On this page of StockholderLetter.com we present the latest annual shareholder letter from Canopy Growth Corp — ticker symbol CGC. Reading current and past CGC letters to shareholders can bring important insights into the investment thesis.

Letter from our CEO Dear Shareholders, When I accepted the role of CEO in January 2025, I did so with a clear view of both the promise and challenges facing Canopy Growth. From my early engagement with the Board, I saw potential: great brands, strong capabilities, and a talented team. I joined because I believe this company can be a leader in shaping what cannabis looks like for the next decade not just in Canada, but globally. While the cannabis sector continues to evolve amid ongoing regulatory uncertainty, shifting consumer behaviors, and intensifying competition, the opportunity ahead is real. And from the outset, I ve been focused on where Canopy Growth can lead. Over the past several months, I ve spent time inside every part of the business. From our facilities and cultivation sites to planning meetings and customer calls. I ve seen rsthand the dedication of our teams and the strength of our core brands. But I ve also seen where complexity and fragmentation were holding us back, and where sharper focus and synchronization could unlock more consistent performance. That s why we ve made foundational changes to how Canopy Growth operates. We reorganized the business around clear commercial priorities, streamlined reporting structures to speed up decision-making, and launched a company-wide expense review that s on track to deliver at least $20 million in annualized cost savings. And these weren t just cosmetic changes. They re ect a shift toward performance, discipline, and accountability and they re designed to unlock execution and long-term growth. In Global Medical, we ve integrated our Canadian, European, and Australian businesses, giving us the structure to scale ef ciently and better support healthcare providers and patients. In Canada, our medical business continues to grow at an impressive pace despite being in a declining market and we re using that momentum to drive growth internationally. In Canada Adult-Use, we rationalized our portfolio by removing the bottom 35% - the lower-velocity SKUs that were experiencing lower demand - and instead leaned into high-performing products like infused pre-rolls and premium vapes. Recent launches, including Claybourne infused pre-rolls and Tweed all-in-one vapes, re ect a renewed focus on fewer, stronger products that deliver for both retailers and consumers. At Storz & Bickel, we re reinforcing our efforts to become the global leader in premium vaporization. The VENTY vaporizer continues to resonate strongly with consumers, and we re preparing to launch a new device later this year, backed by a more focused innovation roadmap and tighter execution. More broadly, we ve realigned our Global Operations team to sit at the center of the business - integrating supply and demand planning, improving forecasting, and helping ensure we can scale with con dence. Global Operations is now the engine driving consistency and performance across every market and category we serve.
We also took meaningful steps in Fiscal 2025 to strengthen our nancial foundation. By substantially reducing our debt throughout the year, we ve improved our balance sheet, reduced interest expenses, and created more exibility to invest where it matters most. Looking ahead to Fiscal 2026, our priorities are clear: strengthen supply consistency, grow pro tably in our core categories, and drive more ef ciency as we scale. We re setting the bar higher across the board: on speed, on accountability, on commercial discipline. And the energy inside Canopy Growth is different. The team is engaged, aligned, and bought into the direction. That shift is already showing in how we operate, and I believe it will soon be re ected in our results. Regarding Canopy USA, we continue to believe in the long-term potential of the U.S. market and in the platform s ability to deliver value as the landscape evolves. With Canopy USA now fully operational, Brooks Jorgensen and his team are focused on streamlining operations and leveraging the scale of their portfolio to drive growth in key states. This past year involved making hard choices to reset the business. Fiscal 2026 is about delivering results that prove those decisions were right. We ve focused the business, aligned our teams, and raised our expectations. And we remain rmly committed to our nancial goals of delivering positive Adjusted EBITDA and positive free cash ow as soon as possible. Thank you for your continued belief in our vision. I look forward to what we ll accomplish together in the year ahead. Sincerely, Luc Mongeau CEO, Canopy Growth Forward-looking statements disclaimer: The foregoing should be read in conjunction with our annual audited consolidated nancial statements for the year ended March 31, 2025, and related notes and other information included elsewhere in this Annual Report. All statements other than statements of historical facts, including statements regarding our future results of operations and nancial position, business strategy, prospective products, growth opportunities and the plans and objectives of management for future operations, may be forward-looking statements. These statements involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Factors that could cause or contribute to those differences include, but are not limited to, those discussed in the sections titled Risk Factors and Special Note Regarding Forward-Looking Statements; Risk Factor Summary included elsewhere in this Annual Report.
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CGC Shareholder/Stockholder Letter Transcript:


Letter from our CEO
Dear Shareholders,
When I accepted the role of CEO in January 2025, I did so with a clear view of both the
promise and challenges facing Canopy Growth. From my early engagement with the Board, I
saw potential: great brands, strong capabilities, and a talented team. I joined because I
believe this company can be a leader in shaping what cannabis looks like for the next decade
    not just in Canada, but globally.
While the cannabis sector continues to evolve amid ongoing regulatory uncertainty, shifting
consumer behaviors, and intensifying competition, the opportunity ahead is real. And from
the outset, I   ve been focused on where Canopy Growth can lead.
Over the past several months, I   ve spent time inside every part of the business. From our
facilities and cultivation sites to planning meetings and customer calls. I   ve seen    rsthand the
dedication of our teams and the strength of our core brands. But I   ve also seen where
complexity and fragmentation were holding us back, and where sharper focus and
synchronization could unlock more consistent performance.
That   s why we   ve made foundational changes to how Canopy Growth operates. We
reorganized the business around clear commercial priorities, streamlined reporting
structures to speed up decision-making, and launched a company-wide expense review
that   s on track to deliver at least $20 million in annualized cost savings. And these weren   t just
cosmetic changes. They re   ect a shift toward performance, discipline, and accountability    
and they   re designed to unlock execution and long-term growth.
In Global Medical, we   ve integrated our Canadian, European, and Australian businesses, giving
us the structure to scale ef   ciently and better support healthcare providers and patients. In
Canada, our medical business continues to grow at an impressive pace despite being in a
declining market     and we   re using that momentum to drive growth internationally.
In Canada Adult-Use, we rationalized our portfolio by removing the bottom 35% - the
lower-velocity SKUs that were experiencing lower demand - and instead leaned into
high-performing products like infused pre-rolls and premium vapes. Recent launches,
including Claybourne infused pre-rolls and Tweed all-in-one vapes, re   ect a renewed focus on
fewer, stronger products that deliver for both retailers and consumers.
At Storz & Bickel, we   re reinforcing our efforts to become the global leader in premium
vaporization. The VENTY vaporizer continues to resonate strongly with consumers, and we   re
preparing to launch a new device later this year, backed by a more focused innovation
roadmap and tighter execution.
More broadly, we   ve realigned our Global Operations team to sit at the center of the business
- integrating supply and demand planning, improving forecasting, and helping ensure we
can scale with con   dence. Global Operations is now the engine driving consistency and
performance across every market and category we serve.


We also took meaningful steps in Fiscal 2025 to strengthen our    nancial foundation. By
substantially reducing our debt throughout the year, we   ve improved our balance sheet,
reduced interest expenses, and created more    exibility to invest where it matters most.
Looking ahead to Fiscal 2026, our priorities are clear: strengthen supply consistency, grow
pro   tably in our core categories, and drive more ef   ciency as we scale. We   re setting the bar
higher across the board: on speed, on accountability, on commercial discipline. And the
energy inside Canopy Growth is different. The team is engaged, aligned, and bought into the
direction. That shift is already showing in how we operate, and I believe it will soon be
re   ected in our results.
Regarding Canopy USA, we continue to believe in the long-term potential of the U.S. market
and in the platform   s ability to deliver value as the landscape evolves. With Canopy USA now
fully operational, Brooks Jorgensen and his team are focused on streamlining operations and
leveraging the scale of their portfolio to drive growth in key states.
This past year involved making hard choices to reset the business. Fiscal 2026 is about
delivering results that prove those decisions were right. We   ve focused the business, aligned
our teams, and raised our expectations. And we remain    rmly committed to our    nancial
goals of delivering positive Adjusted EBITDA and positive free cash    ow as soon as possible.
Thank you for your continued belief in our vision. I look forward to what we   ll accomplish
together in the year ahead.
Sincerely,
Luc Mongeau
CEO, Canopy Growth

Forward-looking statements disclaimer:
The foregoing should be read in conjunction with our annual audited consolidated    nancial statements
for the year ended March 31, 2025, and related notes and other information included elsewhere in this
Annual Report. All statements other than statements of historical facts, including statements regarding
our future results of operations and    nancial position, business strategy, prospective products, growth
opportunities and the plans and objectives of management for future operations, may be
forward-looking statements. These statements involve known and unknown risks, uncertainties and
other important factors that may cause our actual results, performance or achievements to be
materially different from any future results, performance or achievements expressed or implied by the
forward-looking statements. Factors that could cause or contribute to those differences include, but are
not limited to, those discussed in the sections titled    Risk Factors    and    Special Note Regarding
Forward-Looking Statements; Risk Factor Summary    included elsewhere in this Annual Report.




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