Canada, the United States, and Europe are some of the key markets where Canopy Growth (NASDAQ: CGC) has established its footprint in the recent past. Through its award-winning Tweed and Tokyo Smoke banners, the company has built a loyal following resulting in meaningful customer relationships. And going by its Q4 and FY 2021 financial results, the world-leading diversified cannabinoid-based consumer product company has attained a significant position in the health and wellness consumer space.
There was the notable achievement of a 37% revenue growth in FY 2021. Both cannabis and other consumer products businesses attained a solid double-digit growth. Newt revenue was at $148 million in Q4 2021, increasing 38% from Q4 2020. Total net cannabis revenue increased 27% and 28% over Q4 2020, translating to $101 million into Q4 2021 and $379 million in FY 2021, respectively.
And according to Mike Lee, the company’s CFO, they recorded a tremendous improvement in supply chain execution and quality enhancements, all of which brought demand into balance.
Reinforcing the Company’s Foundation for Sustained Growth and Long-Term Success
Canopy Growth is quickly positioning itself to unleash the full potential and the power of cannabis. Besides, the CEO, David Klein, says they are beginning to see strong momentum across all key businesses. Hence, they focus on reinforcing its foundation to capitalize on upcoming US opportunities in Fiscal 2022.
Canopy has acquired The Supreme Cannabis Company, Inc. The acquisition brings on board opportunities for immediate value creation to strengthen its portfolio. Additionally, Klein says, it will enable them to offer Canadian consumers a differentiated brand portfolio, including 7ACRES.
“Supreme has demonstrated the ability to cultivate premium quality flower at low cost, and we’re excited to leverage these capabilities… in the Canadian market…” the CEO added.
Since its inception in 2014, Supreme has been addressing national and international unmet medical cannabis needs. It has systematically built its portfolio of brands, which cater to diverse consumer and patient experiences.