Canopy Growth reported $65 million in net revenue for the three months ended March 31, 2025 (Q4 2025) from $78 million in revenue, but a net loss of $221 million.

The company’s net revenue in Q4 2025 decreased 11% compared to the fourth quarter ended March 31, 2024 (Q4 2024), which the company attributes primarily to decreased net revenue from international cannabis markets and Storz & Bickel. This was somewhat offset by higher Canadian cannabis net revenue. 

Net revenue from sales in the Canadian cannabis market was $40 million in Q4 2025, representing a 4% increase compared to Q4 2024. This growth was driven by an increase in Canadian medical cannabis net revenue, which was partially offset by a decline in Canadian adult-use cannabis net revenue.

For the twelve months that ended March 31, 2025 (FY 2025), Canopy reported $269 million, a 9% decrease from the previous year, and a net loss of $604.1 million, a 25% increase in losses from the previous year. Canopy says this loss is mainly due to the divestiture of This Works on December 18, 2023, a decrease in Canadian adult-use cannabis, and a decline in its US CBD business. 

Of the company’s $269 million in net revenue in the twelve months ended March 31, 2025, $78.8 million came from sales in the Canadian adult-use market, down 15% year-over-year, while sales in Canada’s medical market were $77 million, up 16% from the previous year.  

Canopy’s sales into the international medical cannabis market were $39.7 million, down 4% year-over-year, while Storz & Bickel’s sales were $73.4 million, up 4% from the previous year.

Net revenue from the international cannabis markets was $8 million in Q4 2025, representing a decrease of 35% over Q4 2024, which the company attributes primarily to declines in Poland medical cannabis sales caused by regulatory changes that negatively impacted the overall medical cannabis market in Poland, as well as declines in Australia medical cannabis sales and the transition of their US CBD business to Canopy USA. This was somewhat offset by increases in sales in Germany and the Czech Republic.

The company also states that the year-over-year decrease in the gross margin percentage is primarily attributable to recent pricing pressures in Poland and lower selling prices in Germany.

“Since taking over as CEO in January, we took decisive actions to accelerate growth and profitability by unifying our medical cannabis businesses globally, aligning operations with commercial focus, increasing rigor on core fundamentals and streamlining our product portfolio,” said new CEO Luc Mongeau. “With renewed focus and our resources dedicated to the most promising opportunities, I’m confident that our leading brands and product innovation pipeline can deliver meaningful growth and long-term value for both consumers and shareholders.”