Analyst Note| Kristoffer Inton |
Canopy Growth wrapped up its fiscal 2021 in March with continued top-line growth and narrower losses. During the fourth quarter, net revenue grew 38%, mostly from the Canadian recreational market and non-THC cannabis consumer products. Cannabis revenue was up 27%, an impressive feat given the challenges in the Canadian market amid pandemic restrictions. Many other Canadian producers reported much weaker top-line growth. Adjusted EBITDA losses narrowed 8% to CAD 84 million, as the company continues to manage its overhead expenses.