Canopy Growth Corp
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
We found at least one documented issue that threatens the company itself — regardless of how the stock is currently valued.
Why this colour
The red rating here is not about the price or the valuation but about a documented accounting failure: on May 15, 2026 the audit committee withdrew two audited fiscal years and eight quarterly reports, the fiscal 2026 annual report carries an adverse opinion on internal control, the Form 10-Q as of June 30, 2026 states that disclosure controls were not effective, and on August 7, 2026 the auditor resigned. Until the weakness has been tested as remediated, every figure comes out of a system the company itself calls ineffective. Plenty argues against the rating and deserves saying: the correction was non-cash, equity is clearly positive at C$688.6 million, cash of C$336.6 million lasts well beyond four quarters, and the fiscal 2026 annual report carries no going-concern qualification. Where the evidence sits between two levels the more cautious one applies — and alongside the accounting failure sit dilution from 74.8 million to 422.3 million shares and a U.S. investment whose borrower, Acreage, is in default. The decision is yours.
What the thesis turns on
Assessment: Opportunities & Risks
Canopy Growth is posting improving operating numbers for the first time in years: net revenue in the quarter ended June 30, 2026 up 13 percent to C$81.2 million, net loss down 68 percent to C$14.6 million, and cash burn in fiscal 2026 cut to C$63.8 million. That recovery was paid for in ownership: weighted average shares have gone from 74.8 million in fiscal 2024 to 422.3 million. On top sits a documented accounting failure — two audited fiscal years and eight quarterly reports withdrawn, an adverse opinion on internal control, and the auditor’s resignation on August 7, 2026 — plus a U.S. investment whose borrower is in default. Not investment advice.
Operating trend
The business is measurably turning: in the quarter ended June 30, 2026 net revenue rose 13 percent to C$81.2 million — in all four businesses — gross margin improved from 25 to 27 percent, and adjusted EBITDA went from negative C$7.9 million to negative C$3.2 million. Across fiscal years the net loss fell from C$712.2 million (2024) to C$508.9 million to C$262.9 million (2026).
Accounting & controls
On May 15, 2026 the audit committee declared two audited fiscal years (2024, 2025) and eight quarterly reports no longer reliable; the fiscal 2026 annual report carries an adverse opinion on internal control, and disclosure controls were not effective as of June 30, 2026 per management. On August 7, 2026 the auditor resigned — with no disagreements, but with remediation still open.
Dilution
Weighted average shares rose from 74.8 million in fiscal 2024 to 422.3 million in the quarter ended June 30, 2026. The MTL acquisition of March 16, 2026 alone cost 41.2 million new shares; on top of that sit 54.4 million warrants outstanding, 5.4 million employee options and a C$55.0 million debenture convertible at C$1.83.
Financial position
Cash of C$336.6 million as of June 30, 2026 covers well beyond four quarters at a free cash outflow of C$25.7 million per quarter, and the fiscal 2026 annual report carries no going-concern qualification. Against that stand debt of C$240.2 million with a $90.0 million minimum unrestricted cash covenant and a rising quarterly outflow (prior-year quarter: C$11.6 million).
U.S. strategy
Access to the U.S. market runs through the unconsolidated interest in Canopy USA. Its subsidiary Acreage is in default per the Form 10-Q as of June 30, 2026; a forbearance agreement runs to January 31, 2027 and a senior lender ranks ahead of Canopy. The company names total loss of the extended loans (about C$185.9 million) as a risk itself.
Listing & structure
As of August 7, 2026 the closing price was $0.97 and had been below the Nasdaq $1.00 minimum for 25 consecutive business days; a deficiency letter follows after 30. The September 25, 2026 annual meeting votes on a share consolidation of one-for-five to one-for-fifteen — after a substantially identical 2025 authorization that was never used.
Worth Noting
Canopy Growth reached our research list through the SEC filing feed, specifically the rare Form 8-K under Item 4.02 (“Non-Reliance”) of May 15, 2026 — a company stating that its own published financial statements may no longer be relied upon.
Non-calendar fiscal year: it ends March 31. “Fiscal 2026” means April 1, 2025 to March 31, 2026, and “Q1 fiscal 2027” means April 1 to June 30, 2026. Comparing these figures with other companies’ calendar years compares periods shifted by three months.
Currencies are deliberately kept apart: all operating figures are in Canadian dollars (the reporting currency) and all price figures in U.S. dollars (the Nasdaq quotation currency). Conversions in the text use C$1.3764 per U.S. dollar, data as of August 22, 2026. This analysis is evergreen; a daily price is never a reason to buy.
Stock Watch
This analysis is as of August 26, 2026. Stock Watch will tell you what's changed at CGC since then.
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Price history
Chart
Interactive price chart (TradingView).
52-week range: 0.857 $ to 1.90 $ · Last price: 0.8845 $ (As of: October 5, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 10/03/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: Drug Manufacturers - Specialty & Generic
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| Canopy Growth Corp CGC | 0.4 | – | 11,014.1 | 28.5 | -21.7 | 5.8 | -35.6 |
| Takeda Pharmaceutical Co Ltd TAK | 56.8 | – | 23.7 | 64.5 | 16.5 | 4.3 | 25.8 |
| Teva Pharma Industries Ltd TEVA | 46.2 | 66.1 | 19.8 | 52.5 | 4.0 | 4.3 | 97.2 |
| Zoetis Inc ZTS | 30.1 | 11.9 | 9.2 | 71.7 | 36.6 | 2.3 | -51.5 |
| United Therapeutics Corporation UTHR | 23.0 | 19.6 | 10.9 | 86.1 | 41.7 | 10.6 | 18.4 |
| Viatris Inc VTRS | 19.9 | – | 11.9 | 40.3 | 6.8 | -3.0 | 79.1 |
| Neurocrine Biosciences Inc NBIX | 14.6 | 23.1 | 15.7 | 64.5 | 22.8 | 21.5 | 5.2 |
| Elanco Animal Health ELAN | 11.2 | – | 18.9 | 55.4 | 12.3 | 6.2 | 9.1 |
| Dr. Reddy’s Laboratories Ltd RDY | 10.2 | 29.2 | 15.0 | 50.2 | 4.3 | 8.6 | -12.1 |
| Median of companies shown | 19.9 | 23.1 | 15.7 | 55.4 | 12.3 | 5.8 | 9.1 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Revenue, operating income and net income per fiscal year C$M
Revenue Operating income Net income
| Fiscal Year | Revenue (C$M) | EBIT (C$M) | Net Income (C$M) | EPS (C$) | Operating Cash Flow (C$M) | Equity (C$M) | Total Assets (C$M) |
|---|---|---|---|---|---|---|---|
| 2017 | 40 | -14 | -8 | -0.06 | -27 | 640 | 678 |
| 2018 | 78 | -108 | -67 | -0.38 | -82 | 1,159 | 1,437 |
| 2019 | 226 | -615 | -736 | -2.18 | -535 | 6,780 | 8,732 |
| 2020 | 399 | -1,669 | -1,321 | -3.71 | -773 | 3,433 | 4,818 |
| 2021 | 547 | -1,243 | -1,745 | -4.64 | -466 | 3,482 | 6,823 |
| 2022 | 476 | -1,019 | -310 | -7.92 | -546 | 3,584 | 5,605 |
| 2023 | 333 | -2,631 | -3,278 | -70.69 | -558 | 758 | 2,440 |
| 2024 | 297 | -229 | -657 | -8.79 | -282 | 500 | 1,300 |
| 2025 | 269 | -117 | -598 | -5.56 | -166 | 487 | 918 |
| 2026 | 285 | -73 | -263 | -0.09 | -64 | 698 | 1,119 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
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· Total · per year
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The figures could not be loaded right now.
Source: fundamental data
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales (C$M) | Sales YoY (%) | Net Margin (%) | OCF (C$M) | FCF (C$M) |
|---|---|---|---|---|---|---|---|
| 2024: Q3 | -1.23 | 42.50 | 63 | -9.50 | -203.70 | -54 | -56 |
| 2024: Q4 | -1.06 | 51.60 | 75 | -4.80 | -163.00 | -27 | -29 |
| 2025: Q1 | -1.43 | -38.80 | 65 | -10.70 | -339.50 | -33 | -36 |
| 2025: Q2 | -0.19 | 87.30 | 72 | 8.90 | -57.60 | -10 | -12 |
| 2025: Q3 | -0.01 | 99.20 | 67 | 5.90 | -2.50 | -18 | -19 |
| 2025: Q4 | -0.14 | 86.80 | 102 | 36.80 | -84.00 | -17 | -19 |
| 2026: Q1 | -0.17 | 88.10 | 71 | 9.60 | -220.50 | -18 | -19 |
| 2026: Q2 | -0.02 | 89.50 | 81 | 12.50 | -18.00 | -25 | -26 |
What Do These Terms Mean?
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Screening
Appears in These Scanners
This stock currently matches 4 of our scanner strategies — each hit links to the scanner.
Growth
Research
Risk & Weakness
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. Scanners marked in red are red-flag signals (risk/short scanners) — appearing there is not a seal of approval. View all scanners
Outlook
Analysts & Price Target
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Distribution of Recommendations
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate (C$) | EPS Range (C$) | Revenue Estimate (C$M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 03/31/2027 | -0.07 | -0.07 – -0.07 | 346 | 87.1% | 1 |
| 03/31/2028 | -0.17 | -0.17 – -0.17 | 374 | -142.9% | 1 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
AI classification
AI Rating
Canopy Growth verkauft Cannabisprodukte und Verdampfer-Geräte; in sechs geprüften SEC-Einreichungen (Geschäftsbericht 10-K für das Geschäftsjahr 2026, Quartalsbericht 10-Q zum 30.06.2026, drei Ad-hoc-Meldungen 8-K und das Proxy-Statement DEF 14A) findet sich weder ein KI-Produkt noch eine beschriebene KI-Nutzung im eigenen Betrieb — künstliche Intelligenz wird nur als allgemeiner Reputationsrisiko-Faktor (KI-erzeugte Inhalte in sozialen Medien) und als Verweis auf ein kanadisches Gesetzgebungsvorhaben zum Datenschutz erwähnt.
View the full file — quotes, sources, reviewed filings
Filings Reviewed: 10-K 2026-06-15 · 10-Q 2026-08-07 · 8-K 2026-05-15 · 8-K 2026-08-07 · 8-K 2026-08-07 · DEF 14A 2026-08-07
Rated on August 23, 2026 · How the Rating Is Built
Growth
Growth Score
Ten checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years -5.1%
- More than 10% revenue growth is expected for the coming year -71.2%
- Share count grows by less than 3% a year 300.4%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") -18.7%
- Gross margin at 40% or higher and without meaningful erosion 24.5%
- Goodwill from acquisitions does not grow faster than revenue 6.9%
- Net debt below twice EBITDA 92 m net cash
- Operating cash flow covers the profits of the last three years 1,007 m
- Return on capital at 15% or higher, or up versus two years ago -7.6%
- Insiders hold at least 10% or are net buyers 0.2%
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Quality check
AAQS
4/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% 24.4%
- Exp. sales growth 3Y > 5% 14.7%
- EBIT growth 10Y > 5% –
- Exp. EBIT growth 3Y > 5% 14.7%
- Net debt < 4x EBIT –
- EBIT positive, 10Y straight 0
- Max. EBIT decline < 50% –
- Return on equity > 15% -53.5%
- ROCE > 15% -7.6%
- Expected return > 10% 1.4%
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
Insiders
Insider Transactions
Reportable transactions by officers and major shareholders from SEC Form 4 filings. "Other" includes things like stock grants and option exercises without a buy/sell character.
| Date | Person | Role | Type | Shares | Price | Value |
|---|---|---|---|---|---|---|
| Sep 28, 2026 | Yanofsky Theresa | Director | Sell | 14,920 | 0.9268 | 13,828 |
| Sep 28, 2026 | Lazzarato David Angelo | Director | Sell | 22,380 | 0.9268 | 20,742 |
| Sep 28, 2026 | Bayern Joseph | Director | Sell | 3,096 | 0.9268 | 2,869 |
| Sep 28, 2026 | Atkins M Shan | Director | Sell | 3,096 | 0.9268 | 2,869 |
| Sep 17, 2026 | Stewart Thomas Carlton | See Remarks | Sell | 25,755 | 0.93 | 23,952 |
| Aug 24, 2026 | Gedeon Christelle | See Remarks | Sell | 13,344 | 1.47 | 19,616 |
| Aug 24, 2026 | Stewart Thomas Carlton | See Remarks | Sell | 2,231 | 1.47 | 3,280 |
The company
About the Company
Canopy Growth Corporation, together with its subsidiaries, engages in the production, distribution, and sale of cannabis and cannabis-related products for medical and adult use in Canada, Germany, the United States, and internationally. The company operates through two segments, Cannabis and Storz & Bickel. It also provides vaporizers and accessories; dried flower and pre-rolled joints, oil, and vapes and beverages; extracts and concentrates, such as softgel capsules; and cannabis edibles, including gummies. In addition, the company operates e-commerce shop; medical cannabis online distribution platform; and an online medical cannabis clinic. It sells its products under the Tweed, 7ACRES, Deep Space, HiWay, Maitri, Twd., Spectrum Therapeutics, Canopy Medical, Abba Medix, Storz & Bickel, Wana, and Claybourne, Apollo, Canada House, R'belle, LowKey, MTL Cannabis, DeeLish, DOJA brands. The company was formerly known as Tweed Marijuana Inc. and changed its name to Canopy Growth Corporation in September 2015. Canopy Growth Corporation is headquartered in Smiths Falls, Canada.
- Employees
- 1,128
- Headquarters
- Smiths Falls, ON
- Address
- 1 Hershey Drive, K7A 0A8 Smiths Falls, Canada
- Phone
- 855 558 9333
- Website
- canopygrowth.com
- IPO Date
- 04/04/2014
- ISIN
- CA1380357048
- Stock Split
- 1:10 on 12/20/2023
Management
| Name | Title | Birth Year |
|---|---|---|
| Luc Mongeau | CEO & Director | 1967 |
| Thomas Carlton Stewart CPA | Chief Accounting Officer & CFO | 1982 |
| Christelle Gedeon L.L.B., Ph.D. | Chief Business Development & Corporate Affairs Officer | 1982 |
| Chrissy McHardy | Senior Vice President of Human Resources | – |
| Jason Green | Head of Agriculture - Hemp Division | – |
| Andrew Bevan | President of Medical Sales | – |
| Miles Worne | Managing Director of European Markets | – |
| David Manner | Managing Director of Storz & Bickel GmbH | – |
| Christopher Roach | Senior Vice President of Supply Chain & Transformation | – |
| Megan Amber McCrae | President of Canada Adult Use | – |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Data as of: October 5, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.