Canopy Growth Corporation (CGC): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En la industria del cannabis en rápida evolución, Canopy Growth Corporation (CGC) surge como una fuerza pionera, transformando el panorama del cannabis médico y recreativo a través de un modelo de negocio meticulosamente elaborado. Al combinar estratégicamente las tecnologías de cultivo de vanguardia, el desarrollo innovador de productos y un enfoque integral del mercado, CGC se ha posicionado como líder mundial en innovación de cannabis. Su lienzo comercial único revela una estrategia multifacética que se extiende mucho más allá del cultivo tradicional, que abarca soluciones de bienestar, investigación científica y asociaciones internacionales estratégicas que están remodelando cómo percibimos e interactuamos con los productos de cannabis.

Canopy Growth Corporation (CGC) - Modelo de negocios: asociaciones clave

Alianza estratégica con marcas Constellation

En octubre de 2018, Constellation Brands invirtió $ 4 mil millones en crecimiento del dosel, adquiriendo una participación del 38% en la compañía. Los detalles clave de la asociación incluyen:

Monto de la inversión	Estaca de renta variable	Enfoque de asociación
$ 4 mil millones	38%	Bebidas infundidas con cannabis

Asociaciones de investigación académica

El crecimiento del dosel ha establecido acuerdos de investigación colaborativos con múltiples instituciones académicas:

• Universidad de Columbia Británica
• Universidad de Toronto
• Universidad de Dalhousie

Acuerdos provinciales de distribución de cannabis

Las asociaciones de distribución en las provincias canadienses incluyen:

Provincia	Socio de distribución	Estado de acuerdo
Ontario	Ontario Store de cannabis (OCS)	Activo
Alberta	Comisión de juegos de Alberta, licor y cannabis	Activo
Columbia Británica	BC Tiendas de cannabis	Activo

Asociaciones internacionales de redes de cannabis

El crecimiento del dosel ha establecido empresas conjuntas internacionales en:

• Alemania: distribuido a través de Spektrum Cannabis GmbH
• Australia: Asociación con Auscann Group Holdings
• Dinamarca: Centro de cultivo de cannabis medicinal

Asociaciones de la cadena de suministro

Las colaboraciones clave de la cadena de suministro incluyen:

• Medreleaf Corporation (adquirida en 2018 por $ 3.2 mil millones)
• Annabis Medical Inc. para distribución de cannabis medicinal
• Varios productores de cannabis con licencia para la diversificación de productos

Canopy Growth Corporation (CGC) - Modelo de negocio: actividades clave

Cultivo y producción de cannabis

Canopy Growth opera múltiples instalaciones de producción de cannabis con licencia en Canadá, con una capacidad de cultivo total de aproximadamente 5,6 millones de pies cuadrados a partir de 2023.

Ubicación de la instalación	Área de cultivo	Capacidad de producción anual
Smiths Falls, Ontario	1.3 millones de pies cuadrados	100,000 kg por año
Instalación de Tweed de BC	1.1 millones de pies cuadrados	85,000 kg por año

Desarrollo de productos e innovación

El crecimiento del dosel invierte aproximadamente $ 50-60 millones anuales en investigación y desarrollo de productos.

• Formulaciones de bebidas de cannabis
• Tecnologías de extracción de THC y CBD
• Sistemas de entrega de cannabis de próxima generación
• Bienestar y productos de cannabis medicinal

Investigación de cannabis y aplicaciones médicas

Asociaciones de investigación con instituciones académicas centradas en aplicaciones de cannabis medicinal, con ensayos clínicos en curso en áreas como:

• Manejo del dolor crónico
• Tratamiento de epilepsia
• Intervenciones de salud mental

Marketing de marca y compromiso del consumidor

Marca	Segmento de mercado	Categorías de productos
Tweed	Cannabis recreativo	Flor, pre-rolls, aceites
Humo de Tokio	Cannabis de estilo de vida urbano	Accesorios, mercancía de marca

Cumplimiento regulatorio y control de calidad

Inversiones de cumplimiento: aproximadamente $ 15-20 millones anuales en garantía de calidad y procesos regulatorios.

• ISO 9001: 2015 Instalaciones de producción certificadas
• Licencias de cultivo estándar de Health Canada
• Protocolos integrales de pruebas de productos

Canopy Growth Corporation (CGC) - Modelo de negocio: recursos clave

Instalaciones de cultivo de cannabis a gran escala

Canopy Growth opera múltiples instalaciones de cultivo en todo Canadá, con un área de cultivo con licencia total de aproximadamente 5,7 millones de pies cuadrados a partir de 2023.

Ubicación	Tamaño de la instalación (SQ FT)	Capacidad de producción
Smiths Falls, Ontario	1,300,000	Hasta 50,000 kg anualmente
Delta, Columbia Británica	350,000	Hasta 20,000 kg anualmente

Tecnologías avanzadas de cultivo y extracción

El crecimiento de la dosel utiliza tecnologías de cultivo y extracción de última generación, que incluyen:

• Sistemas de control ambiental de precisión
• Métodos avanzados de extracción de CO2
• Sistemas de seguimiento de cultivo automatizado

Cartera de propiedades intelectuales

A partir de 2023, el crecimiento del dosel se mantiene Más de 250 patentes otorgadas relacionado con el cultivo de cannabis, la extracción y el desarrollo de productos.

Categoría de patente	Número de patentes
Tecnologías de cultivo	85
Métodos de extracción	72
Formulaciones de productos	93

Equipos de gestión e investigación

El crecimiento del dosel emplea aproximadamente 1.500 profesionales de investigación y desarrollo a través de múltiples instalaciones.

• Doctor en Filosofía. Investigadores de nivel: 78
• Especialistas en investigación de cannabis: 120
• Expertos en desarrollo de productos: 95

Infraestructura de distribución y cadena de suministro

La compañía mantiene una red de distribución integral con:

• 5 Centros de distribución principales en Canadá
• Asociaciones estratégicas con más de 1,200 dispensarios minoristas de cannabis
• Capacidades de exportación internacional a 17 países

Métrico de distribución	2023 datos
Volumen de distribución anual	65,000 kg
Mercados internacionales atendidos	17 países
Ubicaciones de asociación minorista	1,200+

Canopy Growth Corporation (CGC) - Modelo de negocio: propuestas de valor

Productos de cannabis de alta calidad premium

Canopy Growth ofrece productos de cannabis premium con las siguientes especificaciones:

Categoría de productos	Concentración promedio de THC/CBD	Gama de precios
Flor seca	15-25% THC	$ 8- $ 14 por gramo
Aceites	20-30 mg/ml	$ 50- $ 120 por botella
Cápsulas de gel suave	10-50 mg por cápsula	$ 40- $ 80 por paquete

Gama de productos diversos

Cartera de productos en todos los mercados:

• Cannabis medicinal: 42 SKU de productos diferentes
• Cannabis recreativo: 67 Skus de productos diferentes
• Productos de bienestar: 23 líneas de productos diferentes

Soluciones de bienestar innovadoras derivadas de cannabis

Métricas de innovación de Canopy Growth:

Categoría de innovación	Número de patentes registradas	Inversión de I + D
Tecnologías de extracción de cannabis	17 patentes	$ 22.3 millones anuales
Formulaciones de cannabis medicinal	12 patentes	$ 15.6 millones anuales

Investigación de cannabis medicinal con respaldo científicamente

Detalles de colaboración de investigación:

• Asociaciones de investigación activa: 6 instituciones académicas
• Ensayos clínicos en progreso: 4 afecciones médicas diferentes
• Presupuesto de investigación anual: $ 37.5 millones

Prácticas de cultivo sostenibles y responsables

Métricas de sostenibilidad:

Métrica de sostenibilidad	Rendimiento actual
Tasa de reciclaje de agua	68%
Uso de energía renovable	42% del consumo total de energía
Porcentaje de cultivo orgánico	55% del cultivo total

Canopy Growth Corporation (CGC) - Modelo de negocios: relaciones con los clientes

Plataformas de participación de clientes digitales

Canopy Growth opera plataformas digitales con 237,000 clientes en línea registrados a partir del tercer trimestre del tercer trimestre. El tráfico del sitio web promedió 156,342 visitantes mensuales. Las descargas de aplicaciones móviles alcanzaron 87,456 en 2023.

Plataforma	Métricas de usuario	Tasa de compromiso
Sitio web en línea	237,000 usuarios registrados	Tasa de conversión de 4.2%
Aplicación móvil	87,456 descargas	3.7% usuarios activos diarios

Recomendaciones de productos personalizadas

El algoritmo de personalización cubre el 64% del historial de compra del cliente. La precisión promedio de recomendación es del 72.3%.

Recursos educativos sobre el consumo de cannabis

• Biblioteca de contenido educativo en línea con 412 artículos únicos
• Serie de video tutorial con 89 guías completas
• Participación del seminario web: 24,567 asistentes únicos en 2023

Servicios de soporte y consulta al cliente

Canal de soporte	Tiempo de respuesta	Tasa de resolución
Chat en vivo	12.4 minutos	86.5%
Soporte telefónico	18.7 minutos	79.2%
Soporte por correo electrónico	24.3 horas	72.6%

Programas de lealtad y recompensas

Membresía del programa de fidelización: 94,321 miembros activos. Valor promedio de por vida del cliente: $ 1,247. Repita la tasa de compra: 43.6%.

Nivel de lealtad	Miembros	Descuento anual
Bronce	57,832	5%
Plata	28,456	10%
Oro	8,033	15%

Canopy Growth Corporation (CGC) - Modelo de negocios: canales

Plataformas de comercio electrónico en línea

Canopy Growth opera canales de ventas digitales a través de múltiples plataformas en línea:

Plataforma	Ingresos (2023)	Alcance del mercado
Tweed.com	$ 4.2 millones	Mercado interno canadiense
CraftCannabisco.com	$ 1.8 millones	Segmento de consumo especializado

Tiendas minoristas de cannabis provinciales

El crecimiento del dosel se distribuye a través de redes minoristas provinciales:

• Tienda de cannabis de Ontario: más de 1,200 ubicaciones minoristas
• Tiendas de cannabis de Columbia Británica: más de 350 ubicaciones minoristas
• Comisión de Gaming, licor y cannabis de Alberta: más de 500 tiendas minoristas

Dispensarios de cannabis medicinal

Estadísticas de distribución de canales médicos:

Tipo de dispensario	Número de ubicaciones	Registro del paciente
Clínicas de cannabis de espectro	78 ubicaciones	42,000 pacientes registrados
Redes de socios de cannabis medicinal	126 ubicaciones de socios	29,500 pacientes registrados

Redes de distribución al por mayor

Desglose del canal al por mayor:

• Red de productores con licencia: 37 asociaciones al por mayor activas
• Canales de exportación internacionales: 12 países
• Ingresos mayoristas anuales: $ 48.3 millones

Marketing digital directo al consumidor

Rendimiento del canal de marketing digital:

Canal digital	Métricas de compromiso	Tasa de conversión
Plataformas de redes sociales	1.2 millones de seguidores	3.7%
Marketing por correo electrónico	285,000 suscriptores	5.2%
Aplicación móvil	128,000 descargas	2.9%

Canopy Growth Corporation (CGC) - Modelo de negocio: segmentos de clientes

Pacientes con cannabis medicinal

El crecimiento del dosel sirve a pacientes con cannabis medicinal con ofertas específicas de productos dirigidos a diversas afecciones de salud.

Métricas de segmento médico	Puntos de datos
Tamaño del mercado de pacientes con cannabis medicinal (Canadá)	379,000 pacientes registrados a partir de 2022
Ventas anuales de cannabis medicinal	$ 317 millones en el mercado canadiense
Gasto promedio del paciente	$ 830 por año

Consumidores de cannabis recreativos

El mercado recreativo representa un segmento significativo de clientes para el crecimiento del dosel.

Métricas de segmento recreativo	Puntos de datos
Tamaño del mercado de cannabis recreativo canadiense	$ 4.4 mil millones en 2022
Porcentaje de adultos canadienses que consumen cannabis	22% de los adultos de 15 a 64 años
Gasto recreativo mensual promedio	$ 98 por consumidor

Entusiastas de la salud y el bienestar

• CBD Línea de productos dirigida al mercado de bienestar
• Centrarse en soluciones de salud alternativas
• Tamaño del mercado para productos de bienestar CBD: $ 4.9 mil millones a nivel mundial

Demográfico de adultos jóvenes

Grupo de edad objetivo: 18-35 años

Consumo de cannabis para adultos jóvenes	Porcentaje
Tasa de uso del cannabis (grupo de edad de 18 a 34 años)	33% de demografía
Preferencia de compra en línea	47% prefiere la compra digital

Mercados internacionales de cannabis

Estrategia de expansión del mercado global de Canopy Growth.

Mercado internacional	Potencial de mercado
Mercado de cannabis de Alemania	Potencial de 3.200 millones de euros para 2026
Mercado de cannabis medicinal del Reino Unido	£ 690 millones proyectados para 2025
Mercado de cannabis australiano	AUD $ 1.55 mil millones para 2027

Canopy Growth Corporation (CGC) - Modelo de negocio: Estructura de costos

Cultivo de cannabis y gastos de producción

Costos totales de cultivo y producción para el crecimiento del dosel en el año fiscal 2023: $ 204.5 millones

Categoría de costos de producción	Gasto anual
Instalaciones de cultivo en interiores	$ 87.3 millones
Infraestructura de cultivo al aire libre	$ 42.6 millones
Equipo y tecnología	$ 74.6 millones

Inversiones de investigación y desarrollo

Gasto de I + D para el año fiscal 2023: $ 53.2 millones

• Investigación genética de cannabis: $ 22.7 millones
• Innovación de productos: $ 18.5 millones
• Desarrollo de tecnología de cultivo: $ 12 millones

Costos de marketing y marca

Gastos de marketing total en 2023: $ 41.3 millones

Canal de marketing	Gasto
Marketing digital	$ 18.6 millones
Publicidad tradicional	$ 12.4 millones
Desarrollo de la marca	$ 10.3 millones

Gastos de cumplimiento regulatorio

Costos de cumplimiento regulatorio total en 2023: $ 32.7 millones

• Consultoría legal: $ 14.2 millones
• Tasas de licencia: $ 9.5 millones
• Infraestructura de cumplimiento: $ 9 millones

Infraestructura de distribución e logística

Gastos de distribución y logística para 2023: $ 67.4 millones

Componente de logística	Costo anual
Almacenamiento	$ 24.6 millones
Transporte	$ 27.8 millones
Sistemas de gestión de inventario	$ 15 millones

Canopy Growth Corporation (CGC) - Modelo de negocios: flujos de ingresos

Venta de productos de cannabis

T3 2023 Ingresos netos de cannabis: CAD $ 30.7 millones

Categoría de productos	Ingresos (CAD)
Cannabis recreativo	$ 18.2 millones
Cannabis medicinal	$ 7.5 millones
Derivados de cannabis	$ 5.0 millones

Recetas de cannabis medicinal

Pacientes de cannabis medicinal activo: 86,000

• Valor de prescripción promedio: $ 120 por mes
• Ingresos anuales de prescripción de cannabis medicinal: CAD $ 12.4 millones

Líneas de productos de bienestar

Ingresos del producto de bienestar para 2023: CAD $ 45.6 millones

Categoría de bienestar	Ingresos (CAD)
Productos de CBD	$ 22.3 millones
Bebidas de bienestar	$ 15.7 millones
Suplementos de bienestar	$ 7.6 millones

Expansión del mercado internacional

Ingresos del mercado internacional para 2023: CAD $ 22.1 millones

• Contribución del mercado de Alemania: $ 8.5 millones
• Contribución del mercado de Israel: $ 6.3 millones
• Otros mercados internacionales: $ 7.3 millones

Ingresos por licencias e propiedad intelectual

Ingresos totales de licencia para 2023: CAD $ 15.2 millones

Categoría de licencias	Ingresos (CAD)
Licencia de patente	$ 7.8 millones
Transferencia de tecnología	$ 4.5 millones
Licencia de marca	$ 2.9 millones

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.