Canopy Growth Corporation (CGC): Business Model Canvas [Jan-2025 Mis à jour]

Dans l'industrie du cannabis en évolution rapide, la société de croissance de Canopy (CGC) émerge comme une force pionnière, transformant le paysage du cannabis médical et récréatif grâce à un modèle commercial méticuleusement conçu. En mélangeant stratégiquement les technologies de culture de pointe, le développement innovant des produits et une approche complète du marché, CGC s'est positionné comme un leader mondial de l'innovation du cannabis. Leur toile d'activité unique révèle une stratégie multiforme qui s'étend bien au-delà de la culture traditionnelle, englobant des solutions de bien-être, de la recherche scientifique et des partenariats internationaux stratégiques qui remodèlent la façon dont nous percevons et interagissons avec les produits de cannabis.

Canopy Growth Corporation (CGC) - Modèle d'entreprise: partenariats clés

Alliance stratégique avec les marques de constellation

En octobre 2018, Constellation Brands a investi 4 milliards de dollars dans la croissance de la canopée, acquérant une participation de 38% dans la société. Les détails clés du partenariat comprennent:

Montant d'investissement	Pieu de capitaux propres	Focus de partenariat
4 milliards de dollars	38%	Boissons infusées au cannabis

Partenariats de recherche universitaire

La croissance de Canopy a établi des accords de recherche collaboratif avec plusieurs établissements universitaires:

• Université de la Colombie-Britannique
• Université de Toronto
• Université de Dalhousie

Accords de distribution de cannabis provincial

Les partenariats de distribution entre les provinces canadiennes comprennent:

Province	Partenaire de distribution	État de l'accord
Ontario	Store de cannabis de l'Ontario (OCS)	Actif
Alberta	ALBERTA GAMING, LOCAGE ET COMMANDE DE CANNABIS	Actif
Colombie-Britannique	Magasins de cannabis de la Colombie-Britannique	Actif

Partenariats internationaux du réseau de cannabis

La croissance de la canopée a établi des coentreprises internationales dans:

• Allemagne: Distribué par le cannabis Spektrum GmbH
• Australie: partenariat avec Auscann Group Holdings
• Danemark: Médical de culture du cannabis médical

Partenariats de la chaîne d'approvisionnement

Les collaborations clés de la chaîne d'approvisionnement comprennent:

• MedReleaf Corporation (acquise en 2018 pour 3,2 milliards de dollars)
• Annabis Medical Inc. pour la distribution de cannabis médical
• Divers producteurs de cannabis agréés pour la diversification des produits

Canopy Growth Corporation (CGC) - Modèle d'entreprise: activités clés

Culture et production du cannabis

La croissance de la canopée exploite plusieurs installations de production de cannabis sous licence à travers le Canada, avec une capacité de culture totale d'environ 5,6 millions de pieds carrés en 2023.

Emplacement de l'installation	Zone de culture	Capacité de production annuelle
Smiths Falls, Ontario	1,3 million de pieds carrés	100 000 kg par an
BC Tweed Facility	1,1 million de pieds carrés	85 000 kg par an

Développement et innovation de produits

La croissance de la canopée investit approximativement 50 à 60 millions de dollars par an en recherche et développement de produits.

• Formulations de boissons au cannabis
• Technologies d'extraction THC et CBD
• Systèmes de livraison de cannabis de nouvelle génération
• Produits de bien-être et de cannabis médical

Recherche de cannabis et applications médicales

Des partenariats de recherche avec des établissements universitaires axés sur les applications de cannabis médical, avec des essais cliniques en cours dans des domaines tels que:

• Gestion de la douleur chronique
• Traitement de l'épilepsie
• Interventions de santé mentale

Marketing de marque et engagement des consommateurs

Marque	Segment de marché	Catégories de produits
Tweed	Cannabis récréatif	Fleur, pré-rouleaux, huiles
Tokyo fumée	Cannabis de style de vie urbain	Accessoires, marchandises de marque

Conformité réglementaire et contrôle de la qualité

Investissements de conformité: approximativement 15-20 millions de dollars par an en procédés d'assurance qualité et réglementaires.

• ISO 9001: Installations de production certifiée 2015
• Licences de culture standard de Santé Canada
• Protocoles de tests de produits complets

Canopy Growth Corporation (CGC) - Modèle d'entreprise: Ressources clés

Installations de culture de cannabis à grande échelle

La croissance de la canopée exploite plusieurs installations de culture à travers le Canada, avec une zone de culture agréée totale d'environ 5,7 millions de pieds carrés en 2023.

Emplacement	Taille de l'installation (sq ft)	Capacité de production
Smiths Falls, Ontario	1,300,000	Jusqu'à 50 000 kg par an
Delta, Colombie-Britannique	350,000	Jusqu'à 20 000 kg par an

Technologies de culture et d'extraction avancées

La croissance de la canopée utilise des technologies de culture et d'extraction de pointe, notamment:

• Systèmes de contrôle environnemental de précision
• Méthodes d'extraction de CO2 avancées
• Systèmes automatisés de suivi de la culture

Portefeuille de propriété intellectuelle

Depuis 2023, la croissance de la canopée tient Plus de 250 brevets accordés lié à la culture, à l'extraction et au développement de produits du cannabis.

Catégorie de brevet	Nombre de brevets
Technologies de culture	85
Méthodes d'extraction	72
Formulations de produits	93

Équipes de gestion et de recherche

La croissance de la canopée utilise environ 1 500 professionnels de la recherche et du développement sur plusieurs installations.

• doctorat Rechercheurs de niveau: 78
• Spécialistes de la recherche sur le cannabis: 120
• Experts en développement de produits: 95

Infrastructure de distribution et de chaîne d'approvisionnement

La société maintient un réseau de distribution complet avec:

• 5 centres de distribution primaires à travers le Canada
• Partenariats stratégiques avec plus de 1 200 dispensaires de cannabis au détail
• Capacités d'exportation internationales vers 17 pays

Métrique de distribution	2023 données
Volume de distribution annuel	65 000 kg
Les marchés internationaux ont servi	17 pays
Emplacements de partenariat de vente au détail	1,200+

Canopy Growth Corporation (CGC) - Modèle d'entreprise: propositions de valeur

Produits de cannabis de haute qualité de haute qualité

La croissance de la canopée propose des produits de cannabis haut de gamme avec les spécifications suivantes:

Catégorie de produits	Concentration moyenne du THC / CBD	Fourchette
Fleur séchée	15-25% THC	8 $ - 14 $ par gramme
Huiles	20-30 mg / ml	50 $ - 120 $ par bouteille
Capsules de gel doux	10-50 mg par capsule	40 $ - 80 $ par forfait

Gamme de produits diversifiée

Portefeuille de produits sur tous les marchés:

• Cannabis médical: 42 SKU de produits différents
• Cannabis récréatif: 67 SKU de produits différents
• Produits de bien-être: 23 gammes de produits différentes

Solutions de bien-être dérivées de cannabis innovantes

Métriques d'innovation de la croissance de la canopée:

Catégorie d'innovation	Nombre de brevets enregistrés	Investissement en R&D
Technologies d'extraction du cannabis	17 brevets	22,3 millions de dollars par an
Formulations médicales de cannabis	12 brevets	15,6 millions de dollars par an

Recherche de cannabis médical soutenu scientifiquement

Détails de la collaboration de recherche:

• Partenariats de recherche actifs: 6 établissements universitaires
• Essais cliniques en cours: 4 conditions médicales différentes
• Budget de recherche annuel: 37,5 millions de dollars

Pratiques de culture durables et responsables

Mesures de durabilité:

Métrique de la durabilité	Performance actuelle
Taux de recyclage de l'eau	68%
Consommation d'énergie renouvelable	42% de la consommation totale d'énergie
Pourcentage de culture organique	55% de la culture totale

Canopy Growth Corporation (CGC) - Modèle d'entreprise: relations avec les clients

Plates-formes de fiançailles clients numériques

La croissance de Canopy exploite des plates-formes numériques avec 237 000 clients en ligne enregistrés au troisième trimestre 2023. Le trafic du site Web était en moyenne de 156 342 visiteurs mensuels. Les téléchargements d'applications mobiles ont atteint 87 456 en 2023.

Plate-forme	Métriques des utilisateurs	Taux d'engagement
Site Web en ligne	237 000 utilisateurs enregistrés	Taux de conversion de 4,2%
Application mobile	87 456 téléchargements	3,7% utilisateurs actifs quotidiens

Recommandations de produits personnalisés

L'algorithme de personnalisation couvre 64% de l'historique des achats des clients. La précision moyenne des recommandations s'élève à 72,3%.

Ressources éducatives sur la consommation de cannabis

• Bibliothèque de contenu éducatif en ligne avec 412 articles uniques
• Série de tutoriels vidéo avec 89 guides complets
• Participation du webinaire: 24 567 participants uniques en 2023

Services de support client et de consultation

Canal de support	Temps de réponse	Taux de résolution
Chat en direct	12,4 minutes	86.5%
Support téléphonique	18,7 minutes	79.2%
Assistance par e-mail	24,3 heures	72.6%

Programmes de fidélité et de récompenses

Adhésion au programme de fidélité: 94 321 membres actifs. Valeur à vie moyenne du client: 1 247 $. Taux d'achat répété: 43,6%.

Niveau de fidélité	Membres	Remise annuelle
Bronze	57,832	5%
Argent	28,456	10%
Or	8,033	15%

Canopy Growth Corporation (CGC) - Modèle d'entreprise: canaux

Plateformes de commerce électronique en ligne

La croissance de Canopy exploite les canaux de vente numériques via plusieurs plateformes en ligne:

Plate-forme	Revenus (2023)	Portée du marché
Tweed.com	4,2 millions de dollars	Marché intérieur canadien
CraftCannabisco.com	1,8 million de dollars	Segment de consommation spécialisé

Magasins de vente au détail de cannabis provincial

La croissance de la canopée se répand par le biais de réseaux de vente au détail provinciaux:

• Magasin de cannabis de l'Ontario: plus de 200 emplacements de vente au détail
• Magasins de cannabis de la Colombie-Britannique: 350+ lieux de vente au détail
• ALBERTA GAMING, ALQUES ET CANNABIS COMMISSION: 500+ magasins de vente au détail

Dispensaires du cannabis médical

Statistiques de distribution des canaux médicaux:

Type de dispensaire	Nombre d'emplacements	Enregistrement des patients
Cliniques de cannabis au spectre	78 emplacements	42 000 patients enregistrés
Réseaux de partenaires de cannabis médical	126 emplacements partenaires	29 500 patients enregistrés

Réseaux de distribution en gros

Répartition des canaux en gros:

• Réseau des producteurs agréés: 37 partenariats en gros actifs
• Canaux d'exportation internationaux: 12 pays
• Revenus annuels en gros: 48,3 millions de dollars

Marketing numérique directement aux consommateurs

Performance du canal de marketing numérique:

Canal numérique	Métriques d'engagement	Taux de conversion
Plateformes de médias sociaux	1,2 million de followers	3.7%
E-mail marketing	285 000 abonnés	5.2%
Application mobile	128 000 téléchargements	2.9%

Canopy Growth Corporation (CGC) - Modèle d'entreprise: segments de clientèle

Patiens de cannabis médical

La croissance de la canopée sert des patients atteints de cannabis médical avec des offres de produits spécifiques ciblant diverses conditions de santé.

Métriques du segment médical	Points de données
Taille du marché des patients cannabis médicaux (Canada)	379 000 patients enregistrés en 2022
Ventes annuelles de cannabis médical	317 millions de dollars sur le marché canadien
Dépenses moyennes des patients	830 $ par an

Consommateurs de cannabis récréatif

Le marché récréatif représente un segment de clientèle important pour la croissance de la canopée.

Métriques du segment récréatif	Points de données
Taille du marché du cannabis récréatif canadien	4,4 milliards de dollars en 2022
Pourcentage d'adultes canadiens consommant du cannabis	22% des adultes âgés de 15 à 64 ans
Dépenses récréatives mensuelles moyennes	98 $ par consommateur

Antactifs de santé et de bien-être

• Ligne de produit CBD ciblant le marché du bien-être
• Concentrez-vous sur des solutions de santé alternatives
• Taille du marché pour les produits de bien-être CBD: 4,9 milliards de dollars dans le monde

Jeune adulte démographique

Groupe d'âge cible: 18-35 ans

Consommation de cannabis pour jeunes adultes	Pourcentage
Taux d'utilisation du cannabis (18-34 groupes d'âge)	33% de la démographie
Préférence d'achat en ligne	47% préfèrent les achats numériques

Marchés internationaux du cannabis

La stratégie d'expansion mondiale du marché de la croissance de Canopy.

Marché international	Potentiel de marché
Marché allemand du cannabis	3,2 milliards d'euros potentiel d'ici 2026
Marché du cannabis médical du Royaume-Uni	690 millions de livres sterling prévues d'ici 2025
Marché du cannabis australien	AUD 1,55 milliard de dollars d'ici 2027

Canopy Growth Corporation (CGC) - Modèle d'entreprise: Structure des coûts

Cultivation du cannabis et dépenses de production

Total des coûts de culture et de production pour la croissance de la canopée au cours de l'exercice 2023: 204,5 millions de dollars

Catégorie de coûts de production	Dépenses annuelles
Installations de culture intérieure	87,3 millions de dollars
Infrastructure de croissance extérieure	42,6 millions de dollars
Équipement et technologie	74,6 millions de dollars

Investissements de recherche et développement

Dépenses de R&D pour l'exercice 2023: 53,2 millions de dollars

• Recherche génétique du cannabis: 22,7 millions de dollars
• Innovation de produit: 18,5 millions de dollars
• Développement de la technologie de culture: 12 millions de dollars

Coûts de marketing et de marque

Total des dépenses de marketing en 2023: 41,3 millions de dollars

Canal de marketing	Dépense
Marketing numérique	18,6 millions de dollars
Publicité traditionnelle	12,4 millions de dollars
Développement	10,3 millions de dollars

Dépenses de conformité réglementaire

Total des coûts de conformité réglementaire en 2023: 32,7 millions de dollars

• Conseil juridique: 14,2 millions de dollars
• Frais de licence: 9,5 millions de dollars
• Infrastructure de conformité: 9 millions de dollars

Infrastructure de distribution et de logistique

Dépenses de distribution et de logistique pour 2023: 67,4 millions de dollars

Composant logistique	Coût annuel
Entrepôts	24,6 millions de dollars
Transport	27,8 millions de dollars
Systèmes de gestion des stocks	15 millions de dollars

Canopy Growth Corporation (CGC) - Modèle d'entreprise: Strots de revenus

Ventes de produits du cannabis

T3 2023 Revenus nets de cannabis: 30,7 millions de dollars CAD

Catégorie de produits	Revenus (CAD)
Cannabis récréatif	18,2 millions de dollars
Cannabis médical	7,5 millions de dollars
Dérivés de cannabis	5,0 millions de dollars

Prescriptions médicales de cannabis

Patients de cannabis médical actif: 86 000

• Valeur de prescription moyenne: 120 $ par mois
• Revenus de prescription annuels sur le cannabis médical: 12,4 millions de dollars CAD

Gammes de produits de bien-être

Revenus de produits de bien-être pour 2023: CAD 45,6 millions de dollars

Catégorie de bien-être	Revenus (CAD)
Produits CBD	22,3 millions de dollars
Boissons du bien-être	15,7 millions de dollars
Suppléments de bien-être	7,6 millions de dollars

Expansion du marché international

Revenus sur le marché international pour 2023: 22,1 millions de dollars CAD

• Contribution du marché de l'Allemagne: 8,5 millions de dollars
• Contribution du marché israélien: 6,3 millions de dollars
• Autres marchés internationaux: 7,3 millions de dollars

Licence et revenus de la propriété intellectuelle

Revenu total de licences pour 2023: 15,2 millions de dollars CAD

Catégorie de licence	Revenus (CAD)
Licence de brevet	7,8 millions de dollars
Transfert de technologie	4,5 millions de dollars
Licence de marque	2,9 millions de dollars

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.