Canopy Growth Corporation Earnings Recaps
Q2 2027
Nov 11, 2026
Canopy’s shares fell 3.6% after earnings, with the sharp 44% year-over-year revenue decline at Storz & Bickel the clearest disclosed drag on an otherwise growing cannabis business. The call also points to a gap before cultivation improvements at Kincardine fully contribute: management expects the impact to be felt starting in fiscal 2028.
Key takeaways
- Consolidated net revenue rose 22% year over year to $81.4 million; cannabis revenue increased 30% to $66.2 million.
- International cannabis revenue grew 141% year over year and 28% sequentially to $12.3 million. Canada Medical revenue rose 18% to $25.8 million, and Canada Adult Use revenue increased 17% to $21.8 million.
- Storz & Bickel revenue fell 44% to $50.1 million. Management cited variable consumer spending and changing market trends, while expecting a seasonally stronger third quarter.
- Canopy expects Kincardine yield and flower quality to improve noticeably exiting Q3, with the full impact beginning in fiscal 2028; it sees potential to raise production there by at least 25%–30% within the same footprint.
- EU GMP certification at Smiths Falls creates a path to sell additional patient-ready product categories in Europe, but management said it is still working with channels and expects to provide updates in future quarters.