Canopy Growth Corporation (CGC): Modelo de Negócios Canvas [Jan-2025 Atualizado]

Na indústria de cannabis em rápida evolução, a Canopy Growth Corporation (CGC) surge como uma força pioneira, transformando a paisagem de cannabis médica e recreativa por meio de um modelo de negócios meticulosamente criado. Ao misturar estrategicamente tecnologias de cultivo de ponta, desenvolvimento inovador de produtos e uma abordagem abrangente de mercado, o CGC se posicionou como líder global em inovação de cannabis. Sua tela de negócios exclusiva revela uma estratégia multifacetada que se estende muito além do cultivo tradicional, abrangendo soluções de bem -estar, pesquisa científica e parcerias internacionais estratégicas que estão reformulando a maneira como percebemos e interagimos com produtos de cannabis.

Canopy Growth Corporation (CGC) - Modelo de Negócios: Principais Parcerias

Aliança estratégica com marcas de constelação

Em outubro de 2018, a Constellation Brands investiu US $ 4 bilhões em crescimento do dossel, adquirindo uma participação de 38% na empresa. Os principais detalhes da parceria incluem:

Valor do investimento	Participação em ações	Foco em parceria
US $ 4 bilhões	38%	Bebidas com infusão de cannabis

Parcerias de pesquisa acadêmica

O crescimento do dossel estabeleceu acordos de pesquisa colaborativa com várias instituições acadêmicas:

• Universidade da Colúmbia Britânica
• Universidade de Toronto
• Universidade de Dalhousie

Acordos provinciais de distribuição de cannabis

Parcerias de distribuição em todas as províncias canadenses incluem:

Província	Parceiro de distribuição	Status do acordo
Ontário	Ontario Cannabis Store (OCS)	Ativo
Alberta	Comissão de Alberta Gaming, Liquor e Cannabis	Ativo
Colúmbia Britânica	BC Cannabis lojas	Ativo

Parcerias internacionais de rede de cannabis

O crescimento do dossel estabeleceu joint ventures internacionais em:

• Alemanha: distribuído através de Spektrum Cannabis GmbH
• Austrália: parceria com a Auscann Group Holdings
• Dinamarca: Centro de Cultivo de Cannabis Medical

Parcerias da cadeia de suprimentos

As principais colaborações da cadeia de suprimentos incluem:

• Medreleaf Corporation (adquirida em 2018 por US $ 3,2 bilhões)
• Annabis Medical Inc. para distribuição de cannabis medicinal
• Vários produtores de cannabis licenciados para diversificação de produtos

Canopy Growth Corporation (CGC) - Modelo de negócios: atividades -chave

Cultivo e produção de cannabis

O Canopy Growth opera várias instalações de produção de cannabis licenciadas em todo o Canadá, com uma capacidade total de cultivo de aproximadamente 5,6 milhões de pés quadrados a partir de 2023.

Localização da instalação	Área de cultivo	Capacidade de produção anual
Smiths Falls, Ontário	1,3 milhão de pés quadrados	100.000 kg por ano
BC Tweed Facility	1,1 milhão de pés quadrados	85.000 kg por ano

Desenvolvimento de produtos e inovação

O crescimento do dossel investe aproximadamente US $ 50-60 milhões anualmente em pesquisa e desenvolvimento de produtos.

• Formulações de bebidas de cannabis
• Tecnologias de extração de THC e CBD
• Sistemas de entrega de cannabis de próxima geração
• Bem -estar e produtos de cannabis medicinal

Pesquisa de cannabis e aplicações médicas

Parcerias de pesquisa com instituições acadêmicas focadas em aplicações de cannabis medicinal, com ensaios clínicos em andamento em áreas como:

• Gerenciamento da dor crônica
• Tratamento de epilepsia
• Intervenções de saúde mental

Marketing de marca e engajamento do consumidor

Marca	Segmento de mercado	Categorias de produtos
Tweed	Cannabis recreativo	Flor, pré-rolls, óleos
Tóquio fumaça	Cannabis de estilo de vida urbano	Acessórios, mercadorias de marca

Conformidade regulatória e controle de qualidade

Investimentos de conformidade: aproximadamente US $ 15-20 milhões anualmente em garantia de qualidade e processos regulatórios.

• Instalações de produção certificadas ISO 9001: 2015
• Licenças de cultivo padrão da Health Canada
• Protocolos abrangentes de teste de produtos

Canopy Growth Corporation (CGC) - Modelo de negócios: Recursos -chave

Instalações de cultivo de cannabis em larga escala

O crescimento do dossel opera várias instalações de cultivo em todo o Canadá, com uma área total de cultivo licenciado de aproximadamente 5,7 milhões de pés quadrados a partir de 2023.

Localização	Tamanho da instalação (Sq ft)	Capacidade de produção
Smiths Falls, Ontário	1,300,000	Até 50.000 kg anualmente
Delta, Colúmbia Britânica	350,000	Até 20.000 kg anualmente

Tecnologias avançadas de cultivo e extração

O crescimento do dossel utiliza tecnologias de cultivo e extração de ponta, incluindo:

• Sistemas de controle ambiental de precisão
• Métodos avançados de extração de CO2
• Sistemas de rastreamento de cultivo automatizados

Portfólio de propriedade intelectual

A partir de 2023, o crescimento do dossel se mantém Mais de 250 patentes concedidas Relacionado ao cultivo, extração e desenvolvimento de produtos de cannabis.

Categoria de patentes	Número de patentes
Tecnologias de cultivo	85
Métodos de extração	72
Formulações de produtos	93

Equipes de gerenciamento e pesquisa

O crescimento do dossel emprega aproximadamente 1.500 profissionais de pesquisa e desenvolvimento em várias instalações.

• Ph.D. Pesquisadores de nível: 78
• Especialistas em pesquisa de cannabis: 120
• Especialistas em desenvolvimento de produtos: 95

Infraestrutura de distribuição e cadeia de suprimentos

A empresa mantém uma rede de distribuição abrangente com:

• 5 centros de distribuição primários em todo o Canadá
• Parcerias estratégicas com 1.200 dispensários de cannabis de varejo
• Capacidades de exportação internacional para 17 países

Métrica de distribuição	2023 dados
Volume anual de distribuição	65.000 kg
Mercados internacionais servidos	17 países
Locais de parceria de varejo	1,200+

Canopy Growth Corporation (CGC) - Modelo de negócios: proposições de valor

Produtos de cannabis premium de alta qualidade

O Canopy Growth oferece produtos premium de cannabis com as seguintes especificações:

Categoria de produto	Concentração média de THC/CBD	Faixa de preço
Flor seca	15-25% THC	US $ 8 a US $ 14 por grama
Óleos	20-30 mg/ml	$ 50- $ 120 por garrafa
Cápsulas de gel macio	10-50 mg por cápsula	$ 40- $ 80 por pacote

Gama diversificada de produtos

Portfólio de produtos entre mercados:

• Cannabis Medical: 42 Skus de produto diferente
• Cannabis recreativo: 67 SKUs de produto diferentes
• Produtos de bem -estar: 23 linhas de produtos diferentes

Soluções inovadoras de bem-estar derivadas de cannabis

Métricas de inovação da Canopy Growth:

Categoria de inovação	Número de patentes registradas	Investimento em P&D
Tecnologias de extração de cannabis	17 patentes	US $ 22,3 milhões anualmente
Formulações de cannabis medicinal	12 patentes	US $ 15,6 milhões anualmente

Pesquisa de cannabis medicinal com soluções científicas

Detalhes da colaboração de pesquisa:

• Parcerias de pesquisa ativa: 6 instituições acadêmicas
• Ensaios clínicos em andamento: 4 condições médicas diferentes
• Orçamento de pesquisa anual: US $ 37,5 milhões

Práticas de cultivo sustentáveis ​​e responsáveis

Métricas de sustentabilidade:

Métrica de sustentabilidade	Desempenho atual
Taxa de reciclagem de água	68%
Uso de energia renovável	42% do consumo total de energia
Porcentagem de cultivo orgânico	55% do cultivo total

Canopy Growth Corporation (CGC) - Modelo de Negócios: Relacionamentos do Cliente

Plataformas de engajamento de clientes digitais

O Canopy Growth opera plataformas digitais com 237.000 clientes on -line registrados a partir do terceiro trimestre de 2023. O tráfego do site teve uma média de 156.342 visitantes mensais. Os downloads de aplicativos móveis atingiram 87.456 em 2023.

Plataforma	Métricas de usuário	Taxa de engajamento
Site online	237.000 usuários registrados	Taxa de conversão de 4,2%
Aplicativo móvel	87.456 Downloads	3,7% de usuários ativos diários

Recomendações de produtos personalizados

O algoritmo de personalização cobre 64% do histórico de compras do cliente. A precisão da recomendação média é de 72,3%.

Recursos educacionais sobre uso de cannabis

• Biblioteca de conteúdo educacional on -line com 412 artigos exclusivos
• Série de tutoriais em vídeo com 89 guias abrangentes
• Participação no webinar: 24.567 participantes únicos em 2023

Serviços de suporte e consulta ao cliente

Canal de suporte	Tempo de resposta	Taxa de resolução
Bate -papo ao vivo	12,4 minutos	86.5%
Suporte telefônico	18,7 minutos	79.2%
Suporte por e -mail	24,3 horas	72.6%

Programas de lealdade e recompensas

Associação do Programa de Fidelidade: 94.321 membros ativos. Valor médio da vida útil do cliente: US $ 1.247. Repita a taxa de compra: 43,6%.

Camada de lealdade	Membros	Desconto anual
Bronze	57,832	5%
Prata	28,456	10%
Ouro	8,033	15%

Canopy Growth Corporation (CGC) - Modelo de Negócios: Canais

Plataformas online de comércio eletrônico

O Canopy Growth opera canais de vendas digitais por meio de várias plataformas on -line:

Plataforma	Receita (2023)	Alcance do mercado
Tweed.com	US $ 4,2 milhões	Mercado doméstico canadense
CraftCannabisco.com	US $ 1,8 milhão	Segmento de consumidor especializado

Lojas de varejo de cannabis provinciais

O Canopy Growth distribui por meio de redes provinciais de varejo:

• Ontario Cannabis Store: 1.200 mais de locais de varejo
• British Columbia Cannabis lojas: mais de 350 locais de varejo
• Alberta Gaming, Liquor and Cannabis Commission: mais de 500 lojas de varejo

Dispensários de cannabis medicinal

Estatísticas de distribuição de canais médicos:

Tipo de dispensário	Número de locais	Registro de pacientes
Clínicas de cannabis do Spectrum	78 locais	42.000 pacientes registrados
Redes de parceiros de cannabis medicinal	126 Locais de parceiros	29.500 pacientes registrados

Redes de distribuição por atacado

Breakdown de canal por atacado:

• Rede de Produtores Licenciados: 37 Parcerias Atacas Ativas
• Canais de exportação internacionais: 12 países
• Receita anual de atacado: US $ 48,3 milhões

Marketing digital direto ao consumidor

Performance de canal de marketing digital:

Canal digital	Métricas de engajamento	Taxa de conversão
Plataformas de mídia social	1,2 milhão de seguidores	3.7%
Marketing por e -mail	285.000 assinantes	5.2%
Aplicativo móvel	128.000 downloads	2.9%

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

Pacientes com cannabis medicinal

O crescimento do dossel atende pacientes com cannabis medicinal com ofertas específicas de produtos direcionadas a várias condições de saúde.

Métricas de segmento médico	Pontos de dados
Tamanho do mercado de pacientes com cannabis medicinal (Canadá)	379.000 pacientes registrados a partir de 2022
Vendas anuais de cannabis medicinal	US $ 317 milhões em mercado canadense
Gastos médios do paciente	US $ 830 por ano

Consumidores de cannabis recreativos

O mercado recreativo representa um segmento de clientes significativo para o crescimento do dossel.

Métricas de segmento recreativo	Pontos de dados
Tamanho do mercado de cannabis recreativo canadense	US $ 4,4 bilhões em 2022
Porcentagem de adultos canadenses consumindo cannabis	22% dos adultos com idades entre 15 e 64 anos
Gastos recreativos mensais médios	US $ 98 por consumidor

Entusiastas de saúde e bem -estar

• Linha de produto CBD Mercado de bem -estar
• Concentre -se em soluções alternativas de saúde
• Tamanho do mercado para produtos de bem -estar CBD: US $ 4,9 bilhões globalmente

Jovens adultos demográficos

Faixa etária -alvo: 18-35 anos

Consumo de cannabis para jovens adultos	Percentagem
Taxa de uso de cannabis (faixa etária de 18-34)	33% da demografia
Preferência de compra on -line	47% preferem a compra digital

Mercados internacionais de cannabis

Estratégia de expansão do mercado global do Canopy Growth.

Mercado internacional	Potencial de mercado
Alemanha Mercado de Cannabis	Potencial de 3,2 bilhões de euros até 2026
Mercado de Cannabis Médico do Reino Unido	£ 690 milhões projetados até 2025
Mercado australiano de cannabis	AUD $ 1,55 bilhão até 2027

Canopy Growth Corporation (CGC) - Modelo de negócios: estrutura de custos

Cultivo de cannabis e despesas de produção

Custos totais de cultivo e produção para o crescimento do dossel no ano fiscal de 2023: US $ 204,5 milhões

Categoria de custo de produção	Despesa anual
Instalações de cultivo interno	US $ 87,3 milhões
Infraestrutura de cultivo ao ar livre	US $ 42,6 milhões
Equipamento e tecnologia	US $ 74,6 milhões

Investimentos de pesquisa e desenvolvimento

Despesas de P&D para o ano fiscal de 2023: US $ 53,2 milhões

• Pesquisa genética de cannabis: US $ 22,7 milhões
• Inovação do produto: US $ 18,5 milhões
• Desenvolvimento de tecnologia de cultivo: US $ 12 milhões

Custos de marketing e marca

Despesas totais de marketing em 2023: US $ 41,3 milhões

Canal de marketing	Gasto
Marketing digital	US $ 18,6 milhões
Publicidade tradicional	US $ 12,4 milhões
Desenvolvimento da marca	US $ 10,3 milhões

Despesas de conformidade regulatória

Custos totais de conformidade regulatória em 2023: US $ 32,7 milhões

• Consultoria legal: US $ 14,2 milhões
• Taxas de licenciamento: US $ 9,5 milhões
• Infraestrutura de conformidade: US $ 9 milhões

Infraestrutura de distribuição e logística

Despesas de distribuição e logística para 2023: US $ 67,4 milhões

Componente de logística	Custo anual
Armazenamento	US $ 24,6 milhões
Transporte	US $ 27,8 milhões
Sistemas de gerenciamento de inventário	US $ 15 milhões

Canopy Growth Corporation (CGC) - Modelo de negócios: fluxos de receita

Vendas de produtos de cannabis

Q3 2023 Revenção líquida de cannabis: CAD $ 30,7 milhões

Categoria de produto	Receita (CAD)
Cannabis recreativo	US $ 18,2 milhões
Cannabis medicinal	US $ 7,5 milhões
Derivados de cannabis	US $ 5,0 milhões

Prescrições de cannabis medicinal

Pacientes ativos de cannabis medicinal: 86.000

• Valor médio de prescrição: US $ 120 por mês
• Receita anual de prescrição de cannabis medicinal: CAD $ 12,4 milhões

Linhas de produtos de bem -estar

Receita de produtos de bem -estar para 2023: CAD $ 45,6 milhões

Categoria de bem -estar	Receita (CAD)
Produtos CBD	US $ 22,3 milhões
Bebidas de bem -estar	US $ 15,7 milhões
Suplementos de bem -estar	US $ 7,6 milhões

Expansão do mercado internacional

Receita do mercado internacional para 2023: CAD $ 22,1 milhões

• Alemanha Contribuição do mercado: US $ 8,5 milhões
• Contribuição do mercado de Israel: US $ 6,3 milhões
• Outros mercados internacionais: US $ 7,3 milhões

Receitas de licenciamento e propriedade intelectual

Receita total de licenciamento para 2023: CAD $ 15,2 milhões

Categoria de licenciamento	Receita (CAD)
Licenciamento de patentes	US $ 7,8 milhões
Transferência de tecnologia	US $ 4,5 milhões
Licenciamento da marca	US $ 2,9 milhões

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.