, compared to net income of $3.9 million in same period last year, including a non-cash unrealized gain on the change in fair value of biological assets totaling $12.5 million 

  • Expenses in the quarter included initial costs to establish Brazil amounting to $0.3 million and related legal expenses of $0.6 million, and $0.3 million related to uplisting to the TSX

  • Over 24,400 registered patients at September 30, 2016

  • Listed common shares on the Toronto Stock Exchange 

  • Exported Tweed-branded medical cannabis for sale to German patients for the first time 

  • Starting with Lemon Skunk available for sale, Tweed launched DNA Certified products, coming with a seal of approval from the world’s most decorated cannabis breeders 

  • Opened a world-class, first-of-its-kind in Canada, cannabis breeding facility 

  • Announced partnership with related-party Delivra Inc. to supply Tweed and Bedrocan Canada with cannabis-infused topical product formulations 

  • Closed bought deal financing that raised gross proceeds of $34.5 million 

  • $45.4 million in cash and cash equivalents at quarter end"

For the full press release and financial results, click here


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