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Canopy Growth reports revenue increase of nine per cent YOY, gross margin decreases to 25 per cent from 35 percent in Q1 financials

Aug. 8, 2025, Smiths Falls, Ont. — Canopy Growth Corporation announced its financial results for the first quarter, with revenue increasing by nine per cent.

Consolidated gross margin decreased to 25 per cent, down from 35 per cent the year previous, primarily due to lower Storz and Bickel sales, decreased high-margin cannabis sales in Poland and a shift in product mix towards manufactured adult-use cannabis products in Canada.

Adjusted EBITDA loss was $8 million, an increase from $5 million last year, primarily influenced by lower consolidated gross margins, the company said in a press statement.

Net-revenue from Canada adult-use cannabis grew by 43 per cent to $27 million and the Canadian medical cannabis sector net revenue increased by 13 per cent.

Growth in international markets was slower, increasing by four per cent to $9 million.

“We delivered strong top line growth in the first quarter of fiscal 2026, led by momentum in our Canada adult-use cannabis business where we’re gaining share in high-demand categories, and steady performance across our global medical cannabis business,” said Luc Mongeau, chief executive officer of Canopy Growth, in a media release. “This reflects the early impact of our focused commercial strategy and a more disciplined execution. I’m confident we can continue to build on this momentum through the remainder of the year.”