Canopy Growth (CGC) Company Report

Canopy Growth Corporation announced a definitive agreement to acquire MTL Cannabis Corp. for approximately $125 million on a fully-diluted equity basis and $179 million on an enterprise value basis.
Under the terms, MTL shareholders will receive 0.32 of a Canopy Growth common share and $0.144 in cash for each MTL Share, implying a value of $0.91 per MTL Share and a 45% premium based on the average 20-day VWAP as of December 12, 2025.
The acquisition is expected to establish Canopy Growth as the leading medical cannabis provider in Canada, enhance global flower supply, and generate approximately $10 million in run-rate synergies within 18 months.
For the six months ended September 30, 2025, MTL Cannabis reported $41,297,515 in net revenue and a net loss of $(8,366,496). The company also delivered $84 million in net revenue and $11 million in operating cash flow for the trailing twelve months ended September 30, 2025.
The transaction is anticipated to close by the end of February 2026, following a special meeting of MTL shareholders expected in February 2026.

Dec 15, 2025, 12:15 PM

Canopy Growth to Acquire MTL Cannabis

CGC

M&A

New Projects/Investments

Guidance Update

Canopy Growth has entered into a definitive agreement to acquire MTL Cannabis for approximately $125 million on a fully-diluted equity basis and $179 million on an enterprise value basis.
MTL Shareholders will receive 0.32 of a Canopy Growth Share and $0.144 in cash for each MTL Share, which represents a 45% premium to the average 20-day VWAP of MTL Shares as of December 12, 2025.
The transaction is expected to generate approximately $10 million in run-rate synergies within 18 months and is anticipated to be materially accretive to Canopy Growth's overall financial performance, supporting its goal of achieving positive adjusted EBITDA.
For the trailing twelve-month period ended September 30, 2025, MTL Cannabis reported $84 million in net revenue, 51% gross margin before fair value adjustments, and $11 million in operating cash flow.
The closing of the transaction is expected before the end of February 2026, subject to necessary court, MTL Shareholder, and regulatory approvals.

Dec 15, 2025, 12:00 PM

Canopy Growth Shares Surge on Cannabis Rescheduling Plans

CGC

Canopy Growth Corporation's stock surged as much as 35% in pre-market trading following reports that President Trump is expected to direct federal agencies to reclassify marijuana from Schedule I to Schedule III.
This potential regulatory shift would ease federal restrictions, allowing cannabis firms to deduct ordinary business expenses and facilitating market access, which would particularly benefit Canopy Growth's U.S. ambitions.
Despite this positive stock momentum, Canopy Growth continues to face significant financial challenges, including negative profit margins and a distress-level Altman Z-Score, indicating potential bankruptcy risk.
The company maintains significant liquidity with a current ratio of 5.5 and a quick ratio of 4.23, yet has seen more insider sales than purchases over the past year, raising concerns about insider confidence.

Dec 12, 2025, 10:26 AM

Canopy Growth Reports Strong Q2 Fiscal 2026 Results with Narrowed EBITDA Loss and Improved Balance Sheet

CGC

Earnings

Revenue Acceleration/Inflection

Guidance Update

Canopy Growth reported strong Q2 Fiscal 2026 results, with Canadian adult-use cannabis net revenue increasing 30% year-over-year and Canadian medical cannabis net revenue growing 17% year-over-year.
The company significantly narrowed its adjusted EBITDA loss to $3 million in Q2, compared to a $6 million loss a year ago, driven by CAD 21 million in annualized SG&A savings.
Canopy Growth improved its balance sheet, holding CAD 298 million in cash and cash equivalents as of September 30, 2025, exceeding debt balances by CAD 70 million, and prepaid $50 million on its senior secured term loan.
International markets saw a 39% decrease in cannabis sales due to supply challenges, though management expects stabilization and improvement by the fiscal year-end. Storz & Bickel net revenue was CAD 16 million, up 5% sequentially.

Nov 7, 2025, 3:00 PM

Canopy Growth Reports Improved Q2 FY2026 Financial Results

CGC

Earnings

Revenue Acceleration/Inflection

Canopy Growth reported consolidated net revenue of $67 million for the second quarter ended September 30, 2025 (Q2 FY2026), representing a 6% increase compared to Q2 FY2025.
The company's Adjusted EBITDA loss improved to $3 million in Q2 FY2026, compared to a $6 million loss in Q2 FY2025.
As of September 30, 2025, Canopy Growth had $298 million in cash and cash equivalents, exceeding its debt balances by $70 million, which resolved conditions that previously raised substantial doubt concerning the Company's ability to continue as a going concern.
Canada adult-use revenue increased 30% and Canada medical revenue grew 17% in Q2 FY2026 compared to Q2 FY2025.

Nov 7, 2025, 12:05 PM

Canopy Growth Completes Early Term Loan Prepayment

CGC

Debt Issuance

Canopy Growth has completed an early prepayment of $25 million on its senior secured term loan, fulfilling its entire $50 million prepayment obligation ahead of schedule.
This accelerated repayment is expected to reduce the company's annual cash interest expense by $6.5 million, with $4 million in interest savings already captured for fiscal 2026.
The company's financial position is strengthened by these debt reduction efforts.
Analyst consensus rates Canopy Growth's stock as a 'Hold', with price targets averaging $3.66 (over 160% potential upside) or C$2.00 (around 44.5% upside).

Sep 15, 2025, 11:09 AM

Canopy Growth Establishes New At-The-Market Program

CGC

New Projects/Investments

M&A

Canopy Growth Corporation established a new at-the-market (ATM) equity program on August 29, 2025, allowing it to issue and sell up to US$200 million of common shares.
The program permits concurrent public offerings in the United States and Canada, with Canadian sales limited to aggregate gross sales proceeds of up to US$50 million.
Net proceeds from the ATM Program are intended for investments in businesses, potential future acquisitions, working capital, and general corporate purposes, including the potential repayment of indebtedness.