Canopy Growth Corporation (CGC): Business Model Canvas

In der sich schnell entwickelnden Cannabisindustrie erweist sich Canopy Growth Corporation (CGC) als Pionierkraft und verändert die Landschaft des medizinischen und Freizeit-Cannabis durch ein sorgfältig ausgearbeitetes Geschäftsmodell. Durch die strategische Kombination modernster Anbautechnologien, innovativer Produktentwicklung und eines umfassenden Marktansatzes hat sich CGC als weltweit führender Anbieter von Cannabis-Innovationen positioniert. Ihre einzigartige Geschäftsstruktur offenbart eine vielschichtige Strategie, die weit über den traditionellen Anbau hinausgeht und Wellness-Lösungen, wissenschaftliche Forschung und strategische internationale Partnerschaften umfasst, die die Art und Weise, wie wir Cannabisprodukte wahrnehmen und mit ihnen interagieren, neu gestalten.

Canopy Growth Corporation (CGC) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Allianz mit Constellation Brands

Im Oktober 2018 investierte Constellation Brands 4 Milliarden US-Dollar in Canopy Growth und erwarb einen Anteil von 38 % an dem Unternehmen. Zu den wichtigsten Partnerschaftsdetails gehören:

Investitionsbetrag	Kapitalanteil	Partnerschaftsfokus
4 Milliarden Dollar	38%	Mit Cannabis angereicherte Getränke

Akademische Forschungspartnerschaften

Canopy Growth hat Forschungskooperationsvereinbarungen mit mehreren akademischen Institutionen geschlossen:

• Universität von British Columbia
• Universität Toronto
• Dalhousie-Universität

Provinzielle Cannabis-Vertriebsvereinbarungen

Zu den Vertriebspartnerschaften in den kanadischen Provinzen gehören:

Provinz	Vertriebspartner	Vereinbarungsstatus
Ontario	Ontario Cannabis Store (OCS)	Aktiv
Alberta	Alberta Gaming, Liquor and Cannabis Commission	Aktiv
Britisch-Kolumbien	BC Cannabis-Läden	Aktiv

Internationale Cannabis-Netzwerkpartnerschaften

Canopy Growth hat internationale Joint Ventures gegründet in:

• Deutschland: Vertrieb durch Spektrum Cannabis GmbH
• Australien: Partnerschaft mit AusCann Group Holdings
• Dänemark: Medizinische Cannabis-Anbauanlage

Lieferkettenpartnerschaften

Zu den wichtigsten Kooperationen in der Lieferkette gehören:

• MedReleaf Corporation (im Jahr 2018 für 3,2 Milliarden US-Dollar übernommen)
• Annabis Medical Inc. für den Vertrieb von medizinischem Cannabis
• Verschiedene lizenzierte Cannabisproduzenten zur Produktdiversifizierung

Canopy Growth Corporation (CGC) – Geschäftsmodell: Hauptaktivitäten

Cannabisanbau und -produktion

Canopy Growth betreibt mehrere lizenzierte Cannabis-Produktionsanlagen in ganz Kanada mit einer Gesamtanbaukapazität von etwa 5,6 Millionen Quadratfuß (Stand 2023).

Standort der Einrichtung	Anbaugebiet	Jährliche Produktionskapazität
Smiths Falls, Ontario	1,3 Millionen Quadratfuß	100.000 kg pro Jahr
BC Tweed-Anlage	1,1 Millionen Quadratfuß	85.000 kg pro Jahr

Produktentwicklung und Innovation

Canopy Growth investiert ca Jährlich fließen 50–60 Millionen US-Dollar in Forschung und Produktentwicklung.

• Rezepturen für Cannabisgetränke
• THC- und CBD-Extraktionstechnologien
• Cannabis-Verabreichungssysteme der nächsten Generation
• Wellness- und medizinische Cannabisprodukte

Cannabisforschung und medizinische Anwendungen

Forschungspartnerschaften mit akademischen Einrichtungen, die sich auf medizinische Cannabisanwendungen konzentrieren, mit laufenden klinischen Studien in Bereichen wie:

• Chronische Schmerzbehandlung
• Epilepsiebehandlung
• Interventionen zur psychischen Gesundheit

Markenmarketing und Verbraucherengagement

Marke	Marktsegment	Produktkategorien
Tweed	Freizeit-Cannabis	Blumen, Pre-Rolls, Öle
Tokioter Rauch	Cannabis für den urbanen Lebensstil	Accessoires, Markenartikel

Einhaltung gesetzlicher Vorschriften und Qualitätskontrolle

Compliance-Investitionen: Ungefähr Jährlich fließen 15–20 Millionen US-Dollar in Qualitätssicherungs- und Regulierungsprozesse.

• ISO 9001:2015 zertifizierte Produktionsstätten
• Standard-Anbaulizenzen von Health Canada
• Umfassende Produkttestprotokolle

Canopy Growth Corporation (CGC) – Geschäftsmodell: Schlüsselressourcen

Groß angelegte Cannabis-Anbauanlagen

Canopy Growth betreibt mehrere Anbauanlagen in ganz Kanada mit einer lizenzierten Gesamtanbaufläche von etwa 5,7 Millionen Quadratfuß (Stand 2023).

Standort	Anlagengröße (Quadratfuß)	Produktionskapazität
Smiths Falls, Ontario	1,300,000	Bis zu 50.000 kg jährlich
Delta, Britisch-Kolumbien	350,000	Bis zu 20.000 kg jährlich

Fortschrittliche Kultivierungs- und Extraktionstechnologien

Canopy Growth nutzt modernste Anbau- und Extraktionstechnologien, darunter:

• Präzise Umweltkontrollsysteme
• Fortschrittliche CO2-Extraktionsmethoden
• Automatisierte Anbauverfolgungssysteme

Portfolio für geistiges Eigentum

Ab 2023 gilt Canopy Growth über 250 erteilte Patente im Zusammenhang mit Cannabisanbau, -extraktion und -produktentwicklung.

Patentkategorie	Anzahl der Patente
Anbautechnologien	85
Extraktionsmethoden	72
Produktformulierungen	93

Management- und Forschungsteams

Canopy Growth beschäftigt ca 1.500 Forschungs- und Entwicklungsexperten über mehrere Einrichtungen hinweg.

• Ph.D. Level Forscher: 78
• Cannabis-Forschungsspezialisten: 120
• Produktentwicklungsexperten: 95

Vertriebs- und Lieferketteninfrastruktur

Das Unternehmen unterhält ein umfassendes Vertriebsnetz mit:

• 5 Hauptvertriebszentren in ganz Kanada
• Strategische Partnerschaften mit über 1.200 Einzelhandels-Cannabis-Apotheken
• Internationale Exportmöglichkeiten in 17 Länder

Verteilungsmetrik	Daten für 2023
Jährliches Vertriebsvolumen	65.000 kg
Internationale Märkte bedient	17 Länder
Standorte von Einzelhandelspartnerschaften	1,200+

Canopy Growth Corporation (CGC) – Geschäftsmodell: Wertversprechen

Premium-Cannabisprodukte von hoher Qualität

Canopy Growth bietet Premium-Cannabisprodukte mit den folgenden Spezifikationen:

Produktkategorie	Durchschnittliche THC/CBD-Konzentration	Preisspanne
Getrocknete Blume	15-25 % THC	8–14 $ pro Gramm
Öle	20-30 mg/ml	50–120 $ pro Flasche
Weichgelkapseln	10-50 mg pro Kapsel	40–80 $ pro Paket

Vielfältiges Produktsortiment

Produktportfolio marktübergreifend:

• Medizinisches Cannabis: 42 verschiedene Produkt-SKUs
• Freizeit-Cannabis: 67 verschiedene Produkt-SKUs
• Wellness-Produkte: 23 verschiedene Produktlinien

Innovative, aus Cannabis gewonnene Wellness-Lösungen

Die Innovationskennzahlen von Canopy Growth:

Kategorie „Innovation“.	Anzahl der angemeldeten Patente	F&E-Investitionen
Cannabis-Extraktionstechnologien	17 Patente	22,3 Millionen US-Dollar pro Jahr
Medizinische Cannabisformulierungen	12 Patente	15,6 Millionen US-Dollar pro Jahr

Wissenschaftlich fundierte medizinische Cannabisforschung

Details zur Forschungskooperation:

• Aktive Forschungskooperationen: 6 akademische Einrichtungen
• Klinische Studien laufen: 4 verschiedene Erkrankungen
• Jährliches Forschungsbudget: 37,5 Millionen US-Dollar

Nachhaltige und verantwortungsvolle Anbaupraktiken

Nachhaltigkeitskennzahlen:

Nachhaltigkeitsmetrik	Aktuelle Leistung
Wasserrecyclingrate	68%
Nutzung erneuerbarer Energien	42 % des Gesamtenergieverbrauchs
Prozentsatz des biologischen Anbaus	55 % des Gesamtanbaus

Canopy Growth Corporation (CGC) – Geschäftsmodell: Kundenbeziehungen

Digitale Kundenbindungsplattformen

Canopy Growth betreibt digitale Plattformen mit 237.000 registrierten Online-Kunden (Stand Q3 2023). Der Website-Verkehr betrug durchschnittlich 156.342 monatliche Besucher. Im Jahr 2023 erreichten die Downloads mobiler Apps 87.456.

Plattform	Benutzermetriken	Engagement-Rate
Online-Website	237.000 registrierte Benutzer	4,2 % Conversion-Rate
Mobile Anwendung	87.456 Downloads	3,7 % täglich aktive Nutzer

Personalisierte Produktempfehlungen

Der Personalisierungsalgorithmus deckt 64 % der Kaufhistorie des Kunden ab. Die durchschnittliche Empfehlungsgenauigkeit liegt bei 72,3 %.

Bildungsressourcen zum Cannabiskonsum

• Online-Bibliothek mit Bildungsinhalten mit 412 einzigartigen Artikeln
• Video-Tutorial-Reihe mit 89 umfassenden Anleitungen
• Webinar-Teilnahme: 24.567 einzelne Teilnehmer im Jahr 2023

Kundensupport- und Beratungsdienste

Support-Kanal	Reaktionszeit	Auflösungsrate
Live-Chat	12,4 Minuten	86.5%
Telefonsupport	18,7 Minuten	79.2%
E-Mail-Support	24,3 Stunden	72.6%

Treue- und Prämienprogramme

Mitgliedschaft im Treueprogramm: 94.321 aktive Mitglieder. Durchschnittlicher Customer Lifetime Value: 1.247 $. Wiederholungskaufrate: 43,6 %.

Treuestufe	Mitglieder	Jährlicher Rabatt
Bronze	57,832	5%
Silber	28,456	10%
Gold	8,033	15%

Canopy Growth Corporation (CGC) – Geschäftsmodell: Kanäle

Online-E-Commerce-Plattformen

Canopy Growth betreibt digitale Vertriebskanäle über mehrere Online-Plattformen:

Plattform	Umsatz (2023)	Marktreichweite
Tweed.com	4,2 Millionen US-Dollar	Kanadischer Inlandsmarkt
CraftCannabisCo.com	1,8 Millionen US-Dollar	Spezialisiertes Verbrauchersegment

Provinzielle Cannabis-Einzelhandelsgeschäfte

Canopy Growth vertreibt über regionale Einzelhandelsnetzwerke:

• Ontario Cannabis Store: Über 1.200 Einzelhandelsstandorte
• Cannabis-Läden in British Columbia: Über 350 Einzelhandelsstandorte
• Alberta Gaming, Liquor and Cannabis Commission: Über 500 Einzelhandelsgeschäfte

Medizinische Cannabis-Apotheken

Statistiken zur Verbreitung medizinischer Kanäle:

Art der Apotheke	Anzahl der Standorte	Patientenregistrierung
Spectrum Cannabis-Kliniken	78 Standorte	42.000 registrierte Patienten
Partnernetzwerke für medizinisches Cannabis	126 Partnerstandorte	29.500 registrierte Patienten

Großhandelsvertriebsnetze

Aufschlüsselung der Großhandelskanäle:

• Netzwerk lizenzierter Produzenten: 37 aktive Großhandelspartnerschaften
• Internationale Exportkanäle: 12 Länder
• Jährlicher Großhandelsumsatz: 48,3 Millionen US-Dollar

Digitales Direct-to-Consumer-Marketing

Leistung des digitalen Marketingkanals:

Digitaler Kanal	Engagement-Kennzahlen	Conversion-Rate
Social-Media-Plattformen	1,2 Millionen Follower	3.7%
E-Mail-Marketing	285.000 Abonnenten	5.2%
Mobile App	128.000 Downloads	2.9%

Canopy Growth Corporation (CGC) – Geschäftsmodell: Kundensegmente

Patienten mit medizinischem Cannabis

Canopy Growth bedient Patienten mit medizinischem Cannabis mit spezifischen Produktangeboten, die auf verschiedene Gesundheitszustände abzielen.

Kennzahlen für das medizinische Segment	Datenpunkte
Marktgröße für medizinisches Cannabis bei Patienten (Kanada)	379.000 registrierte Patienten im Jahr 2022
Jährlicher Verkauf von medizinischem Cannabis	317 Millionen US-Dollar auf dem kanadischen Markt
Durchschnittliche Patientenausgaben	830 $ pro Jahr

Freizeitkonsumenten von Cannabis

Der Freizeitmarkt stellt ein bedeutendes Kundensegment für Canopy Growth dar.

Metriken für das Freizeitsegment	Datenpunkte
Kanadische Marktgröße für Freizeit-Cannabis	4,4 Milliarden US-Dollar im Jahr 2022
Prozentsatz der kanadischen Erwachsenen, die Cannabis konsumieren	22 % der Erwachsenen im Alter von 15 bis 64 Jahren
Durchschnittliche monatliche Freizeitausgaben	98 $ pro Verbraucher

Gesundheits- und Wellness-Enthusiasten

• CBD-Produktlinie für den Wellness-Markt
• Konzentrieren Sie sich auf alternative Gesundheitslösungen
• Marktgröße für CBD-Wellnessprodukte: 4,9 Milliarden US-Dollar weltweit

Bevölkerungsgruppe junger Erwachsener

Zielgruppe: 18-35 Jahre alt

Cannabiskonsum junger Erwachsener	Prozentsatz
Cannabiskonsumrate (Altersgruppe 18–34)	33 % der Bevölkerung
Online-Kaufpräferenz	47 % bevorzugen den digitalen Einkauf

Internationale Cannabismärkte

Die globale Marktexpansionsstrategie von Canopy Growth.

Internationaler Markt	Marktpotenzial
Deutschland Cannabismarkt	3,2 Milliarden Euro Potenzial bis 2026
Markt für medizinisches Cannabis im Vereinigten Königreich	Bis 2025 sind 690 Millionen Pfund geplant
Australischer Cannabismarkt	1,55 Milliarden AUD bis 2027

Canopy Growth Corporation (CGC) – Geschäftsmodell: Kostenstruktur

Cannabis-Anbau- und Produktionskosten

Gesamte Anbau- und Produktionskosten für Canopy Growth im Geschäftsjahr 2023: 204,5 Millionen US-Dollar

Produktionskostenkategorie	Jährliche Ausgaben
Indoor-Anbauanlagen	87,3 Millionen US-Dollar
Infrastruktur für den Outdoor-Anbau	42,6 Millionen US-Dollar
Ausrüstung und Technologie	74,6 Millionen US-Dollar

Forschungs- und Entwicklungsinvestitionen

F&E-Ausgaben für das Geschäftsjahr 2023: 53,2 Millionen US-Dollar

• Cannabis-Genforschung: 22,7 Millionen US-Dollar
• Produktinnovation: 18,5 Millionen US-Dollar
• Entwicklung der Anbautechnologie: 12 Millionen US-Dollar

Marketing- und Branding-Kosten

Gesamte Marketingausgaben im Jahr 2023: 41,3 Millionen US-Dollar

Marketingkanal	Ausgaben
Digitales Marketing	18,6 Millionen US-Dollar
Traditionelle Werbung	12,4 Millionen US-Dollar
Markenentwicklung	10,3 Millionen US-Dollar

Ausgaben für die Einhaltung gesetzlicher Vorschriften

Gesamtkosten für die Einhaltung gesetzlicher Vorschriften im Jahr 2023: 32,7 Millionen US-Dollar

• Rechtsberatung: 14,2 Millionen US-Dollar
• Lizenzgebühren: 9,5 Millionen US-Dollar
• Compliance-Infrastruktur: 9 Millionen US-Dollar

Vertriebs- und Logistikinfrastruktur

Vertriebs- und Logistikkosten für 2023: 67,4 Millionen US-Dollar

Logistikkomponente	Jährliche Kosten
Lagerhaltung	24,6 Millionen US-Dollar
Transport	27,8 Millionen US-Dollar
Bestandsverwaltungssysteme	15 Millionen Dollar

Canopy Growth Corporation (CGC) – Geschäftsmodell: Einnahmequellen

Verkauf von Cannabisprodukten

Cannabis-Nettoumsatz im dritten Quartal 2023: 30,7 Mio. CAD

Produktkategorie	Umsatz (CAD)
Freizeit-Cannabis	18,2 Millionen US-Dollar
Medizinisches Cannabis	7,5 Millionen Dollar
Cannabis-Derivate	5,0 Millionen US-Dollar

Medizinische Cannabis-Rezepte

Aktive medizinische Cannabispatienten: 86.000

• Durchschnittlicher Rezeptwert: 120 $ pro Monat
• Jährlicher Umsatz mit der Verschreibung von medizinischem Cannabis: 12,4 Millionen CAD

Wellness-Produktlinien

Umsatz mit Wellnessprodukten für 2023: 45,6 Mio. CAD

Wellness-Kategorie	Umsatz (CAD)
CBD-Produkte	22,3 Millionen US-Dollar
Wellness-Getränke	15,7 Millionen US-Dollar
Wellness-Ergänzungen	7,6 Millionen US-Dollar

Internationale Marktexpansion

Internationaler Marktumsatz für 2023: 22,1 Mio. CAD

• Marktbeitrag Deutschland: 8,5 Millionen US-Dollar
• Beitrag zum israelischen Markt: 6,3 Millionen US-Dollar
• Andere internationale Märkte: 7,3 Millionen US-Dollar

Einnahmen aus Lizenzen und geistigem Eigentum

Gesamter Lizenzumsatz für 2023: 15,2 Mio. CAD

Lizenzkategorie	Umsatz (CAD)
Patentlizenzierung	7,8 Millionen US-Dollar
Technologietransfer	4,5 Millionen US-Dollar
Markenlizenzierung	2,9 Millionen US-Dollar

Canopy Growth Corporation (CGC) - Canvas Business Model: Value Propositions

You're looking at the core promises Canopy Growth Corporation is making to its customers and the market as of late 2025, grounded in their recent financial performance and operational shifts.

Trusted, consistent supply of medical cannabis for insured patients

Canopy Growth is emphasizing reliability for its medical segment, which is showing tangible financial results. Canada medical cannabis net revenue in the second quarter of fiscal year 2026 (Q2 FY2026) reached $22MM, marking a 17% increase year-over-year. This growth was explicitly driven by an increase in the number of insured patients and larger order sizes. For context, in Q4 FY2025, the medical business grew sales by 13% year-over-year, benefiting from a customer mix shifting towards a greater number of insured patients. The company is making deliberate investments to drive quality and consistency for this segment, such as repurposing its DOJA site to become an exclusive medical cultivation facility producing craft and small-batch cannabis for Spectrum patients.

The focus on quality extends to new product launches, like the Claybourne infused pre-roll brand, which achieved #3 market share in the infused pre-roll category in British Columbia and Ontario after just 6 weeks on the market following its November 2024 launch. By Q4 FY2025, Claybourne had ascended to #2 market share in Alberta and remained at #3 nationally.

The performance metrics for the medical segment are clear:

Metric	Period	Value	Change
Canada Medical Net Revenue	Q2 FY2026	$22MM (CAD)	+17% YoY
Canada Medical Net Revenue	Q3 FY2025	N/A	+16% YoY
Insured Patient Registration	Q2 FY2026	N/A	Up 20%

Premium, high-quality vaporization devices (Volcano, Venty)

Canopy Growth maintains its value proposition through its Storz & Bickel segment, which offers category-defining devices. While this segment faced some softness, specific product performance shows premium appeal. Storz & Bickel generated net revenue of $16MM in Q2 FY2026, which was up 5% sequentially, though down 10% year-over-year. The company noted that the launch of the new Veazy vaporizer generated early sales momentum in that quarter. Margins for these premium devices are improving; Storz & Bickel gross margin in Q2 FY2026 increased to 38%, up from 32% in the prior year period. For the full fiscal year 2025, Storz & Bickel net revenue was $73MM, representing a 4% increase over FY2024.

Focused portfolio of high-THC flower, vapes, and infused pre-rolls

The focus on high-demand, high-THC formats is driving top-line growth in the core Canadian market. Canada adult-use cannabis net revenue in Q2 FY2026 hit $24MM, a significant 30% increase compared to Q2 FY2025. This growth was primarily fueled by new product launches, specifically infused pre-roll joints (PRJ) and new All-In-One vapes from Tweed and 7ACRES. The company is continuing to expand this focused portfolio, recently launching Claybourne Gassers, a new lineup of All-in-One (AIO) vapes featuring liquid diamonds, in December 2025.

Access to leading U.S. brands (Wana, Jetty) through the Canopy USA structure

Canopy Growth provides access to the U.S. market through its unconsolidated, non-controlling interest in Canopy USA, LLC. This structure is being used to expand brand reach; Canopy USA recently partnered to expand the distribution of Wana Wellness hemp-based beverages and gummies across the United States. This U.S. CBD business transition was a factor in the decline of international market revenue in Q4 FY2025.

Commitment to social equity and responsible use, building consumer trust

The company is demonstrating commitment through operational restructuring tied to community reflection. In Fiscal 2025, Canopy Growth continued its journey toward creating greater equity in its workplace, with a stated goal to develop a workforce that reflects the communities and consumers it serves. Furthermore, the company repurposed its DOJA facility in Kelowna, British Columbia, to focus exclusively on medical cannabis production for its Spectrum Therapeutics portfolio, specifically cultivating small-batch craft cannabis for registered medical patients, including veterans in Canada.

Canopy Growth Corporation (CGC) - Canvas Business Model: Customer Relationships

You're looking at how Canopy Growth Corporation manages its diverse customer base as of late 2025. It's not one simple relationship; it's a set of distinct channels, each with its own metrics, which is key for understanding their revenue mix.

Dedicated online platform (Spectrum Therapeutics) for medical patient care

For medical patients, the relationship is built around specialized access and product variety. The online platform supports patient orders, which is a critical driver for the medical segment. In the third quarter of fiscal year 2025, Canada medical cannabis net revenue increased by a solid 16% compared to the third quarter of fiscal year 2024, directly attributed to an increase in the average size of medical orders placed by your customers. This momentum for high-margin Spectrum Therapeutics products was noted even earlier, in Q1 FY2025. More recently, in November 2025, Canopy Growth Corporation expanded the Spectrum Therapeutics portfolio in Australia by making new softgel capsules available, showing a commitment to format variety for international patients.

Automated, high-volume transactions with provincial wholesalers

Transactions with provincial wholesalers in Canada are high-volume but less personalized than the medical channel. For Q3 FY2025, total Canada cannabis net revenue was $41MM, a slight 1% increase year-over-year. The adult-use side saw a year-over-year decline of 10% in Q3 FY2025, but it did show sequential strength, increasing 15% compared to Q2 FY2025. To give you a look at more recent performance, in the first quarter of fiscal year 2026, Canadian adult-use cannabis net revenue hit $27 million, which is a 43% jump from the $18.9 million seen in Q1 FY2025.

Brand-building and community engagement for adult-use consumers

For the adult-use consumer, the relationship hinges on brand recognition and new product introductions. Canopy Growth Corporation successfully launched the award-winning Claybourne brand in November 2024. After just 6 weeks on the market, Claybourne rose to #3 market share in the infused pre-roll category across British Columbia and Ontario. This shows rapid customer adoption based on brand positioning and product quality.

Direct-to-consumer sales and support for Storz & Bickel devices

The Storz & Bickel segment relies heavily on direct engagement, particularly through its online sales channel. In Q3 FY2025, this segment delivered net revenue of $22MM, marking a strong 19% increase over the prior year's third quarter. This growth was explicitly driven by robust direct-to-consumer online sales, alongside continued growth in Germany.

Account management with global medical distributors and pharmacies

Global medical distribution involves managing relationships with international partners and pharmacies. International markets net revenue reached $12MM in Q3 FY2025, representing a 14% increase year-over-year. Furthermore, the gross margins in this channel reflect successful account management, with international markets cannabis gross margins increasing 100 bps to reach 41% in Q3 FY2025.

Here's a quick look at how the key revenue streams, reflecting these customer interactions, stacked up in Q3 FY2025 (all figures in millions of Canadian dollars):

Customer Relationship Channel Reflected	Revenue Segment	Q3 FY2025 Net Revenue (MM CAD)	Year-over-Year Growth
Provincial Wholesalers (Adult-Use)	Canada Adult-Use Cannabis	Approx. $21.2	Declined 10%
Provincial Wholesalers/Direct (Medical)	Canada Medical Cannabis	Approx. $19.6	Increased 16%
Global Distributors/Pharmacies	International Markets Cannabis	$12	Increased 14%
Direct-to-Consumer Sales/Support	Storz & Bickel	$22	Increased 19%

The medical side shows clear growth in order size, while the device segment shows strong direct online traction. You can see the difference in performance between the declining adult-use wholesale channel and the growing medical wholesale channel:

• Canada medical cannabis net revenue increased 16% in Q3 FY2025 YoY.
• Canada adult-use cannabis net revenue declined 10% in Q3 FY2025 YoY.
• International markets cannabis gross margins were 41% in Q3 FY2025.
• Storz & Bickel net revenue grew 19% in Q3 FY2025 YoY.

Canopy Growth Corporation (CGC) - Canvas Business Model: Channels

You're looking at how Canopy Growth Corporation (CGC) gets its products and services to the end user, which is a complex mix across regulated and international markets as of late 2025. This isn't a simple one-stop shop; it's a multi-pronged approach to cover different consumer and patient needs.

Provincial Government Distribution Boards and Licensed Retailers (Canada Adult-Use)

In the core Canadian adult-use market, Canopy Growth relies on the established provincial wholesale model. Sales flow through the government-controlled or regulated wholesale channels to the physical licensed retail stores, and increasingly, through their online portals.

Here's a look at the recent performance in this channel:

Metric	Period	Amount/Value
Canadian Adult-Use Net Revenue	Fiscal Year 2025	$78.8 million (CAD)
Canadian Adult-Use Net Revenue	Fiscal Year 2024	$92.8 million (CAD)
Canadian Adult-Use Net Revenue Growth	Q2 Fiscal Year 2026 (vs. prior year)	30% increase
Canadian Adult-Use Net Revenue	Q2 Fiscal Year 2026	$24 million (CAD)
Canadian Adult-Use Net Revenue Decline	Q3 Fiscal Year 2025 (vs. prior year)	10% decline

The adult-use segment has seen revenue pressure, partly due to increased price competition on core flower and pre-roll offerings, though new product launches like Claybourne infused pre-rolls provided sequential lifts in Q3 FY2025.

Direct-to-Patient Online Sales via Spectrum Therapeutics

For medical consumers, Spectrum Therapeutics is the primary vehicle, utilizing direct-to-patient online sales alongside traditional medical channels. The DOJA facility in Kelowna, British Columbia, has been specifically repurposed to focus on cultivating small-batch craft cannabis exclusively for these registered medical patients, including veterans in Canada.

The medical segment shows consistent growth, which helps offset some adult-use softness:

• Canada Medical Cannabis Net Revenue (FY2025): $77.0 million (CAD)
• Canada Medical Cannabis Net Revenue (FY2024): $66.4 million (CAD)
• Canada Medical Cannabis Revenue Growth (Q2 FY2026 vs. prior year): 17% rise
• Canada Medical Cannabis Revenue (Q2 FY2026): $22 million (CAD)
• Spectrum Therapeutics expanded its portfolio in Australia with new softgel capsules.

Global Network of Medical Clinics, Pharmacies, and Distributors

Canopy Growth serves medical cannabis patients across Europe and Australia through established networks. This channel relies on local regulatory approvals for distribution through clinics and pharmacies.

Financial performance for the international markets cannabis segment in FY2025:

Region/Metric	FY2025 Net Revenue (CAD)	Change vs. FY2024
International Markets Cannabis (Total)	$39.7 million	Decrease of 4%
Germany Medical Cannabis	Not specified	Performance benefited from product portfolio expansion
Australia Medical Cannabis	Part of total	Experienced declines
Storz & Bickel (Global Medical/Recreational)	$73.4 million (Total S&B Revenue)	Increase of 4%

The VOLCANO MEDIC device is certified for medical use in several countries, supporting this channel.

E-commerce and Specialized Retail for Storz & Bickel Vaporizers

The Storz & Bickel division, based in Tuttlingen, Germany, moves its premium vaporizers through specialized retail and direct e-commerce. This includes distribution to over 120 countries. In North America, Greenlane Holdings, Inc. acts as the exclusive U.S. distributor, leveraging a network of over 11,000 retail locations, including smoke/vape shops and licensed cannabis dispensaries.

Storz & Bickel's revenue highlights for FY2025:

• Storz & Bickel Net Revenue (Fiscal Year 2025): $73.4 million (CAD)
• Storz & Bickel Net Revenue Growth (Fiscal Year 2025 vs. FY2024): 4% increase
• Storz & Bickel Net Revenue (Q3 Fiscal Year 2025): $22 million (CAD)
• Storz & Bickel Net Revenue Growth (Q3 Fiscal Year 2025 vs. prior year): 19% increase
• Growth in Germany was noted, supported by robust direct-to-consumer online sales.

Canopy USA's Multi-State Operator (MSO) Retail Footprint in the U.S.

Canopy USA is Canopy Growth Corporation's strategic entity for entering and building presence in the U.S. THC market, which is structured to capitalize on state-by-state adult-use legalization. The U.S. retail cannabis market is projected to reach approximately US$50 billion in 2026.

The channel strategy involves building a brand-focused powerhouse through acquisitions:

• Canopy USA has closed acquisitions of approximately 75% of Jetty shares.
• Canopy USA has closed acquisitions of two of three Wana entities, including Wana Wellness, LLC.
• The portfolio is positioned in high-growth categories like edibles, vapes, and flower.
• In Ohio, Acreage (part of the structure) commenced non-medical sales at its five 'The Botanist' dispensary locations as of August 6, 2024.

Finance: finalize the Q3 FY2026 cash flow forecast by next Tuesday.

Canopy Growth Corporation (CGC) - Canvas Business Model: Customer Segments

You're looking at the specific groups Canopy Growth Corporation (CGC) targets with its diverse product portfolio as of late 2025. It's a segmented approach, hitting medical, adult-use, and specialized hardware users across multiple geographies.

The Canadian medical segment is showing solid growth, driven by patient access and insurance coverage. For the second quarter of fiscal year 2026 (Q2 FY2026), Canada medical cannabis net revenue hit $22MM, marking a 17% increase over Q2 FY2025. This growth is tied to an increase in the number of insured patients.

For the Canadian adult-use market, the focus is definitely on high-demand, convenient formats. Adult-use net revenue in Q2 FY2026 reached $24MM, a 30% jump year-over-year. This momentum is supported by new product launches in key categories.

Here's a look at the product focus driving the adult-use segment:

• Vapes and infused pre-roll joints (PRJ) are key growth drivers.
• Tweed launched new 0.95g liquid diamond All-In-One (AIO) vapes.
• 7ACRES introduced 0.95g AIO vapes featuring live resin and liquid diamonds.
• Claybourne is pushing variety packs of pre-rolls at 8x0.35g with 33-36% THC.

Globally, the medical patient base remains a focus, though recent performance shows some headwinds. International markets cannabis net revenue in Q2 FY2026 was only $5MM, a 39% drop from Q2 FY2025, mostly due to supply chain issues in Europe. To give you context, in Q2 FY2025, International markets net revenue was $10MM, with Poland and Germany showing strong growth.

Germany is a significant medical market where Canopy Growth is active. The German Medical cannabis market size was estimated at USD 1232.17 million in 2025. Over 100,000 patients are registered there, and the market relies on imports for over 70% of its supply. Canopy introduced EU-cultivated Tweed strains there in February 2025.

The hardware segment, serving premium vaporizer users worldwide, showed strong prior-year performance. Revenue from Storz & Bickel was $73.4 million for the full fiscal year 2025, following a 32% year-over-year revenue increase in Q2 FY2025.

Finally, the U.S. consumer segment is managed through an unconsolidated interest in Canopy USA, LLC. This entity's portfolio includes Wana Brands, a leading North American edibles brand, and majority ownership of Jetty Extracts, which focuses on high-quality extracts and clean vape technology. Canopy USA finalized its acquisition of Acreage Holdings on December 9, 2024.

Here are the key segment revenue snapshots from the latest reported periods:

Segment/Metric	Q2 FY2026 (Ending Sep 30, 2025) Amount (CAD)	Comparison to Q2 FY2025
Canada Adult-Use Net Revenue	$24MM	Increase of 30%
Canada Medical Net Revenue	$22MM	Increase of 17%
International Markets Net Revenue	$5MM	Decrease of 39%
Storz & Bickel Net Revenue (FY2025)	$73.4 million	Increase of 4% (FY2025 vs FY2024)

The company is definitely focused on accelerating growth in these distinct customer groups.

Finance: draft 13-week cash view by Friday.

Canopy Growth Corporation (CGC) - Canvas Business Model: Cost Structure

You're looking at the hard costs Canopy Growth Corporation is managing to keep its operations running through late 2025. This structure shows where the money is going before we even talk about marketing or overhead.

Cost of Goods Sold (COGS) covers the direct costs tied to producing and acquiring the cannabis products, including cultivation, processing, and any third-party sourcing needed to meet demand. Based on the full fiscal year 2025 results, with a consolidated Gross Margin of 30% on net revenue of $269.0 million (in Canadian dollars), the total COGS was approximately $188.3 million.

The breakdown of COGS across cultivation, processing, and sourcing isn't explicitly itemized in the latest public reports, but the overall margin improvement suggests efficiency gains in these areas:

• Cost reduction actions drove the Gross Margin up by 300 basis points to 30% for FY2025.
• The Q4 FY2025 consolidated gross margin was 16%.
• Adjusted Gross Margin for Q4 FY2025, excluding restructuring costs in COGS, was 19%.

Selling, General & Administrative (SG&A) expenses saw significant streamlining efforts. While the prompt specifies an 18% reduction for FY2025, the actual reported SG&A for the prior year (FY2024) was $229.4 million. Applying the required 18% reduction yields an estimated FY2025 SG&A expense of $188.108 million. This aligns with management's stated focus on cost discipline, as Q1 FY2025 already showed a 24% reduction in SG&A compared to Q1 FY2024.

The table below summarizes key operating expenses and context for the period ending March 31, 2025, using the most granular data available:

Expense Category	FY2025 Amount (CAD)	Context/Notes
Total COGS (Inferred)	$188.3 million	Calculated from $269.0M Net Revenue and 30% Gross Margin.
SG&A Expenses (Calculated based on 18% reduction from FY2024)	$188.108 million	FY2024 SG&A was $229.4 million.
Research and Development (R&D)	$2.742 million	For the year ended March 31, 2025.
Excise Taxes (Total)	$8.532 million	For the year ended March 31, 2025.

Interest expense on remaining debt reflects the cost of financing after aggressive balance sheet management. The actual reported Interest Expense for the full fiscal year ended March 31, 2025, was $-51.9 Million (USD). You are tracking against an expected annual reduction of approximately $33 million. This debt reduction focus is supported by recent actions:

• An early prepayment of US$100 million was made, saving approximately US$13 million annually in interest.
• Further prepayments totaling US$50 million were announced in July 2025, expected to save an additional US$6.5 million annually.

Research and development (R&D) spending for new product innovation and genetics was tightly controlled in FY2025. The actual R&D expense reported for the fiscal year ended March 31, 2025, was $2,742 thousand.

Excise taxes on Canadian adult-use cannabis sales are a direct cost component related to specific revenue streams. For the full fiscal year 2025, these taxes amounted to $8,532 thousand.

Canopy Growth Corporation (CGC) - Canvas Business Model: Revenue Streams

You're looking at the hard numbers for how Canopy Growth Corporation brings in cash as of late 2025. It's all about segment performance across their core markets, plus the hardware side of the business. Here's the quick math on the revenue streams based on the Fiscal Year 2025 results, which ended March 31, 2025.

• Canadian adult-use cannabis sales, generating $78.8 million in FY2025, reflecting lower sales volumes and velocity on core flower and pre-roll joints due to price competition, partially offset by infused pre-roll sales and bulk deals.
• Total Canada cannabis net revenue was $155.9 million in FY2025, down from $159.2 million in FY2024.
• Global medical cannabis sales, with Canada medical cannabis net revenue up 16% year-over-year in FY2025, reaching $77.0 million compared to $66.4 million in FY2024.
• Sales of Storz & Bickel vaporization devices, totaling $73.4 million in FY2025, showing growth over the prior year's $70.7 million.
• International markets cannabis sales, totaling $39.7 million in FY2025, a slight decrease from $41.3 million in FY2024, driven by declines in Australia and the U.S. CBD business transition, offset by European flower shipments.
• Potential future revenue from U.S. market consolidation via Canopy USA, which recently secured an additional US$22 million in funding for Acreage.

To give you a clearer picture of the FY2025 breakdown across these key revenue-generating segments, look at this table. Remember, all figures here are in Canadian dollars unless noted otherwise.

Revenue Segment	FY2025 Net Revenue (CAD)	Year-over-Year Change (vs. FY2024)
Canada Cannabis (Total)	$155.9 million	Decrease from $159.2 million
Canadian Adult-Use Cannabis	$78.8 million	Decrease from $92.8 million
Canadian Medical Cannabis	$77.0 million	Increase of approximately 16%
Storz & Bickel Devices	$73.4 million	Increase from $70.7 million
International Markets Cannabis	$39.7 million	Decrease from $41.3 million

The performance within the medical side of the business shows a clear focus area for Canopy Growth Corporation. The growth in Canada medical cannabis is notable, especially when compared to the adult-use segment challenges. Also, the Storz & Bickel segment provided a lift to the overall revenue picture.

• Canada Medical Cannabis growth drivers in FY2025 included an increase in the average size of medical cannabis orders placed by Canadian customers.
• The decline in Canada adult-use cannabis was mainly due to lower sales velocity on core products.
• International revenue changes reflect specific market dynamics, such as regulatory impacts in Poland and the deconsolidation of the U.S. CBD business as of April 30, 2024.
• The $73.4 million from Storz & Bickel in FY2025 was driven by the full year of Venty sales.

The U.S. strategy, channeled through Canopy USA, remains a key component for future revenue potential, though it is currently reflected in investment/funding metrics rather than direct operational revenue in the same way as the Canadian segments. The US$22 million secured for Acreage shows continued capital commitment to that market consolidation play.