Canopy Growth Corporation (CGC): Business Model Canvas [Dec-2025 Updated]

You're looking past the old structure to see exactly how Canopy Growth Corporation is fighting for profitability in late 2025, and honestly, the map is surprisingly clear now. Their current game plan centers on an 'asset-right' model, meaning they are strategically leaning on partners like Canopy USA LLC for U.S. exposure while doubling down on high-margin hardware, like Storz & Bickel devices which generated $73 million in sales this fiscal year. It's a clear shift from volume to value. We've broken down this entire strategy-from their $298 million cash cushion to their focused medical patient relationships-across the full Business Model Canvas, so check out the details below to see the precise levers they are pulling to make this model work.

Canopy Growth Corporation (CGC) - Canvas Business Model: Key Partnerships

You're looking at the core relationships Canopy Growth Corporation (CGC) relies on to move product and secure market share as of late 2025. It's a mix of strategic ownership, supplier reliance, and government channel access.

Canopy USA LLC for U.S. Market Access (Wana, Jetty, Acreage)

Canopy Growth maintains its U.S. THC exposure through an unconsolidated, non-controlling interest in Canopy USA, LLC. This structure keeps the U.S. assets independent from CGC's primary reporting, which is a key structural detail.

Here are some figures related to the U.S. platform as of the end of Fiscal Year 2025 (March 31, 2025) or more recent reports:

Metric	Value/Status	Date/Context
Reported Revenue (Canopy USA)	USD 210 million	Period where Canopy USA faced Acreage challenges
Fair Value of Canopy USA Investments (incl. Acreage debt)	Approx. $178 million	As of March 31, 2025
CGC Economic/Voting Interest in Wana, Jetty, Acreage	None (Pending Stock Exchange Permissibility Date)	As of late 2025
U.S. CBD Business Transition	Deconsolidated to Canopy USA	April 30, 2024

The relationship is defined by CGC holding Non-Voting Shares in Canopy USA, meaning full economic or voting interest in Wana, Jetty, and Acreage is contingent on a future date.

Third-party cultivators and processors for an asset-right supply model

Canopy Growth is driving efficiency through a disciplined asset-right operating model. This means they are not owning every single asset but are selectively investing where returns are accelerated, while leaning on external partners.

• The strategy involves excelling at internal manufacturing capabilities while leveraging local and/or regional suppliers for raw materials to complement owned operations.
• This approach is described as utilizing 'Owned core assets + leading CMO partnerships' to improve adaptability to market demands.

Provincial government wholesalers/boards for Canadian adult-use distribution

Distribution in the Canadian adult-use market is executed by selling products to provincial cannabis control authorities. The company focuses on strengthening planning and execution with these boards to ensure stock consistency.

Canadian Adult-Use Net Revenue:

• Fiscal Year 2025: $78.8 million.
• Q1 Fiscal 2026: $27 million, a 43% increase year-over-year.
• Q2 Fiscal 2026: $24 million, a 30% increase year-over-year.

Supply arrangements with these provincial purchasers generally do not contain any binding minimum purchase obligations for Canopy Growth.

Global medical distributors and clinics in Europe and Australia

Canopy Growth serves medical cannabis patients globally, with principal operations in Canada, Germany, Poland, and Australia. This segment relies on distribution agreements and direct sales to medical channels.

Market/Metric	Value/Change	Context/Period
International Markets Cannabis Net Revenue	$5 million (Decrease of 39% YoY)	Q2 FY2026 (ended September 30, 2025)
International Markets Cannabis Net Revenue	$8.8 million (Increase of 4% YoY)	Q1 FY2026 (ended June 30, 2024, compared to Q1 FY2025)
International Markets Net Revenue	$12 million (Increase of 14% YoY)	Q3 FY2025 (ended December 31, 2024, compared to Q3 FY2024)
Australian Exports (Dried Cannabis)	3,512.5 kilograms	First six months of 2024
German Imports (Dried Cannabis)	1,546.2 kilograms (Down 27% YoY)	First six months of 2024

The Q2 FY2026 revenue decrease was primarily attributed to supply chain challenges in Europe. The company launched its Tweed brand in the German medical market, utilizing cultivars grown in the EU through an agreement with Gro-Vida S.A.

CCELL Technology for advanced all-in-one vape hardware

Canopy Growth is integrating CCELL's newest all-in-one (AIO) vape technology into its Canadian adult-use offerings under the Tweed and 7ACRES brands to deepen presence in high-demand vape formats.

• The advanced hardware features a built-in display screen for variable voltage and battery life.
• Tweed launched three new 0.95g liquid diamond AIO vapes: Gorilla Berry Grape, Blood Orange Kush, and Kush Mints.
• 7ACRES introduced 0.95g AIO vapes in Blue Dream and Jack Haze.

This partnership supports the strategy to strengthen position in the accelerating vape segment.

Canopy Growth Corporation (CGC) - Canvas Business Model: Key Activities

You're looking at the core engine of Canopy Growth Corporation's strategy as of late 2025, focusing on what they actually do to generate revenue and manage costs. It's a mix of product development, logistics heavy lifting, and operational discipline.

R&D and launch of high-demand products (e.g., Claybourne infused pre-rolls)

Research and development activity is clearly tied to product innovation, especially in high-demand categories. The company is pushing new SKUs to capture market share and improve margins. For instance, the Claybourne brand is part of the portfolio driving growth in the Canadian adult-use segment.

• Canada adult-use cannabis net revenue in Q2 FY2026 reached $24 million.
• This Q2 FY2026 adult-use revenue represented a 30% increase compared to Q2 FY2025.
• Growth in Q2 FY2026 was attributable to infused pre-roll joints (PRJ) and new All-In-One vapes from Tweed and 7ACRES, which launched in the three months ended June 30, 2025 (Q1 FY2026).

Global supply chain management and logistics for medical cannabis

Managing the flow of product globally, especially for medical cannabis, is a major activity. This involves securing supply and ensuring timely delivery across different regulatory environments like Europe and Australia.

• Agreements with multiple EU-based cultivators are in place to increase cannabis flower supply for European medical markets.
• The company has mobilized a dedicated effort to improve supply chain execution in its European medical cannabis business.

Manufacturing and innovation of Storz & Bickel vaporization devices

Canopy Growth maintains a key activity in manufacturing and innovating vaporization technology through its subsidiary. This division has seen revenue fluctuations based on market conditions and new product introductions.

Metric	Q2 FY2025 Net Revenue (CAD)	Q2 FY2026 Net Revenue (CAD)	Year-over-Year Change
Storz & Bickel	$17.78 million (Implied from $16M / (1 - 0.10))	$16 million	-10%

The net revenue for Storz & Bickel in Q2 FY2026 was $16 million, a 10% decrease from Q2 FY2025, partially offset by the launch of the VEAZY™ in September 2025.

Streamlining operations for over $20 million in annualized savings

A significant operational focus has been on cost reduction to drive margin improvement and move toward profitability. This is a direct result of strategic streamlining across the organization.

• Additional cost reduction initiatives initiated in Q4 FY2025 are expected to deliver at least $20 million in annualized savings over the next 12-18 months.
• Cost cuts targeting $20 million in savings were initiated, with 50% executed as of the Q4 FY2025 report.

Deepening engagement with insured medical patients via Spectrum Therapeutics

Focusing on the high-margin medical segment, particularly through the Spectrum Therapeutics brand, is central to their strategy. This involves expanding the product assortment available to these specific patient groups.

The DOJA cultivation facility now exclusively serves Spectrum Therapeutics medical patients to support growth and innovation in this high-value area. You can see the impact in the revenue growth figures for this segment.

• Canada medical cannabis net revenue in Q2 FY2026 increased 17% compared to Q2 FY2025.
• This medical growth was driven by an increase in the number of insured patients, increased order sizes, and a larger assortment of product choices.
• Spectrum Therapeutics portfolio was expanded in Australia with new softgel capsules, including Spectrum Yellow (CBD 20mg), Spectrum Red (THC 10mg), and Spectrum Blue (Balanced THC 2.5mg : CBD 3.75mg).

Cash on hand is looking stronger, which helps fund these activities; cash and cash equivalents stood at $298 million as of September 30, 2025. Finance: draft 13-week cash view by Friday.

Canopy Growth Corporation (CGC) - Canvas Business Model: Key Resources

You're looking at the core assets that Canopy Growth Corporation is leaning on right now to drive its strategy forward. These aren't just abstract concepts; they are tangible brands, technology, and the financial runway to execute on their plans. Honestly, the balance sheet strength is a huge resource right now, given the industry's volatility.

The portfolio of core brands remains central to their consumer-facing strategy in Canada and internationally. These brands are the vehicles for their product innovation pipeline, which is heavily focused on high-demand formats like vapes and pre-rolls.

• Portfolio of core brands: Tweed, 7ACRES, DOJA, Deep Space, Claybourne.
• Storz & Bickel's German-engineered, premium vaporizer technology, which saw its gross margin reach 38% in Q2 FY2026.
• Intellectual property and licenses for global cannabis operations across Canada, Europe, and Australia.

Financially, the liquidity position as of the end of the second quarter of fiscal year 2026 is a critical resource. This cash position has allowed Canopy Growth to actively manage its liabilities and remove previous going concern doubts.

Here's a quick look at the financial strength as of September 30, 2025, which is the latest reported data:

Resource Metric	Amount as of September 30, 2025 (Q2 FY2026)
Cash and Cash Equivalents	$298 million
Debt Exceeded by Cash	$70 million
Debt Prepayment in Q2 FY2026	US$50 million
Consolidated Net Revenue (Q2 FY2026)	$67 million
Canada Adult-Use Cannabis Net Revenue (Q2 FY2026)	$24 million
Canada Medical Cannabis Net Revenue (Q2 FY2026)	$22 million
Storz & Bickel Net Revenue (Q2 FY2026)	$16 million

The strategic, non-controlling equity stakes in the U.S. THC market via Canopy USA represent a significant future asset. This structure positions Canopy Growth to capitalize on potential U.S. federal regulatory changes without the immediate consolidation of operational complexities. Canopy USA's portfolio includes ownership stakes in multi-state operators and brands like Acreage Holdings, Wana Wellness, and Jetty.

The operational focus is also a key intangible resource; for example, the DOJA facility was repurposed to focus exclusively on medical cannabis production for Spectrum Therapeutics patients in Canada. Also, the company captured $21 million in annualized Selling, General and Administrative (SG&A) savings since March 1, 2025.

Finance: review the impact of the $298 million cash position on the 13-week cash flow forecast by end of next week.

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.