Canopy Growth International Medical Cannabis Revenue Doubles In Q1, But What About Net Sales?

Canopy Growth Corporation (NASDAQ: CGC) (TSX:WEED) released its financial results for the first quarter ended June 30, 2022, revealing net revenue of CA$110 million in Q1 FY2023 declined 19% versus Q1 FY2022.

Q1 Fiscal 2023 Financial Highlights

  • Q1 FY2023 net revenue was flat compared to Q4 FY2022.

  • International medical cannabis net revenue approximately doubled versus Q1 FY2022 driven primarily by strong sales in Israel and Australia.

  • Record BioSteel revenues in Q1 FY2023 increased 169% versus Q1 FY2022.

  • Reported gross margin in Q1 FY2023 was (1%) as compared to 20% in Q1 FY2022.

  • Total SG&A expenses in Q1 FY2023 declined by 8% versus Q1 FY2022, driven by year-over-year reductions in general & administrative and research and development expenses, offset by …

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