Analyst Note
| Kristoffer Inton |Canopy Growth’s fiscal year 2022 didn’t end well, with a challenging recreational market leading a marked decline in both the top and bottom lines. Fourth-quarter revenue of CAD 112 million was down 25% over the prior year quarter while adjusted EBITDA losses grew 30%. For the full year, the company reported adjusted EBITDA losses of CAD 415 million on CAD 520 million revenue, representing wider losses on declining revenue. Even considering seasonality, the margin losses are troubling.