Canopy Growth says it is entering its next fiscal year with renewed momentum after reporting improved revenues and significantly reduced losses in its latest financial results.
The Smiths Falls-based cannabis company released its fourth-quarter and year-end results Monday, reporting consolidated net revenue of $284.6 million for fiscal 2026, up six per cent from the previous year.
Growth was strongest in the company’s Canadian medical cannabis business, where annual net revenue increased 18 per cent, and in its adult-use cannabis segment, which saw a 20 per cent increase over fiscal 2025.
Canopy also highlighted its acquisition of MTL Cannabis during the year, a move the company says has established it as Canada’s leading medical cannabis provider by revenue.
“We reset the business, laid a disciplined foundation, and made deliberate investments,” chief executive officer Luc Mongeau said in a statement. “We enter fiscal 2027 with momentum, clarity, and a team that has proven it can execute.”
Despite the improved performance, Canopy continues to operate at a loss.
The company reported a net loss from continuing operations of $262.9 million for fiscal 2026, an improvement from the $514.9-million loss recorded the previous year. Fourth-quarter losses also narrowed compared with the same period in 2025.
Canopy said efforts to reduce costs contributed to the improvement. Selling, general and administrative expenses declined six per cent during the year, driven in part by reductions in staffing levels and lower spending on professional services and information technology.
The company ended the fiscal year with a net cash position of $131.3 million, compared with net debt of $172.6 million a year earlier.
Chief financial officer Tom Stewart said the stronger balance sheet provides greater flexibility moving forward.
“We are confident we have the right strategy and financial model in place to achieve our goal of delivering positive adjusted EBITDA during fiscal 2027,” Stewart said.
Adjusted EBITDA is a financial measure commonly used to assess a company’s operating performance before certain expenses are taken into account. It does not necessarily indicate overall profitability.
Looking ahead, Canopy expects continued revenue growth across its business in fiscal 2027, supported by improvements in cultivation practices, ongoing cost controls and the integration of MTL Cannabis.
The company said it anticipates stronger year-over-year results in the second half of the coming fiscal year as those initiatives take hold.
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