Canopy Growth Corporation reported net revenue of $74.8 million for the three months ended December 31, 2024 (Q3 2025) and a net loss of $121.9 million. 

Most of the company’s net revenue came from the Canadian market, with nearly $21.2 million from adult-use sales and almost $19.6 million from medical cannabis sales. International medical cannabis sales accounted for another $12 million, while Storz & Bickel brought in $22 million. 

Broken down by country, all revenue from Canada was $40.7 million, while Germany was $17.7 million, the US was $11.6 million, and all other regions were a combined $4.7 million.

Canadian adult-use sales were down year-over-year, compared to nearly $23.5 million in Q3 2024. This amount was more than made up for by increased medical cannabis sales from nearly $16.9 million in Q3 2024. 

International medical cannabis sales were also up year over year from $10.5 million in the three months ended December 31, 2023, and Storz & Bickel sales were up from $18.5 million. However, there was no revenue from their skincare company, This Works, in the third quarter of fiscal 2025, compared to $8.2 million in the third quarter of fiscal 2024. This was due to the completion of the divestiture of This Works on December 18, 2023.

The company’s operating loss from continuing operations was $24 million in Q3 2025, a 61% increase from Q3 2024. The company attributes this increase to a reduction in operating expenses.

Canopy’s international market net revenue increased 14% year over year, with strong growth in Poland and Germany. This growth was partially offset by a decline in Australian medical cannabis sales and the exit of US CBD sales earlier this fiscal year.

The 19% growth in Storz & Bickel was attributed to strong holiday purchases, robust direct-to-consumer online sales, and continued growth in Germany, the US, and the United Kingdom, and sales of the Venty portable vaporizer.

Canopy’s income tax expense in Q3 2025 was $316,000, compared to an income tax recovery of nearly $1.1 million in Q3 2024.

“Canopy Growth’s third quarter highlights that our business has the right ingredients for success, as demonstrated by the continued momentum in our medical cannabis businesses, Storz & Bickel, and the successful introduction of Claybourne infused pre-rolls in Canada,” said Luc Mongeau, who took over as CEO effective January 6, 2025. “As I step into my role as Chief Executive Officer, I am focused on achieving sustainable profitability while maximizing our ability to create value in the key markets and segments we serve.”

Canopy Growth Corporation reported nearly $74 million in revenue in its second fiscal quarter of 2025, but a net loss of $128.3 million.

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