Canopy Growth (TSX:WEED; NYSE:CGC) reported net revenue of $226.3-million for the fiscal year ended March 31, 2019, an increase of 191%, compared with $77.9-million a year earlier.
The company generated $140.5-million of gross revenue from its new Canadian recreational channel and $78.9-million in global medical sales in fiscal 2019. It shipped 16,300 kilograms of dry flower and 8,000 kilogram equivalents of oil and soft gels.
Canopy expects to harvest about 34,000 kilograms of Canadian cannabis in the current first quarter of fiscal 2020, with further licensed capacity still to come; additional capacity is expected to increase finished inventory available for sale beginning in the second quarter this year.
In a statement, the company said management believes its 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 its production platform became licensed and operational. Further improvements in output are expected as full ramp-up of facilities are completed.
“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,” said Bruce Linton, chairman and co-CEO of Canopy.
He said the third quarter of the year benefitted from months of advanced production while the fourth quarter relied more on efficient throughput and a more automated platform.
“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,” he added.
