Canopy Growth And Other Hot Cannabis Stocks Will Soon Report Earnings, What Investors Need To Know Now

Canopy Growth Corporation WEED CGC will release its financial results for the first quarter of fiscal year 2025 ended June 30, 2024, before financial markets open on August 9, 2024.

An audio webcast with David Klein, CEO and Judy Hong, CFO  will take place on August 9, at 10 am ET.

Canopy’s European Expansion

Canopy has been ramping up its presence in the Czech Republic as the country's officials are considering a fully legal commercial adult-use cannabis market as part of its ‘Cannabis Management Act.’ Its medical brand is servicing other European markets like Poland and Germany as well, as well as Asia-Pacific markets, including Australia and New Zealand. That said, Canopy's International markets cannabis net revenue increased 32% year-over-year to CA$12 million in the fourth quarter driven by growth in Germany and Poland.

On the heels of reporting its fourth quarter results for the fiscal year that ended March 31, 2024, Canopy CEO David Klein said the company will seize positive cannabis regulatory shifts in Germany and the United States, Klein added. “Entering FY2025, Canopy has growing businesses in the world's most attractive cannabis markets, a leading portfolio of high-impact brands, and a rapidly developing U.S. ecosystem."

In early June, Canopy said it has established an at-the-market equity program under which it can issue and sell up to $250 million worth of its common shares from treasury from time to time in concurrent public offerings in the United States and Canada. The announcement has generated significant buzz within the cannabis industry, as highlighted by Benzinga's Javier Hasse at the time.

"We're pleased to announce this offering, which further enhances Canopy's financial flexibility and balance sheet," Judy Hong, Canopy Growth’s CFO told Benzinga Cannabis exclusively. "Having already reduced our debt by more than $1.1 billion over the past 18 months, and with no material debt maturing until 2026, Canopy has one of the strongest balance sheets among major cannabis companies."

According to Viridian Valuation Tracker's report in June on Canadian cultivation and retail companies with market caps over $100 million market Canopy is the best performer in the group based on its year-to-date stock performance.

Why? Canopy’s better performance is attributed to its acquisition of U.S. plant-touching companies into Canopy USA.

Read Also: Canopy Growth Doubles Down On Its USA Strategy, Announces Exercise of Acreage Options

CGC shares traded 2.65% higher $7.35 per share at the time of writing on Friday morning.

Earnings Calendar For Upcoming Releases

Weedmaps

• WM Technology, Inc. MAPS – also known as Weedmaps – a leading marketplace and technology solutions provider to the cannabis industry, today announced it will report financial results for its second quarter ended June 30, 2024, after market close on Thursday, August 8, 2024.
• Last week, the company reported sales declined by 4.5% year-over-year and quarter-over-quarter in the first quarter of fiscal 2024. According to senior analyst Pablo Zuanic fromZuanic & Associates, MAPS management did not provide FY 2024 guidance but expects stable sales for the second quarter while anticipating EBITDA of around $7 million, down from $9 to $11 million due to increased marketing spend.
• Additionally, the recent legalization of recreational cannabis in Ohio is expected to drive growth in the second half of 2024. On Thursday, the online cannabis marketplace, announced a partnership with NuggMD, to streamline the medical cannabis education and application process for patients through a new pilot program.

Charlotte’s Web

• Charlotte’s Web Holdings, Inc. CWEB CWBHF will report its 2024 second-quarter results prior to the market opening on August 8, 2024. A conference call to review the results is scheduled for the same day at 11:00 am Eastern Time. 
• The Colorado-based hemp extract wellness producer faced a challenging first quarter, reporting a 29% decline in revenue to $12.1 million from $17 million in the same period of fiscal 2023.    

Cronos Group

• Cronos Group Inc. CRON CRON will hold its 2024 second-quarter earnings conference call on Thursday, August 8, 2024, at 8:30 am Eastern Time.
• The company’s net revenue surged 30% year-over-year, reaching $25.3 million in the first quarter reported in May and driven primarily by sales in Canada and Israel.
• Subsequent to the quarter end, the company announced the expansion of Cronos Growing Company, a cannabis cultivation business of which the Toronto-based company owns 50%. The investment will be funded by a roughly $51 million (CA$70 million) secured non-revolving credit facility provided by Cronos. It will assist GrowCo’s expansion of its purpose-built cannabis facility in Leamington, Ontario, that will produce high-quality cannabis flower, the company said at the time.

TILT Holdings

• TILT Holdings Inc. TILT TLLTF will host a second-quarter earnings conference call on Friday, August 9, 2024, at 8:30 am Eastern Time.
• The company said earlier first-quarter 2024 results revealed disruptions in the vape hardware segment, which accounted for 71% of the company’s sales in 2023. Despite these challenges, the custom business remained robust, with the company seeing growth opportunities in hemp-derived vapes, remaining the largest CCELL distributor in the U.S.

Read Next:

• When Is Cannabis Giant Tilray Reporting Earnings And What Should Investors Expect?

Learn more about leading cannabis companies and stocks at the 19th Benzinga Cannabis Capital Conference, coming to Chicago this Oct. 8-9. Get your tickets now before prices surge by following this link.