It is no secret that good accounting and recording of a company’s finances is one of the keys to its success and sustainability. For this reason, financial statements are responsible for showing and sustaining the stable economic structure of any type of organization. In the case of the marijuana industry, although it is considered a little different from the traditional ones, these reports have the same relevance. Canopy Growth is the latest to release the financial results for the third quarter of FY2022.
This specific period ended last December 31 and is responsible for showing how well the leading company in the cannabis sector has been doing. The encouraging performance reflected in this quarter was a driving force behind sequential revenue growth and record quarterly revenues for the BioSteel and Storz & Bickel businesses.
“In the third quarter, we acted to win where it matters – driving record performance in our CPG business from both BioSteel and Storz & Bickel, while beginning to stabilize our Canadian business including maintaining the #1 position in premium flower,” indicated the company’s CEO, David Klein. “Our continued discipline and focus are expected to fortify Canopy’s competitive positioning in Canada as we ambitiously build our US CPG, CBD, and THC strategies.”
According to the report, net revenues had a 7% growth compared to the second quarter of FY2022. The two brands, BioSteel and Storz & Bickel, were able to report record quarterly revenues during the third quarter of FY2022 driven by expanded distribution for BioSteel and new product launches for Storz & Bickel.
Cannabidiol (CBD) distribution saw quite remarkable momentum, driving door counts for Martha Stewart CBD and Quatreau up 21% and 225%, respectively. Klein assures that throughout FY2022, the company continues to make every effort to reduce its operating expenses and capital expenditures. One of the main objectives is to achieve higher profitability in Canada by taking additional measures to simplify the business and optimize the cost base.