Canopy Growth Reports Q4 and FY 2026 Financial Results

SMITHS FALLS – Canopy Growth Corp. reported consolidated net revenue of $71.2 million for the quarter, up 10% from the prior year. For the full fiscal year, net revenue reached $284.6 million, a 6% increase over fiscal 2025. Cannabis net revenue, the core part of the business, climbed 20% in Q4 to $54.5 million and rose 15% for the year to $213.9 million.

Medical Cannabis sales in Canada stood out, with fourth-quarter revenue of $25.3 million, a 27% jump driven by more insured patients and expanded product options. Full-year medical revenue grew 18%. Adult-use Cannabis in Canada saw more modest gains, with Q4 revenue of $20.6 million edging up 1% on strength in vapes and infused pre-roll joints; the full year increased 20%. International Cannabis revenue surged 68% in the quarter to $8.6 million as supply issues in Europe eased, though it declined 7% for the full year.

Storz & Bickel, the company’s vaporizer business, faced headwinds, with fourth-quarter revenue down 14% to $16.8 million and full-year revenue also off 14%, reflecting softer consumer spending and comparisons to prior strong periods, partially offset by the new VEAZY product.

Gross margins came under pressure. Consolidated gross margin fell to 12% in the fourth quarter from 16% a year earlier, and 24% for the full year from 30%. The company took $10.7 million in inventory charges in the quarter tied to the MTL Cannabis acquisition and inventory review. On an adjusted basis, excluding those items, gross margins showed improvement.

The bottom line reflected continued losses but some narrowing. The net loss from continuing operations in the fourth quarter was 21% lower than the prior year, and for the full year it narrowed by 49%. Adjusted EBITDA loss improved to $6.3 million in the quarter [from a larger prior loss] and $20.2 million for the year. The company ended the year with a net cash position of $131.3 million, a significant swing from net debt the year before, helped by a January 2026 recapitalization.

In March 2026, Canopy completed its acquisition of MTL Cannabis, strengthening its position as Canada’s leading medical Cannabis company by revenue through added premium flower supply and operational capabilities.

The results included a restatement of prior periods related to accounting for certain warrants, though the company framed fiscal 2026 as a year of resetting the business with cost discipline and strategic moves. Leadership expressed confidence in reaching positive adjusted EBITDA in fiscal 2027, with momentum expected to build in H2 2026 after MTL integration.

Canopy Growth’s performance highlights the uneven recovery in the Canadian Cannabis sector. Medical channels continue to offer steadier demand, while adult-use faces competition and pricing dynamics. International expansion, particularly in Europe, remains a longer-term focus but carries execution risks around supply and regulation. The strengthened balance sheet provides breathing room, yet sustained profitability will require further margin recovery and successful integration.