Canopy Growth Corporation WEED

Health CarePharmaceuticalsCanada

Last close 0.96 CAD on Nov 2, 2026, −38.5% year to date

Quant rating

Quant rating D Rank 25 of 26 in Health Care

Growth B 9 of 26
Valuation D 20 of 26
Quality D 24 of 26
Revisions B 6 of 26
Momentum D 25 of 26

Wall Street consensus Hold (2.67)Average target 2.30 CAD +139.6%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 407M
Enterprise value: 348M
52-week range: 0.90 – 3.28
3-year range: 0.90 – 20.45
Dividend yield: –
Beta (5 years): 2.44
Shares outstanding: 423M
Next earnings: Nov 6, 2026

About the company

Canopy Growth Corporation is a cannabis company, which produces, distributes, and sells a diverse range of cannabis and cannabis-related products for both adult-use and medical purposes. The Company brands include tweed, DOJA, LivRelief Infused, Deep Space, Ace Valley, 7ACRES, Vert, Twd, Wana, Hiway and Canopy Medical. The LivRelief Infused is transdermal creams contain a delivery system designed to penetrate a range of cannabidiol (CBD) and tetrahydrocannabinol (THC). The Deep Space offers beverages and gummies, containing the THC potency available in the Canadian market. The Ace Valley is a cannabis brand focused on ready-to-enjoy beverages. The 7ACRES offers products that are crafted by cannabis enthusiasts. The Wana gummies are created with a handcrafted recipe made with pectin, not gelatin, creating a gluten-free shelf-stable recipe that doesn’t melt. Its Canopy Medical is a pharmaceutical manufacturer for the production, import and release of medical cannabis products in Germany.

Growth and profitability

Growth and profitability by fiscal year
	2026	2025	2024	2023	2022	5Y avg
Revenue (mil)	285	269	297	333	510	–
Revenue growth	5.8%	−9.5%	−10.8%	−34.7%	−6.6%	−12.2%
EPS (basic, normalized)	−0.89	−5.56	−8.79	−70.70	−7.70	–
EPS growth	–	–	–	–	–	–
Gross margin	28.0%	30.3%	27.2%	5.5%	−15.6%	15.1%
Net margin	−92.4%	−191.4%	−175.0%	−923.8%	−60.8%	−288.7%
ROE	−44.7%	−117.2%	−85.9%	−138.8%	−8.6%	−79.0%

Balance sheet, last quarter
Cash & short-term investments (mil)	337
Current ratio	3.04x
Long-term debt (mil)	234
Net debt (mil)	−59.3
Total equity (mil)	689
Net debt / equity	−0.09x
Net debt / EBITDA	2.94x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2026 actual	285	+5.8%	1.2x	−20.2	−15.7%	−17.2x	−0.89	+84.1%	−1.1x
2027	347	+21.8%	1.0x	−3.7	+81.6%	−93.4x	−0.15	+83.4%	−6.5x
2028	374	+8.0%	0.9x	13.7	+467.4%	25.4x	−0.11	+24.0%	−8.6x
2029	401	+7.2%	0.9x	26.4	+93.3%	13.2x	−0.06	+46.2%	−16.0x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2027	347	0.0%	−0.4%	+2.2%	−0.15	0.0%	+56.0%	+50.2%
2028	374	0.0%	−0.4%	+2.8%	−0.11	0.0%	+65.7%	+53.5%
2029	401	0.0%	−1.5%	+10.8%	−0.06	0.0%	+14.3%	+40.0%

Earnings surprises EPS beat in 2 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	83.2	66.2	63.0	74.8	78.0	72.1	66.7	74.5	84.7	81.2
Sales mean (mil)	72.3	70.6	61.9	69.1	71.0	64.5	70.9	71.0	74.4	81.6
Surprise	+15.0%	−6.3%	+1.7%	+8.2%	+9.8%	+11.8%	−5.9%	+5.1%	+13.8%	−0.6%
EPS reported	−1.03	−1.60	−1.48	−1.11	−1.47	−0.22	−0.01	−0.18	−0.40	−0.03
EPS mean	−0.45	−0.46	−0.44	−0.54	−0.47	−0.23	−0.16	−0.04	−0.10	−0.11
Surprise	−129.9%	−247.1%	−237.7%	−105.2%	−212.8%	+6.4%	+93.7%	−300.0%	−317.9%	+73.5%

Peer comparison Pharmaceuticals

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
WEED Canopy Growth Corporation	407M	2.94x	−92.4%	0.59x	−6.5x	−8.6x	−93.4x	25.4x
LGND Ligand Pharmaceuticals Incorporated	8.6B	–	57.9%	6.31x	32.6x	25.2x	34.0x	24.3x
CURA Curaleaf Holdings, Inc.	3.0B	3.36x	−16.2%	2.80x	920.4x	−21.7x	10.7x	9.1x
XERS Xeris Biopharma Holdings, Inc.	2.6B	2.20x	0.2%	−181.37x	−97.8x	31.0x	31.5x	20.8x
CRON Cronos Group Inc.	1.7B	−76.81x	−6.4%	1.17x	22.1x	21.0x	12.1x	7.1x
ETON Eton Pharmaceuticals Inc	2.0B	0.07x	−5.8%	30.86x	46.7x	23.4x	27.0x	14.5x
Mean		−13.65x	−10.4%	−23.27x	152.9x	11.7x	3.6x	16.9x
Median		2.20x	−6.1%	1.98x	27.3x	22.2x	19.6x	17.6x

Technical analysis

1M−23.8%
3M−25.6%
1Y−44.5%
3Y−88.1%

Financial statements in millions of CAD

Income statement in millions of CAD, fiscal years

Income statement, Canopy Growth Corporation, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Total revenue	285	269	297	333	510	547
Cost of revenue	205	187	216	315	590	480
Gross profit	79.5	81.5	80.9	18.3	−79.5	67.0
Selling, general & administrative expenses	123	141	215	333	456	591
Research & development	–	–	–	–	–	–
Depreciation/amortization	19.9	24.2	28.5	34.9	64.1	75.3
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	113	10.9	78.1	2,280	500	643
Other operating expenses	0	0	0	0	0	0
Operating income	−176	−94.8	−241	−2,630	−1,100	−1,243
Net interest income (expense)	−20.1	22.1	−245	−497	141	84.3
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	−66.5	−435	−21.7	41.0	619	−525
Net income before taxes	−263	−508	−508	−3,086	−340	−1,684
Provision for taxes	0	7.1	12.3	−5.7	−8.9	−13.1
Minority interest	–	–	–	1.9	20.5	−74.1
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	−263	−515	−520	−3,079	−310	−1,745
Extraordinary items	0	6.0	−174	−200	–	–
Net income	−263	−509	−694	−3,278	−310	−1,745
EBIT, normalized	−60.9	−64.4	−128	−316	−635	−576
EBITDA, normalized	−24.4	−21.3	−74.8	−236	−521	−449
Basic EPS, normalized	−0.89	−5.56	−8.79	−70.70	−7.70	–

Balance sheet in millions of CAD, fiscal years

Balance sheet, Canopy Growth Corporation, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Assets
Cash & short-term investments	365	131	203	773	1,372	2,299
Receivables	36.3	52.8	51.8	68.5	86.6	92.4
Total inventory	111	96.4	77.3	83.2	205	368
Prepaid expenses	7.5	5.4	23.2	12.7	23.4	29.8
Other current assets	10.4	8.6	15.3	140	41.4	48.7
Total current assets	529	295	371	1,077	1,728	2,838
Property, plant & equipment	316	294	320	471	943	1,075
Goodwill	55.7	46.0	43.2	85.6	1,867	1,889
Intangibles	92.4	87.2	104	161	253	308
Long-term investments	44.1	35.3	438	568	800	708
Note receivable	63.9	145	–	–	–	–
Other long-term assets	16.7	16.4	24.1	76.6	15.3	5.0
Total assets	1,119	918	1,300	2,440	5,605	6,823
Liabilities
Accounts payable	34.8	26.1	28.7	–	–	–
Payable/accrued	–	–	–	31.8	64.3	67.3
Accrued expenses	51.4	46.1	54.0	53.7	87.0	112
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	22.2	13.3	104	585	35.6	40.4
Other current liabilities	50.1	17.5	148	133	26.3	64.4
Total current liabilities	158	103	335	804	213	284
Long-term debt	224	312	493	828	1,535	1,605
Minority interest	–	–	0.1	−49.9	−6.0	18.8
Other liabilities	38.9	24.2	71.8	47.5	237	1,312
Total liabilities	421	439	900	1,630	1,979	3,220
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	9,234	8,782	8,219	7,939	7,483	7,169
Additional paid-in capital	–	–	2,564	–	–	–
Retained earnings (accumulated deficit)	−8,547	−8,304	−10,366	−7,115	−3,814	−3,531
Treasury stock	–	–	–	–	–	–
Other equity	10.5	0.5	−16.1	−13.9	−42.3	−34.2
Total equity	698	479	400	810	3,626	3,603
Total liabilities & shareholders' equity	1,119	918	1,300	2,440	5,605	6,823

Cash flow statement in millions of CAD, fiscal years

Cash flow statement, Canopy Growth Corporation, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Operating activities
Net income	−263	−598	−676	−3,310	−320	−1,671
Depreciation, depletion & amortization	36.5	43.1	53.2	84.5	114	127
Deferred taxes	–	–	–	–	–	–
Non-cash items	135	431	379	2,608	−495	783
Changes in working capital	27.4	−41.4	−38.7	59.3	155	295
Cash from operations	−63.8	−166	−282	−558	−546	−466
Investing activities
Capital expenditures	−6.0	−11.3	−4.0	−10.6	−48.1	−174
Other investing cash flows	−15.4	−36.5	246	444	279	−710
Cash from investing	−21.3	−47.8	242	433	231	−884
Financing activities
Financing cash flow items	−28.2	−24.5	−36.3	−38.0	−3.0	−16.2
Cash dividends paid	–	–	–	–	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	361	173	−429	18.3	−42.5	1,281
Cash from financing	332	149	−465	−19.7	−45.5	1,265
Foreign exchange effects	3.6	8.4	−1.3	44.9	−18.1	−63.5
Net change in cash	251	−56.5	−507	−99.0	−379	−149
Free cash flow	−69.8	−177	−286	−568	−594	−640

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 2, 2026 after market close.