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Management View

• CEO Luc Mongeau stated that “Q3 was a quarter where Canopy Growth delivered significant progress on multiple levels, and it reinforced my confidence that we’re building stronger business.” He highlighted a net

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The Ontario-based Canadian LP recorded C$74.5M in net revenue for the quarter, roughly flat compared to the prior year period, while exceeding the C$70.5M projected by analysts, according to Bloomberg data.

Canopy (CGC) posted C$52M in Cannabis net revenue, indicating ~4% YoY growth, as its net Canada medical cannabis and Canada adult-use cannabis segments each added C$23M to the topline with 15% and 8% YoY growth, respectively.

However, the company’s cannabis net revenue from international markets slipped 31% YoY to C$6.2M, mainly due to supply chain constraints in Europe, while its Storz & Bickel accessories segment brought in C$22.8M, indicating a ~9% YoY decline amid consumer economic uncertainty.

Canopy’s (CGC) Q3 loss per share slumped ~84% to C$0.18, missing the C$0.08 projected by analysts, while its adjusted EBITDA loss dropped ~17% YoY to C$2.9M, trailing the C$1.6M in the consensus, according to Bloomberg data.

Having recorded C$29M in annualized savings since Mar. 1, thanks to cost reduction activities, the company said it remains on track to record positive adjusted EBITDA during fiscal 2027. “The decisive cost reduction actions that we have taken to date in fiscal 2026 have strengthened our current year financial performance and will ensure we are well positioned as we close out the fiscal year,” CEO Luc Mongeau remarked.

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The company is projected to report a 17% fall in its revenue to C$70.96M. The consensus EPS estimate is C$0.05.

In the previous quarter, the company’s CFO, Thomas Stewart, projected Canada medical cannabis top line to continue its growth in the second half of fiscal ’26. He projected revenue in the international markets to remain generally consistent with the second quarter levels, with growth expected as they exit the fiscal year.

Stewart also estimated improvement in cannabis gross margin through the third and fourth quarters, driven by top-line growth, additional production efficiencies and cost savings.

The company expects improved performance in the Canadian adult-use channel, driven by a robust innovation pipeline of focused product formats and tight alignment with cannabis boards and retailers. Storz & Bickel is anticipated to deliver stronger performance through the remainder of fiscal 2026, supported by the successful VEAZY launch late in the second quarter and continued momentum from holiday season sales, he added.

Both Seeking Alpha and Wall Street analysts have rated the stock as Hold, but it has a Buy rating from Seeking Alpha’s Quant ratings. The stock has declined nearly 2% in the year so far compared to a +0.54% movement in the broader markets.

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The initiatives include an agreement with a group of lenders led by JGB Management Inc. for a term loan maturing in January 2031. The deal is expected to generate $150M in net proceeds and refinance a term loan due in 2027 with a principal value of nearly $101M.

Additionally, the Smiths Falls, Ontario-based company has reached an agreement with an institutional investor to exchange nearly C$96.4M worth of existing convertible debentures due May 2029 for roughly C$80M.

In exchange, the company has agreed to issue C$55M worth of new convertible debentures due in July 2031, C$10.5M in cash, about 9.5M common shares, as well as roughly 12.7M common share purchase warrants.

The transactions are expected to close on or around Jan. 8, boosting Canopy’s (CGC) cash on hand to nearly C$425M.

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However, citing sources close to the president, the publication added that the ruling could come as early as next month, even though Trump’s order to Bondi suggests a final decision by the end of January.

Cannabis stocks surged last week ahead of Trump’s order, which seeks the inclusion of marijuana alongside medicines such as ketamine under Schedule III of the Controlled Substances Act and removal from its current classification under Schedule I, where dangerous drugs such as LSD are placed.

The directive requires Bondi “to take all necessary steps to complete the rulemaking process related to rescheduling marijuana to Schedule III of the CSA in the most expeditious manner in accordance with Federal law.”

If the Department of Justice follows through with a final ruling by the end of next month, marijuana would be officially classified as a Schedule III drug by the spring.

While it will not legalize marijuana for recreational purposes federally, U.S. cannabis firms are expected to gain benefits such as the elimination of a punitive tax provision called 280E that they had to contend with for decades.

U.S. multi-state operators: Curaleaf Holdings (CURLF), Ascend Wellness (AAWH), Cresco Labs (CRLBF), Trulieve Cannabis (TCNNF), Green Thumb Industries (GTBIF), Jushi Holdings (JUSHF), and Verano Holdings (VRNO)

Canadian Licensed Producers: Canopy Growth (CGC), Tilray (TLRY), Cronos (CRON), Aurora Cannabis (ACB), SNDL Inc. (SNDL), and OrganiGram Holdings (OGI)

Cannabis ETFs: AdvisorShares Pure US Cannabis ETF (MSOS), Amplify Seymour Cannabis ETF (CNBS), Amplify Alternative Harvest ETF (MJ), and AdvisorShares Pure Cannabis ETF (YOLO).

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