Canopy Growth Corporation (TSX: WEED) released its consolidated financial results for the second quarter, which ended September 30th, 2017.
As soon as the third quarter started, Canopy Growth made some big moves and acquisitions, including selling nearly 10% of its shares to Constellation Brands.
Canopy Growth entered into a strategic relationship with the Fortune 500 beverage company in order to work on product development for the emerging market.
“As provinces continue to roll out distribution and retail strategies we are starting to gain a clearer understanding of our operational needs leading into next year,” said Mark Zekulin, the President of Canopy Growth.
Second Quarter 2017 Highlights
Here are some of the most important stats we pulled from the official file on results in the 2nd quarter:
- Second quarter revenue was $17.6 million CAD, a 107% increase over the second quarter ended September 30
- Sold 2,020 kilograms and kilogram equivalents; a 73% increase over second quarter fiscal 2017
- Year-to-date, Canopy Growth has sold 3,850 kilograms of cannabis at an average price of $7.98 CAD per gram
- On September 8 they announced the construction of a new 212,000 sq. ft. greenhouse and the purchase of a nearby 450,000 sq. ft. greenhouse in Ontario
Results subsequent to Q2
On October 11, Canopy Growth announced that it had entered into a definitive joint venture agreement with a greenhouse operator to develop 1.3 million sq. ft. of greenhouse growing capacity in British Columbia.
This agreement also holds an option for an additional 1.7 million sq. ft. greenhouse also in British Columbia, totaling to ~3 million square feet.
On October 25, Canopy Growth announced that it launched a strategic partnership in the Jamaican cannabis market as part of its ongoing international expansion.
Canopy Growth stock (TSX: WEED) soaring faster than ever
The stock market has seen an incredible rise in this company’s share value over the last 12 months, and in the last 2 months in particular.
We’ve seen the value of their shares go from $8.93 CAD on September 1st to $20.38 CAD on November 13th, almost doubling in just over 2 months.
Last year at the end of the 2nd quarter, their stock was valued at only $4.04 CAD, which means that in under 15 months, their value went up by over 400%, and more.
Aside from their deal with Constellation Brands, they made a couple power moves in the past couple months, including announcing a collaboration with Delta 9 Technologies in Manitoba, acquiring a greenhouse for growing cannabis in BC, and more.
Most importantly, Canopy Growth secured its place as one of the two licensed producers that will be supplying the market in New Brunswick. The other supplier for NB will be Organigram.
Canada most definitely won’t be the only country benefiting from Canopy Growth’s supply, as On September 21, Canopy Growth established a binding strategic partnership in the Danish market.
Lastly, they struck a strategic partnership with Jamaican Grow House JA Limited, in order to supply their medical market.
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