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Home https://server7.kproxy.com/servlet/redirect.srv/sruj/smyrwpoii/p2/ Business https://server7.kproxy.com/servlet/redirect.srv/sruj/smyrwpoii/p2/ Canopy Growth Corporation reports fourth quarter and fiscal 2019 results with annual sales of $ 226.3M

Canopy Growth Corporation reports fourth quarter and fiscal 2019 results with annual sales of $ 226.3M




<p type = "text" content = " SMITHS FALLS, ON June 20, 2019 / PRNewswire / – Canopy Growth Corporation (" Canopy Growth "or the" Company ") ( WEED.TO ) ( CGC ) today announced its financial results for the fourth quarter and fiscal year ended March 31, 2019 . The audited Consolidated Financial Statements and Management's Discussion and Analysis for the Twelve Months Ended March 31

, 2019 will be filed on SEDAR after financial markets close on Friday, June 21, 2019 and will be available at www.sedar.com This press release is reported in Canadian dollars unless otherwise indicated This press release is intended to be read in conjunction with the Company's Financial Statements and Management Discussion & Analysis, which will be available at www.canopygrowth.com & nbsp; and filed on S EDAR. " data response time = "22"> SMITHS FALLS, ON June 20, 2019 / PRNewswire / – Canopy Growth Corporation ("Canopy Growth" or the "Company") (WEED. TO) (CGC) today announced its financial results for the fourth quarter and fiscal year ended March 31, 2019 . The audited Consolidated Financial Statements and Management Discussion and Analysis for the Twelve Months Ended March 31, 2019 will be filed on SEDAR after financial markets close on Friday, June 21, 2019 and will be available at www.sedar.com. All financial information in this press release is reported in Canadian dollars, unless otherwise indicated. This press release is intended to be read in conjunction with the Company's Financial Statements and Management Discussion & Analysis, which will be available at www.canopygrowth.com and filed on SEDAR.

<p type = "text" content = "Fiscal year 2019 was a year of continued expansion across key markets, including major steps towards completion of the company's build-out in Canada Management believes that the strategy of investing early in large-scale, high quality Canadian production assets and significant value-add infrastructure has been validated during the second half of fiscal 2019 as the majority of the company's production platform became licensed and operational, with further improvements in output expected as full ramp-up of facilities is completed. quarterly, Canopy Growth expects to harvest approximately 34,000 kilograms, with further licensed capacity, ramp-up and efficiencies anticipated. its knowledge, the largest market share in the Canadian cannabis market. " data response time = "34"> Fiscal year 2019 was a year of continued expansion across key markets, including major steps towards completion of the company's build-out in Canada . Management believes that the strategy of investing early in large-scale, high quality Canadian production assets and significant value-add infrastructure has been validated during the second half of fiscal 2019 as the majority of the company's production platform became licensed and operational, with further improvements In output expected as full ramp-up of facilities is completed. In the current quarter, Canopy Growth expects to harvest approximately 34,000 kilograms, with further licensed capacity, ramp-up and efficiencies anticipated. The Company's strategy has resulted in the largest market share in the Canadian cannabis market.

<p type = "text" content = "" The fourth quarter wraps up a historic year with major steps taken in Canada to build our national platform while scaling all of our processes to bring cannabis to market. The third quarter of the year benefitted from advanced production while the fourth quarter relied more on efficient throughput and more automated platform, " Bruce Linton Chairman and Co-CEO of Canopy Growth." product formats coming to the Canadian market later in the year, we are working hard to ensure that we are ready to hit the ground running with products, formats and brands that Canadians trust. "" data response = "35"> "The fourth quarter wraps up a historic year with major steps taken in Canada to build out our national platform while scaling all of our processes to bring cannabis to market. the fourth quarter relied more on an efficient throughput and a more automated platform, "said Bruce Linton Chairman and Co-CEO of Canopy Growth. "With more product formats coming to the Canadian market later in the year, we are working hard to ensure that we are ready to hit the ground running with products, formats and brands that Canadians trust."

<p type = "text "content =" Gross recreational revenue in fiscal 2019 was $ 140.5 million and accounted for 16,250 kilograms and kilograms equivalents, or 67% or total cannabis sold in fiscal 2019. Q4 to Q3, gross recreational sales were largely similar with $ 68.9 million in gross recreational sales in Q4, down from $ 71.6 million in gross recreational sales in Q3. As increased brick and mortar stores come online in key provinces of Ontario Alberta and British Columbia the company will use its increased capacity to measure demand. Through the Company's investments in capacity and automation across many of our processes, we approximately doubled our harvest size f rom Q3 fiscal 2019 to Q4 fiscal 2019, and expect to do so again from Q4 fiscal 2019 to Q1 fiscal 2020, positioning us to ensure Canadian adult consumers have access to our trusted brand portfolio. " data response time = "47"> Gross recreational revenue in fiscal 2019 was $ 140.5 million and accounted for 16,250 kilograms and kilograms equivalents, or 67% or total cannabis sold in fiscal 2019. Q4 to Q3, gross recreational sales were largely similar to $ 68.9 million in gross recreational sales in Q4, down from $ 71.6 million in gross recreational sales in Q3. As increased brick and mortar stores come online in key provinces of Ontario Alberta and British Columbia the Company will use its increased capacity to meet demand. Through the Company's investments in capacity and automation across many of our processes, we approximately doubled our harvest size from Q3 fiscal 2019 to Q4 fiscal 2019, and expect to do so again from Q4 fiscal 2019 to Q1 fiscal 2020, positioning us to ensure Canadian adult consumers have access to our trusted brand portfolio.

<p type = "text" content = "Fiscal 2019 also welcomed our retail strategy, which included securing licenses, rights to license, or permits to operate cannabis retail stores in four provinces – including multi-year licensing agreements in Ontario to enable our partners to open additional retail stores. Cannabis retail stores in Newfoundland & amp; Labrador, Manitoba Saskatchewan and Ontario under the Tweed and Tokyo Smoke banners. " data response = "48"> Fiscal 2019 also welcomed our retail strategy, which included securing licenses, rights to license, or permits to operate cannabis retail stores in four provinces – including multi-year licensing agreements in Ontario to enable our partners to open additional retail stores. Cannabis retail stores in Newfoundland & Labrador, Manitoba Saskatchewan and Ontario under the Tweed and Tokyo Smoke banners

<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text "content =" Medical Sales Overview "data-response =" 53 "> Medical Sales Overview

<p class =" canvas-atom canvas-text Mb (1.0em) Mb (0 ) – sm Mt (0.8em) – sm "type =" text "content =" Total revenue generated from medical cannabis in fiscal 2019 was $ 78.9 million representing an increase of 6% over fiscal 2018. Medical cannabis shipments were 8.070 kilograms and kilogram equivalents in fiscal 2019 representing a decrease of 7%. " data-response time = "54"> Total revenue generated from medical cannabis in fiscal 2019 was $ 78.9 million representing an increase of 6% over fiscal 2018. Medical cannabis shipments were 8,070 kilograms and kilogram equivalents in fiscal 2019, representing a decrease of 7%

<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = " Canadian medical sales generated revenue of $ 68.8 million in fiscal 2019 as compared to $ 70.6 million in fiscal 2018. " data response time = "55"> Canadian medical sales generated revenue of $ 68.8 million in fiscal 2019 as compared to $ 70.6 million in fiscal 2018.

<p class = "canvas- atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm "type =" text "content =" The Company's Canadian online medical store saw a period of major transformation during the fiscal year, with established brands Tweed, DNA Genetics, LBS and certain CraftGrow partners, mostly transitioning to the recreational channel, along with product supply challenges which have since been remedied, led to a decline in the medical channel in the second half of fiscal 2019 , with Canadian medical revenue decreasing from $ 19.5 million in Q4 fiscal 2018 to $ 11.6 million in Q4 fiscal 2019. Following the brand of Spectrum Cannabis, Canopy Health Innovations and C 3 into a singular medically-focused division Spectrum Therapeutic s, along with increasing finished goods inventory levels, and corresponding price adjustments of select products, the company believes that Canadian medical sales under the Spectrum Therapeutics brand will be able to return to previous levels of market-leading customer registrations and sales. data-response time = "56"> The Company's Canadian online medical store saw a period of major transformation during the fiscal year, with established brands Tweed, DNA Genetics, LBS and certain CraftGrow partners largely transitioning to the recreational channel. This product transition, along with product supply challenges which have since been remedied, led to a decline in the medical channel in the second half of fiscal 2019, with Canadian medical revenue decreasing from $ 19.5 million in Q4 fiscal 2018 to $ 11.6 million in Q4 fiscal 2019. Following the brand of Spectrum Cannabis, Canopy Health Innovations and C 3 into a singular medically-focused division Spectrum Therapeutics, along with increasing finished goods inventory levels, and corresponding price adjustments of select products, the company believes that Canadian medical sales under the Spectrum Therapeutics brand will be able to return to previous levels of market-leading customer registrations and sales.

<p class = "canvas atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm "type =" text "content =" International medical sales generated revenue or $ 10.1 million in fiscal 2019, 173% growth over the p Revious fiscal year, driven by German market growth, as well as entry into the Polish and Czech markets. The Company believes that European sales have been negatively impacted by supply challenges from Canada caused by a focus on serving Canadian patients first, as well as the lengthy export process in Canada . The company believes there is significant upside potential in Europe and with its Canadian medical channel fully supplied and Danish production coming online within the calendar year, it will see significant increases in Canadian and Danish product availability in this market . The company has also started sales in new markets, including Australia . "Data-response =" 57 "> International medical sales generated revenue or $ 10.1 million in fiscal 2019, 173% growth over the previous fiscal year, driven by German market growth, as well as entry into the Polish and Czech markets The company believes that European sales have been negatively impacted by supply challenges from Canada caused by a focus on serving Canadian patients first, as well as the lengthy export process in Canada The Company believes there is significant upside potential in Europe and with its Canadian medical channel fully supplied and Danish production coming online within the calendar year, it will see significant increases in Canadian and Danish product availability in this market. The company has also started sales in new markets, including Australia .

<p class = " canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm "type =" text "content =" The company remains committed to investing in significant clinical research, as well as leading programs to educate healthcare practitioners on the potential benefits of medicinal cannabis in Canada and abroad. This company will continue to increase Spectrum Therapeutics brand visibility and is estimated to result in increased patients, both within Canada and internationally as new markets come online. "Data response =" 58 "> The Company remains committed to investing in significant clinical research, as well as leading programs to educate healthcare practitioners on the potential benefits of medicinal cannabis in Canada and abroad. both within Canada and internationally as new markets come online.

<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm "type =" text "content =" Other Strategic Revenue "data-response =" 59 "> Other Strategic Revenue

<p class =" canvas-atom canvas-text Mb ( 1.0em) Mb (0) – sm Mt (0.8em) – sm "type =" text "content =" To begin diversifying the Company 's higher margin of cannabis products and to complement intellectual property ("IP") being developed internally for the expected high growth vape category, Canopy Growth acquired medical devices company Storz & amp; Bickel in Q3. Sales of Storz & amp; Hot vaporizer devices, along with revenue from other strategic sources including extraction services, and clinic partners, resulted in $ 34 million in other revenue generated in fiscal 2019. "data response time =" 60 "> To begin diversifying the Company 's higher margin of cannabis products and to complement intellectual property ("IP") being developed internally for the expected high growth vape category, Canopy Growth acquired medical devices company Storz & Bickel in Q3 Sales of Storz & Bickel vaporizer devices, along with Revenue from other strategic sources including extraction services and clinic partners resulted in $ 34 million in other revenue generated in fiscal 2019.

As Storz & Bickel continues to become further and fully integrated within the Canopy Growth ecosystem , the Company anticipates that sales and revenue will continue to increase as we expand product availability within our internal and partnered sales channels. In addition, through this acquisition, the company gained invaluable access to Storz & Bickel's IP portfolio which has greatly benefited our innovation teams as we look forward to our own branded vape technology in fiscal 2020.

<p class = "canvas atom canvas-text Mb (1.0em) Mb (0) – sm (0.8em) – sm "type =" text "content =" Gross margin (before the IFRS fair value impacts in cost of sales) 1 Overview "data response =" 62 "> Gross margin (before the IFRS fair value impacts in sales of sales) 1 Overview

<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Gross margin (before the IFRS fair value impacts in cost of sales) ) for fiscal 2019 increased 35% to $ 51 million driven by growth in our medical channel and the launch of the Canadian recreational channel. The gross margin percentage decreased during the year from 48% to 22%, largely driven by the contin ued expansion work on several of our large-scale greenhouse facilities throughout the year, resulting in under-utilization impact in cost of sales. The impacts of under-utilization continued into Q4, resulting in a gross margin percentage of 16%, which is down from 34% in the corresponding period from the prior year, and 22% in Q3. The impact in Q4 fiscal was primarily attributed to $ 24 million or operating expenses for facilities not yet cultivating, but not yet harvesting, or facilities that had under-utilized capacity. Additionally, Q4 incurred some non-recurring costs related to an unusual weather event and other one-time activities. We expect these facilities to be fully operational in the months ahead, resulting in a return to normalized operating costs for our cultivation facilities. "Data response =" 63 "> Gross margin (before the IFRS fair value impacts in cost of sales) fiscal 2019 increased 35% to $ 51 million driven by growth in our medical channel and the launch of the Canadian recreational channel.The gross margin percentage decreased during the year from 48% to 22%, largely driven by the continued expansion work on several of our large-scale greenhouse facilities throughout the year, resulting in under-utilization impact in cost of sales, resulting in a gross margin percentage of 16%, which is down from 34% in the corresponding period from the prior year, and 22% in Q3. The impact in Q4 fiscal was primarily attributed to $ 24 million or operating expenses for facilities not yet cultivating, but not yet harve sting, or facilities that had under-utilized capacity. Additionally, Q4 incurred some non-recurring costs related to unusual weather events and other one-time activities. We expect these facilities to be fully operational in the months ahead, resulting in a return to normalized operating costs for our cultivation facilities.

As production ramp-up starts for the next generation of recreational products, there will be costs related to the ramp-up of advanced manufacturing that will impact the reported gross margin during the initial start-up phase, but management expects the impact to be less material relative to the size and scale of the revenue related to the new generation of products.

< p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Inventory production costs expensed to cost of sales in fiscal 2019 were $ 175.4 million as compared to $ 40.2 million in fiscal 2018. The impact of changes in the fair value of biological assets in fiscal 2019 was due in large part to the commencement of growing at the Company's facility in Mirabel, Quebec inc Rated utilization at our facilities in Aldergrove and Delta, British Columbia and 27 new grow rooms at the facility in Smiths Falls, Ontario . " data response time = "65"> Inventory production costs expensed to cost of sales in fiscal 2019 were $ 175.4 million as compared to $ 40.2 million in fiscal 2018. The impact of changes in the fair value of biological assets in fiscal 2019, due to large part of the commencement of growing at the company's facility in Mirabel, Quebec increased utilization at our facilities in Aldergrove and Delta , British Columbia and 27 new grow rooms at the facility in Smiths Falls, Ontario .

Operating Expense Summary Q4

Q4

FY

2018

QY

%

FY

201

Sales and Marketing Expenses

$ 53.2

$ 14.8

259%

$ 154.4

$ 38.2

304%

General and Administration Expenses

$ 65.6

] $ 16.9

288%

$ 168.5

$ 43.8

285%

Research and Development Expenses

$ 7.3

$ 0.5

1360%

$ 15.2

$ 1.5 ] 913%

Acquisition-related Expenses

$ 13.8

$ 0.9

1433%

$ 23.4

$ 3.4

588%

Share-based Compensation Expenses

$ 93.1 [19659019] $ 20.2

361%

$ 283.0

$ 49.1

476%

Depreciation and Amortization Expenses

$ 9.9

$ 2.9

241%

$ 21.5

$ 12.9

] 67%

Total

$ 242.9

$ 56.2

332%

$ 666.0

$ 148.9

347%

<p class = "canvas-atom canvas-text Mb (1.0em ) Mb (0) – sm Mt (0.8em) – sm "type =" text "content =" Canopy Growth continues to make significant investments to scale our business in Canada and globally, including investments building our corporate capabilities, developing our production infrastructure, investing in the marketing and development of new value-added consumer products for the Canadian recreational cannabis market as well as the global CBD market. Including Including Including Includes Increasingly, The Company Continues To Invest In The Development And Expansion Of Medical Cannabis Operations In Jurisdictions Outside Of Canada ] Spain Germany Denmark Lesotho South Africa and Australia . In addition, we are investing in the research and development of cannabis-based medical therapies, including in required clinical trials, in advance of potential future commercialization. We believe it is necessary to make these investments, many of them made pre-revenue, to position the company for long-term success. "Data response =" 70 "> Canopy Growth continues to make significant investments to scale our business in Canada and globally, including investments building our corporate capabilities, developing our production infrastructure, investing in the marketing and development of new value-added consumer products for the Canadian recreational cannabis market as well as the global CBD market. underway to bring these new products to the end of fiscal 2020. In addition, the company continues to invest in the development and expansion of medical cannabis operations in jurisdictions outside of Canada Colombia Spain Germany Denmark Lesotho South Africa and Australia . In addition, we are investing in the research and development of cannabis-based medical therapies, including in required clinical trials, in advance of potential future commercialization. We believe it is necessary to make these investments, many of them made pre-revenue, to position the company for long-term success.

<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0 ) – sm Mt (0.8em) – sm "type =" text "content =" Sales and marketing increased from $ 38.2 million in fiscal 2018 to $ 154.4 million in fiscal 2019, reflecting investments in brand building, consumer marketing, and promotional campaigns focused on our tweed, Tokyo Smoke, Spectrum Therapeutics, active partner brands, as well as the development of cannabis and CBD products and brands expected to be launched towards the end of fiscal 2020. In addition, staffing costs increased in marketing and sales functions, our customer care centers, cannabis retail and education programs, and our medical outreach program. " data-response time = "71"> Sales and marketing increased from $ 38.2 million in fiscal 2018 to $ 154.4 million in fiscal 2019, reflecting investments in brand-building, consumer marketing, and promotional campaigns focused on our Tweed, Tokyo Smoke, Spectrum Therapeutics, active partner brands, as well as the development of cannabis and CBD consumer products and brands expected to be launched towards the end of fiscal 2020. In addition, staffing costs increased in marketing and sales functions , our customer care center, cannabis retail and education programs, and our medical outreach program

<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – -sm "type =" text "content =" General and administrative expenses in fiscal 2019 were $ 168.5 million reflecting our ongoing investments in building commercial capacity, governance and public company compliance costs associated with TSX and NYSE listings, legal and professional looks vices in expanding operations, enhancing our information technology capabilities, scaling efforts ahead of market expansion, compliance costs associated with meeting health regulatory requirements, and employee compensation costs associated with the above. data response = "72"> General and administrative expenses in fiscal 2019 were $ 168.5 million reflecting our ongoing investments in commercial capacity, governance and public company compliance costs associated with TSX and NYSE listings, legal and professional services in expanding operations, enhancing our information technology capabilities, scaling efforts ahead of market expansion, compliance costs associated with meeting Health Canada regulatory requirements, and employee compensation costs associated with the above.

<p class = "canvas-atom canvas- text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm "type =" text "content =" Research and development expenses incurred in fiscal 2019 were $ 15.2 million . primarily attributable to our R&D team conducting research into a variety of innovation and intellectual property opportunities, as we prepare for new format introductions in fiscal 2020.
"data-response time =" 73 "> Research and develop expenses incurred in fiscal 2019 were $ 15.2 million . This is primarily attributable to our R&D team conducting research into a variety of innovation and intellectual property opportunities, as we prepare for new format introductions in fiscal 2020.

<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm "type =" text "content =" Acquisition-related expenses were $ 23.4 million in fiscal 2019, with Canopy Growth closing on several transactions in the year including the acquisition of HIKU Brands Company Ltd., ebbu, Inc., Storz & Bickel GmbH & Co. KG, and Canopy Health Innovations Inc. Acquisitions announced subsequent to fiscal 2019 – including This Works Products Limited, Canamo y Fibras Naturales , SL ("Cafina"), and the future acquisition of Acreage – incurred related expenses throughout fiscal 2019 as well. " data-response time = "74"> Acquisition-related expenses were $ 23.4 million in fiscal 2019, with Canopy Growth closing on several transactions in the year including the acquisition of HIKU Brands Company Ltd., ebbu, Inc., Storz & Bickel GmbH & amp; KG, and Canopy Health Innovations Inc. Acquisitions announced subsequent to fiscal 2019 – including This Works Products Limited, Canamo and Fibras Naturales, S.L. ("Cafina"), and the future acquisition of acreage – incurred related expenses throughout fiscal 2019 as well.

<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt ( 0.8em) – sm "type =" text "content =" Share-based compensation, a non-cash expense, was $ 182.8 million in fiscal 2019, up from $ 29.6 million in fiscal 2018 with $ 74.7 million accounted for in Q4, representing an increase from $ 11.9 million in Q4 fiscal 2018. & nbsp; The increase is primarily due to increased number of employees granted stock options as headcount increased to 3,200 employees from 1,000 year-over-year and accounting for the increase in fair value based on the 80% increase in the Company's share price that occurred over fiscal 2019. & nbsp; " data response = "75"> non-cash expense share-based compensation was $ 182.8 million in fiscal 2019, up from $ 29.6 million in fiscal 2018 with $ 74.7 million accounted for in Q4, representing an increase from $ 11.9 million in Q4 fiscal 2018. The increase is primarily due to increased number of employees granted stock options as headcount increased to 3,200 employees from 1,000 year-over -year and accounting for the increase in fair value of the tax rate 2019.

<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm "type =" text "content =" Balance Sheet Highlights "data-response =" 76 "> Balance Sheet Highlights

<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "At March 31, 2019 the Company's cash and cash $ 4.5 trillion representing an increase of $ 4.2 trillion from March 31, 2018 . The increase is principally due to the investment of approximately $5 billion dollars by Constellation Brands, Inc. ("Constellation Brands") on November 1, 2018 and the issuance of convertible senior notes with an aggregate principal amount of $600 million. This increase was partially offset by $644 million invested in the expansion of our cannabis production, distribution, and physical retail store assets, $380 million invested in the acquisition of subsidiaries, and investments made in operations including those related to strengthening corporate capabilities, developing and executing recreational cannabis brand-related campaigns, developing and preparing to launch value-added cannabis products in fiscal 2020 and conducting research and development into cannabis-based medical therapies." data-reactid="77">At March 31, 2019the Company's cash and cash equivalents available and marketable securities totaled $4.5 billionrepresenting an increase of $4.2 billion from March 31, 2018. The increase is principally due to the investment of approximately $5 billion dollars by Constellation Brands, Inc. ("Co nstellation Brands") on November 1, 2018 and the issuance of convertible senior notes with an aggregate principal amount of $600 million. This increase was partially offset by $644 million invested in the expansion of our cannabis production, distribution, and physical retail store assets, $380 million invested in the acquisition of subsidiaries, and investments made in operations including those related to strengthening corporate capabilities, developing and executing recreational cannabis brand-related campaigns, developing and preparing to launch value-added cannabis products in fiscal 2020 and conducting research and development into cannabis-based medical therapies.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Inventory at March 31, 2019 amounted to $262.1 million (March 31, 2018$101.6 million), including $38 million in finished goods and $165.5 million of work-in-progress. In addition, biological asset s amounted to $79 millionwhich together with inventory totaled $341.1 million.&nbsp;The Company has scaled production and increased automation capacity and expects to achieve a Q1 fiscal 2020 harvest of approximately 34,000 kilograms which is expected to be available for sale in all channels starting in Q2 fiscal 2020." data-reactid="78">Inventory at March 31, 2019 amounted to $262.1 million (March 31, 2018$101.6 million), including $38 million in finished goods and $165.5 million of work-in-progress. In addition, biological assets amounted to $79 millionwhich together with inventory totaled $341.1 million. The Company has scaled production and increased automation capacity and expects to achieve a Q1 fiscal 2020 harvest of approximately 34,000 kilograms which is expected to be available for sale in all channels starting in Q2 fiscal 2020.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Fourth Quarter and Fiscal Year 2019 Adjusted EBITDA summary2" data-reactid="79">Fourth Quarter and Fiscal Year 2019 Adjusted EBITDA summary2

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Adjusted EBITDA amounted to a loss of $257.0 million in fiscal 2019, as compared to a loss of $36.1 million in fiscal 2018. The year-over-year loss is largely reflective of the investments made in fiscal 2019 sales and marketing, and general and administration costs as described above." data-reactid="80">Adjusted EBITDA amounted to a loss of $257.0 million in fiscal 2019, as compared to a loss of $36.1 million in fiscal 2018. The year-over-year loss is largely reflective of the investments made in fiscal 2019 sales and marketing, and general and administration costs as described above.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Depreciation and amortization, a non-cash expense, increased $4.9 million from Q3 fiscal 2019, due to the depreciation expense recorded on assets put into operation during Q4 fiscal 2019. These assets largely related to production and warehouse equipment.&nbsp;" data-reactid="81">Depreciation and amortization, a non-cash expense, increased $4.9 million from Q3 fiscal 2019, due to the depreciation expense recorded on assets put into operation during Q4 fiscal 2019. These assets largely related to production and warehouse equipment.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Other expense, net, increased $368.3 million from Q3 2019, primarily related to non-cash fair value changes on our senior convertible notes which have been recorded through the statement of operations. These fair value changes are due to the increase in Canopy Growth's stock price from December 31, 2018 to March 31, 2019." data-reactid="82">Other expense, net, increased $368.3 million from Q3 2019, primarily related to non-cash fair value changes on our senior convertible notes which have been recorded through the statement of operations. These fair value changes are due to the increase in Canopy Growth's stock price from December 31, 2018 to March 31, 2019.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Events Subsequent to Fiscal Year 2019" data-reactid="83">Events Subsequent to Fiscal Year 2019

  • In April, Canopy Growth and Acreage announced that they entered into an agreement granting Canopy Growth the right to acquire 100% of Acreage's shares, once the production and sale of cannabis becomes federally permissible in the United States. On June 19Acreage and Canopy Growth shareholders voted to approve the agreement. Initial implementation of the transaction is subject to approval by the Supreme Court of British Columbia and satisfaction of certain other closing conditions. Canopy Growth and Acreage expect the transaction to be implemented on or about June 27, 2019. Upon approval of certain modifications to the investor rights agreement with Constellation Brands, as well as terms of existing warrants, Canopy Growth will record a material, non-cash charge during the first quarter of fiscal year 2020. We expect this non-cash charge to have a materially negative impact on net income in the first quarter of fiscal 2020. 

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="The audited Consolidated Financial Statements and Management's Discussion and Analysis for the twelve months ended March 31, 2019 will be filed on SEDAR after financial markets close on Friday, June 21, 2019and will be available at www.sedar.com. The basis of financial reporting in the Audited Condensed Consolidated Financial Statements and Management's Discussion and Analysis is in thousands of Canadian dollars, unless otherwise indicated." data-reactid="86">The audited Consolidated Financial Statements and Management's Discussion and Analysis for the twelve months ended March 31, 2019 will be filed on SEDAR after financial markets close on Friday, June 21, 2019and will be available at www.sedar.com. The basis of financial reporting in the Audited Condensed Consolidated Financial Statements and Management's Discussion and Analysis is in thousands of Canadian dollars, unless otherwise indicated.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Note 1:&nbsp;Gross margin (before the IFRS fair value impacts in cost of sales)&nbsp;is a key operational metric that does not have any standardized meaning prescribed by IFRS and may not be comparable to similar measures presented by other companies.&nbsp;This measure is calculated as net revenue less inventory production costs expensed to cost of sales and may be computed from the consolidated statements of operations presented within this news release.&nbsp;" data-reactid="87">Note 1: Gross margin (before the IFRS fair value impacts in cost of sales) is a key operational metric that does not have any standardized meaning prescribed by IFRS and may not be comparable to similar measures presented by other companies. This measure is calculated as net revenue less inventory production costs expensed to cost of sales and may be computed from the consolidated statements of operations presented within this news release.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Note 2:&nbsp;Adjusted EBITDA is a non-IFRS financial measure that does not have any standardized meaning prescribed by IFRS and may not be comparable to similar measures presented by other companies. The Adjusted EBITDA reconciliation is presented within this news release and explained in Management's Discussion &amp; Analysis under "Adjusted EBITDA (Non-IFRS Measure)", a copy of which will be filed on SEDAR after financial markets close on Friday, June 21, 2019." data-reactid="88">Note 2: Adjusted EBITDA is a non-IFRS financial measure that does not have any standardized meaning prescribed by IFRS and may not be comparable to similar measures presented by other companies. The Adjusted EBITDA reconciliation is presented within this news release and explained in Management's Discussion & Analysis under "Adjusted EBITDA (Non-IFRS Measure)", a copy of which will be filed on SEDAR after financial markets close on Friday, June 21, 2019.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Webcast Information
A live audio webcast will be available at:
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<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="About Canopy Growth Corporation
Canopy Growth (TSX:WEED, NYSE:CGC) is a world-leading diversified cannabis, hemp and cannabis device company, offering distinct brands and curated cannabis varieties in dried, oil and Softgel capsule forms, as well as medical devices through the Company's subsidiary, Storz &amp; Bickel GMbH &amp; Co. KG. From product and process innovation to market execution, Canopy Growth is driven by a passion for leadership and a commitment to building a world-class cannabis company one product, site and country at a time. The Company has operations in over a dozen countries across five continents." data-reactid="92">About Canopy Growth Corporation
Canopy Growth (TSX:WEED, NYSE:CGC) is a world-leading diversified cannabis, hemp and cannabis device company, offering distinct brands and curated cannabis varieties in dried, oil and Softgel capsule forms, as well as medical devices through the Company's subsidiary, Storz & Bickel GMbH & Co. KG. From product and process innovation to market execution, Canopy Growth is driven by a passion for leadership and a commitment to building a world-class cannabis company one product, site and country at a time. The Company has operations in over a dozen countries across five continents.

The Company's medical division, Spectrum Therapeutics is proudly dedicated to educating healthcare practitioners, conducting robust clinical research, and furthering the public's understanding of cannabis, and has devoted millions of dollars toward cutting ed ge, commercializable research and IP development. Spectrum Therapeutics sells a range of full-spectrum products using its colour-coded classification Spectrum system as well as single cannabinoid Dronabinol under the brand Bionorica Ethics.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="The Company operates retail stores across Canada under its award-winning Tweed and Tokyo Smoke banners. Tweed is a globally recognized cannabis brand which has built a large and loyal following by focusing on quality products and meaningful customer relationships." data-reactid="94">The Company operates retail stores across Canada under its award-winning Tweed and Tokyo Smoke banners. Tweed is a globally recognized cannabis brand which has built a large and loyal following by focusing on quality products and meaningful customer relationships.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="From our historic public listing on the Toronto Stock Exchange and New York Stock Exchange to our continued international expansion, pride in advancing shareholder value through leadership is engrained in all we do at Canopy Growth. Canopy Growth has established partnerships with leading sector names including cannabis icons Snoop Dogg and Seth Rogenbreeding legends DNA Genetics and Green House Seeds, and Fortune 500 alcohol leader Constellation Brands, to name but a few. Canopy Growth operates eleven licensed cannabis production sites with over 4.7 million square feet of production capacity, including over one million square feet of GMP certified production space. For more information visit www.can opygrowth.com." data-reactid="95">From our historic public listing on the Toronto Stock Exchange and New York Stock Exchange to our continued international expansion, pride in advancing shareholder value through leadership is engrained in all we do at Canopy Growth. Canopy Growth has established partnerships with leading sector names including cannabis icons Snoop Dogg and Seth Rogenbreeding legends DNA Genetics and Green House Seeds, and Fortune 500 alcohol leader Constellation Brands, to name but a few. Canopy Growth operates eleven licensed cannabis production sites with over 4.7 million square feet of production capacity, including over one million square feet of GMP certified production space. For more information visit www.canopygrowth.com.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Notice Regarding Forward Looking Statements
This news release contains "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and "forward-looking information" within the meaning of applicable Canadian securities legislation. Often, but not always, forward-looking statements and information can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "estimates", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements or information involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Canopy Growth or its subsidiaries to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements or information contained in this news release. Examples of such statements include statements with respect to the Company's expectations with respect to the Q1 fiscal 2020 harvest, the Company's expectation for additional finished inventory available for sale in Q2 fiscal 2020, bringing CBD products to market by the end of fiscal 2020, the accelerated market expansion for Acreage, the anticipated benefits of the rebranding of Spectrum Therapeutics on the Company's market share, the potential opportunity for cannabis products in Europe and the anticipated Increase in Canadian and Danish product availability, the anticipated increased sales from Storz &amp; Bickel, the expectation that facilities will be fully operational in the months ahead, the launch of new CBD consumer products and brands in fiscal 2020, the timing for implementation of the transaction with Acreage. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information, including changes in laws, regulations and guidelines; compliance with laws; international laws; operational, regulatory and other risks; execution of business strategy; management of growth; difficulty to forecast; reliance on licences; risks inherent in an agricultural business; contracts with provincial and territorial governments; constraints on marketing products; risks inherent in acquisitions and investments; expansion into foreign jurisdictions; governmental regulations; cannabis is a controlled substance in the United States; Farm Bill risks; assumptions as to the ability of the parties to receive, in a timely manner and on satisfactory terms, the necessary regulatory and court approvals for the transaction with Acreage; and such risks contained in the Company's management information circular of the Company dated May 17, 2019 and in the annual information form dated June 27, 2018 and filed with Canadian securities regulators and available on the Company's issuer profile on SEDAR at www.sedar.com. Readers are cautioned that the foregoing list of factors is not exhaustive. Although the Company believes that the assumptions and factors used in preparing the forward-looking information or forward-looking statements in this news release are reasonable, undue reliance should not be placed on such information and no assurance can be given that such events will occur in the disclosed time frames or at all. The forward-looking information and forward-looking statements included in this news release are made as of the date of this news release and the Company does not undertake an obligation to publicly update such forward-looking information or forward-looking information to reflect new information, subsequent events or otherwise unless required by applicable securities laws." data-reactid="96">Notice Regarding Forward Looking Statements
This news release contains "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and "forward-looking information" within the meaning of applicable Canadian securities legislation. Often, but not always, forward-looking statements and information can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "estimates", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state t hat certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements or information involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Canopy Growth or its subsidiaries to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements or information contained in this news release. Examples of such statements include statements with respect to the Company's expectations with respect to the Q1 fiscal 2020 harvest, the Company's expectation for additional finished inventory available for sale in Q2 fiscal 2020, bringing CBD products to market by the end of fiscal 2020, the accelerated market expansion for Acreage, the anticipated benefits of the rebranding of Spectrum Therapeutics on the Company's market share, the potential opportunity for cannabis products in Europe and the anticipated Increase in Canadian and Danish product availability, the anticipated increased sales from Storz & Bickel, the expectation that facilities will be fully operational in the months ahead, the launch of new CBD consumer products and brands in fiscal 2020, the timing for implementation of the transaction with Acreage. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information, including changes in laws, regulations and guidelines; compliance with laws; international laws; operational, regulatory and other risks; execution of business strategy; management of growth; difficulty to forecast; reliance on licences; risks inherent in an agricultural business; contracts with provincial and territorial governments; constraints on marketing products; risks inherent in acquisitions and investments; expansion into foreign jurisdictions; governmental regulations; cannabis is a controlled substance in the United States; Farm Bill risks; assumptions as to the ability of the parties to receive, in a timely manner and on satisfactory terms, the necessary regulatory and court approvals for the transaction with Acreage; and such risks contained in the Company's management information circular of the Company dated May 17, 2019 and in the annual information form dated June 27, 2018 and filed with Canadian securities regulators and available on the Company's issuer profile on SEDAR at www.sedar.com. Readers are cautioned that the foregoing list of factors is not exhaustive. Although the Company believes that the assumptions and factors used in preparing the forward-looking information or forward-looking statements in this news release are reasonable, undue reliance should not be placed on such information and no assurance can be given that such events will occur in the disclosed time frames or at all. The forward-looking information and forward-looking statements included in this news release are made as of the date of this news release and the Company does not undertake an obligation to publicly update such forward-looking information or forward-looking information to reflect new information, subsequent events or otherwise unless required by applicable securities laws.

CANOPY GROWTH CORPORATION

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

 

(Expressed in CDN $000's)

March 31,

2019

March 31,

2018

Assets

Current assets

Cash and cash equivalents

$

2,480,830

$

322,560

Marketable securities

2,034,133

Amounts receivable

106,974

21,425

Biological assets

78,975

16,348

Inventory

262,105

101,607

Prepaid expenses and other current assets

107,123

19,837

5,070,140

481,777

Investments in equity method investees

112,385

63,106

Other financial assets

363,427

163,463

Property, plant and equipment

1,096,340

303,682

Intangible assets

519,556

101,526[19659119]Goodwill

1,544,055

314,923

Other long-term assets

25,902

8,340

$

8,731,805

$

1,436,817

Liabilities

Current liabilities

Accounts payable and accrued liabilities

$

226,533

$

89,571

Current portion of long-term debt

103,716

1,557

Other current liabilities

81,414

900

411,663

92,028

Long-term debt

842,259

6,865

Deferred tax liability

96,031

33,536

Other long-term liabilities

140,404

61,150

1,490,357

193,579

Shareholders' equity

Share capital

6,026,618

1,076,838

Other reserves

1,673,472

127,418

Accumulated other comprehensive income

28,630

46,166

Deficit[19659088](777,087)

(91,649)

Equity attributable to Canopy Growth Corporation

6,951,633

1,158,773

Non-controlling interests

289,815

84,465

Total equity

7,241,448

1,243,238

$

8,731,805

$

1,436,817

 

CANOPY GROWTH CORPORATION

CONSOLIDATED STATEMENTS OF OPERATIONS

FOR THE THREE AND TWELVE MONTHS ENDED MARCH 31, 2019 AND 2018

Three months ended

Twelve months ended

 

(Expressed in CDN $000's except share amounts)

March 31,

2019

March 31,

2018

March 31,

2019

March 31,

2018

Revenue

$

106,485

$

22,806

$

253,431

$

77,948

Excise taxes

12,435

27,090

Net revenue

94,050

22,806

226,341

77,948

Inventory production costs expensed to cost of sales

79,076

15,140

175,425

40,213

Gross margin before the undernoted

14,974

7,666

50,916

37,735

Fair value changes in biological assets included in inventory sold and other inventory charges

23,547

20,025

129,536

67,861

Unrealized gain on changes in fair value of biological assets

(77,050)

(17,500)

(167,550)

(96,721)

Gross margin

68,477

5,141

88,930

66,595

Sales and marketing

53,184

14,751

154,392

38,203

Research and development

7,274

539

15,238

1,453

General and administration

65,657

16,883

168,434

43,819

Acquisition-related costs

13,788

915

23,394

3,406

Share-based compensation expense

74,678

11,923

182,837

29,631

Share-based compensation expense related to acquisition milestones

18,490

8,247

100,164

19,475

Depreciation and amortization

9,870

2,915

21,510

12,889

Operating expenses

242,941

56,173

665,969

148,876

Loss from operations

(174,464)

(51,032)

(577,039)

(82,281)

Share of loss on equity investments

(1,731)

(1,303)

(10,752)

(1,473)

Other (expense) income, net

(133,451)

(10,068)

(69,985)

31,213

Total other (expense) income, net

(135,182)

(11,371)

(80,737)

29,740

Loss before income taxes

(309,646)

(62,403)

(657,776)

(52,541)

Income tax (expense) recovery

(13,716)

8,042

(12,318)

(1,593)

Net loss

$

(323,362)

$

(54,361)

$

(670,094)

$

(54,134)

Net (loss) income attributable to:

Canopy Growth Corporation

$

(335,607)

$

(61,544)

$

(685,438)

$

(70,353)

Non-controlling interests

12,245

7,183

15,344

16,219

$

(323,362)

$

(54,361)

$

(670,094)

$

(54,134)

Net loss per share, basic and diluted

Net loss per share:

$

(0.98)

$

(0.31)[19659211]$

(2.57)

$

(0.40)

Weighted average number of outstanding common shares:

343,877,591

196,571,715

266,997,406

177,301,767

 

CANOPY GROWTH CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE THREE AND TWELVE MONTHS ENDED MARCH 31, 2019 AND 2018

Three months ended

Twelve months ended

 

(Expressed in CDN $000's)

March 31,

2019

March 31,

2018

March 31,

2019

March 31,

2018

Net inflow (outflow) of cash related to the following activities:

Operating

Net income (loss)

$

(323,362)

$

(54,361)

$

(670,094)

$

(54,134)

Adjustments for:

Depreciation of property, plant and equipment

14,359

2,365

30 ,062

8,725

Amortization of intangible assets

8,987

2,586

16,856

11,761

Share of loss on equity investments

1,731

1,303

10,752

1,473

Fair value changes in biological assets included in inventory sold and other charges

23,547

20,025

129,536

67,861

Unrealized gain on changes in fair value of biological assets

(77,050)

(17,500)

(167,550)

(96,721)

Share-based compensation

93,096

20,928

287,782

51,177

Other assets

(2,451)

79

(19,359)

(1,853)

Other liabilities

54,345

54,345

Other income and expense

120,262

2,925

75,786

(37,494)

Income tax (recovery) expense

13,716

(8,042)

12,318

1, 593

Non-cash foreign currency

(20,170)

(201)

(18,776)

(201)

Changes in non-cash operating working capital items

(132,621)

(7,018)

(262,168)

(33,693)

Net cash used in operating activities

(225,611)

(36,911)

(520,510)

(81,506)

Investing

Purchases and deposits of property, plant and equipment

(149,220)

(89,930)

(644,456)

(176,037)

Purchases of intangible assets

1,850

(1,099)

(38,290)

(2,132)

Proceeds on disposals of property and equipment

75

Purchases of marketable securities

(1,227,565)

(2,029,812)

(118)

Proceeds on assets classified as held for sale

7,000

Investments in equity method investees[19659416](9,695)

(36,896)

(26,179)

Investments in other financial assets

(17,266)

(2,062)

(91,337)

(22,439)

Net cash outflow on acquisition of NCI

(4,716)

(6,712)

Net cash outflow on acquisition of subsidiaries

(36,010)

(153)

(380,482)

(3,753)

Net cash used in investing activities

(1,442,622)

(93,244)

(3,227,985)

(223,583)

Financing

Payment of share issue costs

(3,029)

(8,663)

(21,646)

(10,008)

Proceeds from issuance of common shares and warrants

200,680

5,072,500

470,670

Proceeds from issuance of shares by Canopy Rivers

63,758

19,763

154,976

54,876

Proceeds from exercise of stock options

19,429[19659101]3,509

48,159

11,053

Proceeds from exercise of warrants

106

89

18,790

770

Issuance of long-term debt

600,000

Payment of long-term debt issue costs

(16,380)

Payment of interest on long-term debt

(11,793)

(14,521)

Repayment of long-term debt

(1,181)

(371)

(4,680)

(1,512)

Net cash provided by financing activities

67,290

215,007

5,837,198

525,849

Effect of exchange rate changes on cash and cash equivalents

(34,097)

69,567

Net cash inflow

(1,635,040)

84,852

2,158,270

220,760

Cash and cash equivalents, beginning of period

4,115,870

237,708[19659560]322,560

101,800

Cash and cash equivalents, end of period

$

2,480,830

$

322,560

$

2,480,830

$

322,560

 

Adjusted EBITDA1 Non-IFRS Measure

Three months ended

Year ended

(In CDN$000's)

March 31,
2019

March 31,
2018

March 31,
2019

March 31,
2018

(Restated)

(Restated)

Adjusted EBITDA1 Reconciliation

Loss from operations – as reported

$

(174,464)

$

(51,032)

$

(577,039)

$

(82,281)

IFRS fair value accounting related to biological assets and inventory

Fair value changes in biological assets included in inventory sold and other charges

23,547

20,025

129,536

67,861

Unrealized gain on changes in fair value of biological assets

(77,050)

(17,500)

(167,550)

(96,721)

(53,503)

2,525

(38,014)

(28,860)

Share-based compensation expense (per statement of cash flows)

93,096

20,928

287,782

51,177

Acquisition-related costs

13,788

915

23,394

3,406

Depreciation and amortization (per statement of cash flows)

23,346

4,951

46,918

20,486

130,230

26,794

358,094[1 9659634]75,069

Adjusted EBITDA

$

(97,737)

$

(21,713)

$

(256,959)

$

(36,072)

1Adjusted EBITDA is earnings before interest, tax, depreciation and amortization, share-based compensation expense, fair value changes and other non-cash items, and further adjusted to remove acquisition-related costs.

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