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Operationally, Canopy Growth continued to make good progress towards profitability in the third quarter of fiscal 2021. Net revenue grew 23% over the prior year quarter to nearly CAD 153 million, with adjusted EBITDA losses narrowing 29% to CAD 68 million. The company remains in the middle of a major reorganization, as shown by a CAD 400 million impairment charge it recognized during the quarter.
Canopy Growth, headquartered in Smiths Falls, Canada, cultivates and sells medicinal and recreational cannabis, and hemp, through a portfolio of brands that include Tweed, Spectrum Therapeutics, and CraftGrow. Although it primarily operates in Canada, Canopy has distribution and production licenses in more than a dozen countries to drive expansion in global medical cannabis and also holds an option to acquire Acreage Holdings upon U.S. federal cannabis legalization.
