Canopy Growth Corporation (NYSE: CGC) (TSX: WEED) reported financial results for the fourth quarter. The company shared a strategic plan that is focused on winning in priority markets and categories and pursuing a path to profitability. Canopy Growth plans to focus on building consumer insights and analytics. Profit opportunities focused in core markets such as Canada, US and Germany with the focus on recreational and medical products.
“Through the COVID-19 pandemic we have worked hard to ensure the health and well-being of our teams and customers and the continuity of our business. During this time, our team has rolled out our exciting new cannabis-infused beverages and vape products in Canada and a portfolio of CBD products in the US,” shared CEO David Klein. “True to key priorities that I have outlined for Canopy, we have taken steps to align our capacity with the current market demand and focus our resources against the core markets with the largest and most tangible near-term profit opportunity.”
Added Klein, “I am excited to implement our strategy reset and organization redesign over the course of fiscal 2021. We have a renewed strategic focus and a clear change agenda that is already underway. We are building what we believe is the best cannabis company in the world by putting the consumer at the heart of everything we do and are re-aligning our organization to be faster and more agile.”
Net revenue for the fourth quarter fell 13% compared to the previous quarter due to a short fall in Canadian recreational revenue.