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Canopy Growth
Canopy Growth (WEED) investor relations material
Canopy Growth Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary6 Feb, 2026
Executive summary
Q3 FY2026 saw flat consolidated revenue, significant progress in Canadian cannabis, and a narrowed net loss of $62.6M, a 49% improvement year-over-year, with a strong cash position of $371M and net cash of $146M as of December 31, 2025.
Adjusted EBITDA loss improved to $2.9M in Q3 FY2026 from $3.5M in Q3 FY2025, reflecting cost savings and operational improvements.
Completed a $150M recapitalization in January 2026, extending all debt maturities to 2031 and enhancing liquidity.
Announced the proposed acquisition of MTL Cannabis, expected to be accretive and strengthen leadership in Canadian medical and Quebec adult-use markets, with closing anticipated in the current quarter.
Financial highlights
Q3 FY2026 consolidated net revenue was $75M, flat year-over-year; cannabis net revenue rose 4% to $52M, led by 15% growth in Canada medical cannabis to $23M and 8% growth in Canadian adult-use to $23M.
International cannabis net revenue fell 31% year-over-year but rose 22% sequentially, reflecting stabilization and improved supply chain execution.
Storz & Bickel net revenue was $23M, up 45% sequentially but down 9% year-over-year, with strong Black Friday sales and the launch of the VEAZY device.
Gross margin for Q3 was 29% (down from 32% year-over-year); cannabis segment margin at 25%, Storz & Bickel at 37%.
Free cash outflow improved to $19M in Q3 FY2026 from $28M year-over-year.
Outlook and guidance
Management targets positive Adjusted EBITDA in fiscal 2027, supported by cost savings, revenue growth, and the MTL Cannabis acquisition.
Expecting continued strength in Canadian adult-use and medical cannabis, with innovation and expanded distribution as key drivers.
Anticipating sequential improvements in international cannabis, especially in Europe, and improved cannabis gross margins in Q4 and fiscal 2027.
Storz & Bickel expected to face sequential top-line challenges in Q4 due to seasonality.
The company is monitoring the impact of proposed changes to Canadian medical cannabis reimbursement rates, which could affect future revenues and margins.
Elaborate on sales mix impact on gross margin
Detail European supply chain retooling efforts
Path to positive Adjusted EBITDA in FY2027
Quantify MTL's impact on European market share
Beyond MTL, what are key capital allocation priorities?
How will veteran changes affect medical segment EBITDA?
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Next Canopy Growth earnings date
Q4 202629 May, 2026
Canopy Growth
Next Canopy Growth earnings date
Q4 202629 May, 2026
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Frequently asked questions
Canopy Growth Corporation, together with its subsidiaries, engages in the production, distribution, and sale of cannabis and hemp-based products for recreational and medical purposes primarily in Canada, the United States, and Germany. It offers dry cannabis and oil products primarily under the Tweed and Tokyo Smoke brands. The company also sells its products online. Canopy Growth Corporation is headquartered in Smiths Falls, Canada.
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