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Canopy Growth today reported revenues of $25.9 million; a 14% increase over its last quarter ended March 31, 2018.
Average selling price per gram increased 51 cents – from $8.43 last quarter to $8.94 this quarter.
Compared with the same quarter last year (Q1 2018), average selling price per gram is up 98 cents.
Board chair and co-CEO Bruce Linton highlighted the company’s growth, which now includes operations in 11 countries, and its approvals to proceed with clinical trials for both humans and animals
He also drew attention to Canopy’s “recreational” cannabis market position in Canada – with “an estimated 36% of the total supply committed to date to the provinces and territories.
Mr. Linton says this represents “by far the deepest channel into the Canadian recreational cannabis market.”
The company reported the following highlights:
– Acquisition of outstanding shares in Canopy Health Innovations and BC Tweed, making them wholly-owned subsidiaries of the company
– Launch of Spectrum Cannabis colour-coded CBD gels
– Tweed cannabis store licenses in Newfoundland and Labrador, Manitoba and Saskatchewan
– 85,000 medical cannabis patients
– Approval to conduct Phase II clinical trials to evaluate the use of medical cannabis in the treatment of insomnia
– Multi-year supply agreement commitments – an estimated 36% of the total supply committed to date – to Canadian provinces and territories
– Increased inventory of dry cannabis, cannabis oils and softgel capsules
– Doubling in value of biological assets, to $52.8 million
– “Bricks and mortar” online cannabis retail licenses in Manitoba, and Saskatchewan and to existing licenses in Newfoundland and Labrador
– Development, construction and licensing of large greenhouse cultivation platforms in BC, Quebec and Ontario
– Acquisition of Czech Republic-based medical clinic Annabis Medical