New presentation of per gram costs discloses separate
cultivation to harvest, post-harvest and shipping and fulfillment
costs, cost per gram to point of harvest was $0.76 per gram, the fourth consecutive
quarter when the cost to point of harvest was less than
$1 per gram
Launch of Tweed Main Street ecommerce marketplace, offering
consumer access to diverse range of products available from
Company's multiple brands and CraftGrow partners, positions Company
to lead backbone of future cannabis market
Strong patient and healthcare practitioner response to
encapsulated oil soft gel capsules validates investment required to
bring to market; product demonstrates Company's commitment to
medical patients and to lead the development of value added
cannabis-based products
SMITHS FALLS, ON, Aug. 14,
2017 /CNW/ - Canopy Growth Corporation (TSX: WEED) ("Canopy Growth"
or "the Company") today released its consolidated financial results
for the first quarter fiscal 2018, the period ended June 30, 2017. All financial information in this
press release is reported in Canadian dollars, unless otherwise
indicated.
First Quarter 2018 Highlights
- First quarter revenue was $15.9
million, a 127% increase over the three month period ended
June 30, 2016 when revenue totaled
$7.0, and an 8% increase over fourth
quarter of fiscal 2017 revenues of $14.7
million
- Launching the Tweed Main Street online store, which required
moving individual Tweed, Mettrum and Bedrocan e-commerce sites
offline and the migration of customers to a single database and new
e-commerce platform, reduced sales activity over a period of
approximately 10 business days in April. Reduced sales activity in
the month of April negatively impacted revenues in the first
quarter fiscal 2018. In addition, Mettrum growing operations were
mostly inactive through thelater half of the fourth quarter fiscal
2017 and first quarter fiscal 2018 while being integrated with new
standard operating and quality control procedures resulting in
lower availability for sale of Mettrum branded products in the
first quarter fiscal 2018
- Sold 1,830 kilograms and kilogram equivalents; an 86% increase
over first quarter fiscal 2017
- Harvested 5,575 kg, mostly attributed to the Tweed Farms
greenhouse harvest, compared to 1,882 kg during the same period
last year, representing a 196% increase over first quarter fiscal
2017
- The weighted average cost per gram of cultivation to harvest
and post-harvest costs before shipping and fulfilment was
$1.28 per gram. This compares to
$1.64 per gram in the first quarter
of last year and to $1.46 per gram in
the fourth quarter of last year
- The first quarter gross margin before non-cash gains or losses
was $9.0 million or 57% of revenue as
compared to $4,205 and 60% of revenue
in the same quarter of last year, and 64% for the fourth quarter of
fiscal 2017. The first quarter gross margin before non-cash gains
or losses includes the costs associated with resetting the Mettrum
grow operations and centralizing all shipping and fulfilment
activities in Smiths Falls as part
of the "one store" implemented in the first quarter, as well as
costs associated with subsidiaries that are not yet cultivating or
selling cannabis. Excluding these costs totaling $1.4 million, the gross margin before non-cash
gains or losses would have been $10.4
million or 66% of revenue
- Net loss in the first quarter of fiscal 2018 amounted to
$4.4 million, or $0.03 per basic and diluted share, compared to a
net loss of $3.9 million, or
$0.04 per basic and diluted share in
the first quarter of fiscal 2017
- Launched the sale of Canada's
first encapsulated cannabis oil soft gels on June 19, 2017
- Partners AB Laboratories Inc., Canada's Island Garden, JWC Ltd, and PUF
Ventures Inc. joined our CraftGrow program during quarter;
Canada's Island Garden products
released for sale on June 24,
2017
- On June 24, 2017, announced
flowering capacity increases at Smiths
Falls and Bowmanville
facilities, of 33% and 200%, respectively; Also announced
industrial cannabis oil extraction system now operational
- $115.5 million in cash and cash
equivalents at quarter end
Subsequent to First Quarter 2018
- On July 26, 2017, the Company
completed a private placement with one investor (the "Offering") of
common shares (the "Shares"). Pursuant to the Offering, the Company
issued 3,105,590 Shares at a price of $8.05 per Share, for aggregate gross and net
proceeds of $25 million
- The Company's wholly-owned subsidiary Spektrum Cannabis GmbH,
successfully passed the first stage of the tender application
process to become a licensed producer of medical cannabis in
Germany
- Subsidiary Canopy Rivers entered into funding arrangements to
provide growth capital and strategic support to two cannabis
producers and applicants regulated pursuant to the ACMPR. The
investments totalled $8.0
million and were comprised of convertible debt, subscribed
equity and production linked structures.
"Our focus in the first half of calendar 2017 has been preparing
our business to lead the legal recreational market that is set to
open in Canada in 2018, while
continuing to be the clear leader in the ongoing medical market"
said Bruce Linton, Chairman &
CEO. "Believing business to consumer e-commerce sales will
form the backbone of the Canadian cannabis market in 2018 and
beyond, we have taken deliberate steps this year to stress our
platform and in some cases break it, all as part of a warm up
exercise."
Added Linton, "Recording sales of $1M in a single day earlier this year revealed
many points in our sales, fulfillment and shipping infrastructure
that needed strengthening. With many customers asking to be
able to access all products under the canopy, it made perfect sense
for us to transition, in April, from multiple, single brand sites
to the Tweed Main Street marketplace. Bringing all products
of our many leading brands together under one roof, to provide a
shopping experience similar to what customers expect in many other
markets, has strengthened our leadership position."
"Earlier this year we undertook a strain cultivation planning
effort, the direct result of which has been a wave of dried
cannabis products coming into Tweed Main Street that began in the
first quarter. The next wave, in oil supply, has begun and we
expect it to grow in the fall as the capacity of our new oil
extraction system reaches the market. Lastly, with the addition of
Canada's first soft gel caps and
cannabis from our first CraftGrow partner, Canada's Island Garden, the ramp of products
available through Tweed Main Street is just beginning," concluded
Linton.
First Quarter Fiscal 2018 Revenue Review
Revenue for the first quarter fiscal 2018 was $15.9 million, an 8% increase over the fourth
quarter fiscal 2017 in which revenue was $14.7 million and an increase of 127% over the
prior year period in which revenue was $7.0
million.
First Quarter Fiscal 2018 Product Sales Review
During the first quarter fiscal 2018, Canopy Growth sold
1,830 kilograms and kilogram equivalents at an average price
of $7.96 per gram, up from 984
kilograms and kilogram equivalents at an average price of
$7.09 per gram during the prior year
period.
First Quarter Fiscal 2018 Weighted Average Cost per
Gram
Canopy Growth is introducing a revised presentation of the
weighted average per gram costs. The new presentation
identifies:
i)
|
Costs to harvest
(from cloning to harvest) include all of the cash operating costs
including principally growing labour, utilities such as hydro and
water, grow nutrients, rent, and allocated overheads;
|
ii)
|
Post-harvest costs
include all cash operating costs associated with trimming, milling,
drying, conversion to oils and gel caps, lab services and testing,
and allocated overheads; and
|
iii)
|
Cost per Gram for
Shipping and Fulfillment includes all cash operating costs
associated with labour for pre-packaging and dispensing and order
fulfilment and shipping along with package materials such as
bottles, boxes, and labels, as well as all shipping costs and
allocated overheads. In addition, royalties paid under licensing
arrangements are included in the cost per gram for shipping and
fulfilment.
|
Weighted Average
Cost per Gram Information
|
Three Months
Ended
|
|
|
|
|
|
June 30,
2017
|
|
March 31,
2017
|
|
Dec. 31,
2016
|
|
Sept. 30,
2016
|
|
June 30, 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost per Gram to
Harvest
|
$
|
0.76
|
|
$
|
0.87
|
|
$
|
0.87
|
|
$
|
0.99
|
|
$
|
1.10
|
Post Harvest Cost per
Gram
|
$
|
0.51
|
|
$
|
0.60
|
|
$
|
0.54
|
|
$
|
0.71
|
|
$
|
0.54
|
Cost per Gram
before shipping and fulfilment
|
$
|
1.28
|
|
$
|
1.46
|
|
$
|
1.41
|
|
$
|
1.70
|
|
$
|
1.64
|
Cost per Gram for
Shipping and Fulfilment
|
$
|
1.50
|
|
$
|
1.44
|
|
$
|
1.17
|
|
$
|
1.01
|
|
$
|
1.01
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted Average
Cost per Gram
|
$
|
2.78
|
|
$
|
2.90
|
|
$
|
2.58
|
|
$
|
2.71
|
|
$
|
2.65
|
The weighted average cost per gram decreased compared to the
fourth quarter of last year primarily due to improving efficiencies
in pre and post-harvest activities partially offset by higher
fulfilment costs. The increase over the same quarter last year was
primarily due to higher fulfilment costs, primarily in packaging,
as well as royalties paid on select strains.
In the first quarter fiscal 2018, the combined weighted average
cost per gram of cultivation to harvest and post-harvest costs, and
not including shipping and fulfilment costs, was $1.28 per gram. This compares to
$1.64 per gram in the same period
last year and to $1.46 per gram in
the fourth quarter of last year. The cost per gram to point
of harvest was $0.76 per gram, the
fourth consecutive quarter when the cost to point of harvest was
less than $1 per gram.
The total weighted average cost per gram to produce, harvest and
sell cannabis, including cost per gram for shipping and fulfillment
in the first quarter fiscal 2018 was $2.78 as compared to $2.65 in the same quarter of last year and
$2.90 in the fourth quarter of
fiscal 2017.
First Quarter Fiscal 2018 Gross Margin Review
The first quarter gross margin before non-cash gains or losses
was $9.0 million or 57% of
revenue as compared to $4,205 and 60%
of revenue in the same quarter of last year, and 64% for the fourth
quarter of fiscal 2017. The first quarter gross margin before
non‑cash gains or losses includes the costs associated with
resetting the Mettrum grow operations and centralizing all shipping
and fulfilment activities in Smiths
Falls as part of the "one store" implemented in the first
quarter, as well as costs associated with subsidiaries that are not
yet cultivating or selling cannabis. Excluding these costs totaling
$1.4 million, the gross margin before
non-cash gains or losses would have been $10.4 million or 66% of revenue.
First Quarter Fiscal 2018 Operating Expense
Review
Sales and marketing expenses in the first quarter fiscal 2018
were $6.4 million, or 40% of revenue, including three
months of Mettrum operations amounting to an increase of
$2.2 million. In comparison, sales
and marketing expenses were $2.3 million or 32% of revenue in the same
period last year. These expenditures are consistent with the
Company's view that early-mover advantage and strong brand
recognition are essential to the Company's successful ongoing
customer acquisition strategy. These costs represent a strategic
investment, which management believes will have a future benefit in
customer acquisition and retention. Further, the Company is
making these investments to aggressively seek new domestic and
international business opportunities to build for the future.
General and Administrative ("G&A") expenses in the first
quarter fiscal 2018 and 2017 were $7.5
million, or 47% of revenue, and $2.9
million, or 41% of revenue, respectively. These costs
include three months of Mettrum operations amounting to an increase
of $1.6 million, higher audit and
professional services fees of $0.7
million and higher employee compensation costs due to
increased staff levels. G&A expenses during the quarter also
included extensive use of consultants and advisory services while
expanding and commercializing the Company's operations, facility
costs, and compliance costs associated with meeting Health Canada
requirements, as well as other public company related expenses
including related professional fees.
Fourth Quarter and Fiscal Year 2018 Earnings
Review
Net loss in the first quarter of fiscal 2018 amounted to
$4.4 million, or $0.03 per basic and diluted share, including the
net non-cash effects of the IFRS accounting for biological assets
and inventory which combined to a gain of $10.7 million. In the comparative period last
year, the net loss of $3.9 million,
or $0.04 per basic and diluted share
including net non-cash effects of the IFRS accounting for
biological assets and inventory which combined to a loss of
$0.8 million.
First Quarter Fiscal 2018 Balance Sheet
Review
At June 30, 2017, the Company's
cash and cash equivalents totaled $115.5
million, representing an increase of $13.6 million from March
31, 2017. The increase from the end of fiscal 2017 was
mainly due to cash held by a controlled subsidiary, Canopy Rivers,
amounting to $55.7 million.
During the first quarter fiscal 2018, Canopy Rivers raised
$36.2 million in an offering and the
Company advanced $20.0 million in the
subsidiary.
Inventory at June 30, 2017
amounted to $65.5 million
(March 31, 2017 - $46.0 million) and biological assets amounted to
$9.3 million (March 31, 2017 - $14.7
million), together totaling $74.8
million (March 31, 2017 -
$60.7 million). At
June 30, 2017, the Company held
10,715 kilograms of dry cannabis and 2,683 L of cannabis oils,
ranging from concentrated resins, or refined oil, to finished oil.
Included in the dry cannabis quantities was 1,235 kilograms
available for sale in the Company's online stores,
2,974 kilograms in process of finishing or awaiting approval
for sale and 6,506 kilograms held for extraction. With the
commissioning of the new AES industrial capacity extraction
equipment and approval of soft gel capsules by Health Canada, the
dry cannabis inventory held for extraction is expected to be
converted to oils and capsules by the end of calendar 2017.
The Unaudited Condensed Interim Consolidated Financial
Statements and Management's Discussion and Analysis documents for
the three months ended June 30, 2017 have been filed with
SEDAR and are available on www.sedar.com. The basis of financial
reporting in the Unaudited Condensed Interim Consolidated Financial
Statements and Management's Discussion and Analysis documents is in
thousands of Canadian dollars, unless otherwise indicated.
Webcast and Conference Call Information
Canopy Growth will host a conference call and audio webcast with
Bruce Linton, CEO and Tim Saunders, CFO at 8:30
AM Eastern Time today.
Webcast Information
A live audio webcast will be available at:
http://event.on24.com/r.htm?e=1479057&s=1&k=8A5FD05045655D0E0CBE2EBE71E7AFFD
Calling Information
Toll Free Dial-In Number: 1-888-231-8191
International Dial-In Number (647) 427-7450
Conference ID: 64439345
Replay Information
A replay of the call will be accessible by telephone until
11:59 PM ET on
November 14, 2017.
Toll Free Dial-in Number: 1-855-859-2056
Replay Password: 64439345
About Canopy Growth Corporation
Canopy Growth is a
world-leading diversified cannabis company, offering distinct
brands and curated cannabis varieties in dried, oil and capsule
forms. Through its wholly‑owned subsidiaries, Canopy Growth
operates numerous state-of-the-art production facilities with over
half a million square feet of GMP-certified indoor and greenhouse
production capacity, all to an unparalleled level of quality
assurance procedures and testing. Canopy Growth has established
partnerships with leading sector names in Canada and abroad, with interests and
operations spanning four continents. For more information visit
www.canopygrowth.com.
Notice Regarding Forward Looking Statements
This news
release contains forward-looking statements. Often, but not always,
forward-looking statements can be identified by the use of words
such as "plans", "expects" or "does not expect", "is expected",
"estimates", "intends", "anticipates" or "does not anticipate", or
"believes", or variations of such words and phrases or state that
certain actions, events or results "may", "could", "would", "might"
or "will" be taken, occur or be achieved. Forward-looking
statements involve known and unknown risks, uncertainties and other
factors which may cause the actual results, performance or
achievements of Canopy Growth Corporation and its subsidiaries to
be materially different from any future results, performance or
achievements expressed or implied by the forward-looking
statements. Examples of such statements include future operational
and production capacity, the impact of enhanced infrastructure and
production capabilities, and forecasted available product
selection. The forward-looking statements included in this
news release are made as of the date of this news release and
Canopy Growth Corporation does not undertake an obligation to
publicly update such forward-looking statements to reflect new
information, subsequent events or otherwise unless required by
applicable securities legislation. Neither the TSX Exchange nor its
Regulation Services Provider (as that term is defined in policies
of the TSX Exchange) accepts responsibility for the adequacy or
accuracy of this release.
CANOPY GROWTH
CORPORATION
|
CONDENSED INTERIM
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
|
UNAUDITED
|
|
June
30,
|
|
|
March 31,
|
(Expressed in CDN
$000's)
|
|
2017
|
|
|
2017
|
|
|
|
|
|
(As restated
)
|
Assets
|
|
|
|
|
|
Current
assets
|
|
|
|
|
|
|
Cash and cash
equivalents
|
$
|
115,494
|
|
$
|
101,800
|
|
Restricted short-term
investments
|
|
550
|
|
|
550
|
|
Amounts
receivable
|
|
6,481
|
|
|
5,815
|
|
Biological
assets
|
|
9,283
|
|
|
14,725
|
|
Inventory
|
|
65,486
|
|
|
45,981
|
|
Prepaid expenses and
other assets
|
|
4,617
|
|
|
3,735
|
|
|
201,911
|
|
|
172,606
|
|
|
|
|
|
|
Assets classified as
held for sale
|
|
6,180
|
|
|
6,180
|
|
|
208,091
|
|
|
178,786
|
|
|
|
|
|
|
Property, plant and
equipment
|
|
103,842
|
|
|
96,270
|
Intangible
assets
|
|
159,019
|
|
|
162,263
|
Goodwill
|
|
271,497
|
|
|
241,371
|
Other
assets
|
|
1,214
|
|
|
-
|
|
|
|
|
|
|
|
$
|
743,663
|
|
$
|
678,690
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
|
|
Accounts payable and
accrued liabilities
|
$
|
13,417
|
|
$
|
15,386
|
|
Deferred
revenue
|
|
708
|
|
|
588
|
|
Current portion of
long-term debt
|
|
1,691
|
|
|
1,691
|
|
|
15,816
|
|
|
17,665
|
|
|
|
|
|
|
|
Long-term
debt
|
|
8,223
|
|
|
8,639
|
|
Deferred tax
liability
|
|
36,027
|
|
|
35,924
|
|
Other long-term
liabilities
|
|
738
|
|
|
766
|
|
|
|
|
|
|
|
|
60,804
|
|
|
62,994
|
|
|
|
|
|
|
Commitments and
contingencies
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders'
equity
|
|
|
|
|
|
|
Share
capital
|
|
652,451
|
|
|
621,541
|
|
Other
reserves
|
|
28,176
|
|
|
23,415
|
|
Accumulated other
comprehensive loss
|
|
604
|
|
|
198
|
|
Deficit
|
|
(33,750)
|
|
|
(29,426)
|
|
|
|
|
|
|
Equity attributable
to Canopy Growth Corporation
|
|
647,481
|
|
|
615,728
|
|
|
|
|
|
|
|
Non-controlling
interests
|
|
35,378
|
|
|
(32)
|
|
|
|
|
|
|
Total
equity
|
|
682,859
|
|
|
615,696
|
|
|
|
|
|
|
|
$
|
743,663
|
|
$
|
678,690
|
CANOPY GROWTH
CORPORATION
|
|
|
|
|
|
CONDENSED INTERIM
CONSOLIDATED STATEMENTS OF OPERATIONS
|
|
|
|
FOR THE THREE
MONTHS ENDED JUNE 30, 2017 AND 2016
|
|
|
|
|
|
UNAUDITED
|
|
June
30,
|
|
|
June 30,
|
(Expressed in CDN
$000's except share amounts)
|
|
2017
|
|
|
2016
|
|
|
|
|
|
|
Revenue
|
$
|
15,873
|
|
$
|
6,984
|
Inventory production
costs expensed to cost of sales
|
|
6,848
|
|
|
2,779
|
Gross margin before
non-cash (gains) losses
|
|
9,025
|
|
|
4,205
|
|
|
|
|
|
|
Fair value changes in
biological assets included in inventory sold
|
|
11,000
|
|
|
3,875
|
Unrealized gain on
changes in fair value of biological assets
|
|
(21,670)
|
|
|
(3,115)
|
Gross
margin
|
|
19,695
|
|
|
3,445
|
|
|
|
|
|
|
Sales and
marketing
|
|
6,405
|
|
|
2,260
|
Research and
development
|
|
133
|
|
|
403
|
General and
administration
|
|
7,493
|
|
|
2,850
|
|
|
|
|
|
|
Operating expenses
before the undernoted
|
|
14,031
|
|
|
5,513
|
|
|
|
|
|
|
Acquisition-related
costs
|
|
836
|
|
|
-
|
Share of loss in
equity investments
|
|
-
|
|
|
220
|
Share-based
compensation expense
|
|
2,881
|
|
|
888
|
Share-based
compensation expense related to acquisition
milestones
|
|
1,130
|
|
|
-
|
Depreciation and
amortization
|
|
5,057
|
|
|
911
|
Operating
expenses
|
|
23,935
|
|
|
7,532
|
Loss from
operations
|
|
(4,240)
|
|
|
(4,087)
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income
(expense)
|
|
19
|
|
|
(47)
|
Other expense,
net
|
|
(120)
|
|
|
-
|
Increase in fair
value of acquisition consideration related liabilities
|
|
-
|
|
|
(12)
|
Other
expenses
|
|
(101)
|
|
|
(59)
|
Net loss before
income taxes
|
|
(4,341)
|
|
|
(4,146)
|
|
|
|
|
|
|
Income tax (expense)
recovery
|
|
(103)
|
|
|
197
|
Net loss after income
taxes
|
$
|
(4,444)
|
|
$
|
(3,949)
|
|
|
|
|
|
|
Net loss
attributable to:
|
|
|
|
|
|
|
Canopy Growth
Corporation
|
$
|
(4,324)
|
|
$
|
(3,949)
|
|
Non-controlling
interests
|
|
(120)
|
|
|
-
|
|
$
|
(4,444)
|
|
$
|
(3,949)
|
|
|
|
|
|
|
Earnings per
share, basic and diluted
|
|
|
|
|
|
|
Net loss per
share:
|
$
|
(0.03)
|
|
$
|
(0.04)
|
|
Weighted average
number of outstanding common shares:
|
|
163,884,269
|
|
|
103,663,724
|
CANOPY GROWTH
CORPORATION
|
CONDENSED INTERIM
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
FOR THE THREE
MONTHS ENDED JUNE 30, 2017 AND 2016
|
UNAUDITED
|
|
June
30,
|
|
|
June 30,
|
(Expressed in CDN
$000's)
|
|
2017
|
|
|
2016
|
|
|
|
|
|
|
Net inflow (outflow)
of cash related to the following activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
|
|
|
|
|
|
|
|
Net loss after income
taxes
|
$
|
(4,444)
|
|
$
|
(3,949)
|
|
|
Items not affecting
cash:
|
|
|
|
|
|
|
|
|
Depreciation of
property, plant and equipment
|
|
1,735
|
|
|
837
|
|
|
|
Amortization of
intangible assets
|
|
3,322
|
|
|
74
|
|
|
|
Share of loss in
equity investments
|
|
-
|
|
|
220
|
|
|
|
Fair value changes in
biological assets included in inventory sold
|
|
11,000
|
|
|
3,875
|
|
|
|
Unrealized gain on
changes in fair value of biological assets
|
|
(21,670)
|
|
|
(3,115)
|
|
|
|
Share-based
compensation
|
|
3,958
|
|
|
975
|
|
|
|
Loss on disposal of
property, plant and equipment
|
|
143
|
|
|
-
|
|
|
|
Income tax expense
(recovery)
|
|
103
|
|
|
(197)
|
|
|
|
Increase in fair
value of acquisition consideration related liabilities
|
|
-
|
|
|
12
|
|
|
Changes in non-cash
operating working capital items
|
|
(6,539)
|
|
|
(2,503)
|
Net cash used in
operating activities
|
|
(12,392)
|
|
|
(3,771)
|
|
|
|
|
|
|
|
Investing
|
|
|
|
|
|
|
|
Purchases of
property, plant and equipment and assets in process
|
|
(9,749)
|
|
|
(3,706)
|
|
|
Purchases of
intangible assets and intangibles in process
|
|
(34)
|
|
|
-
|
|
|
Net cash outflow on
acquisition of subsidiaries
|
|
(391)
|
|
|
-
|
Net cash used in
investing activities
|
|
(10,174)
|
|
|
(3,706)
|
|
|
|
|
|
|
|
Financing
|
|
|
|
|
|
|
|
Proceeds from
issuance of shares in subsidiary, net of share issue costs of
$1,425
|
|
35,255
|
|
|
-
|
|
|
Proceeds from
issuance of common shares
|
|
-
|
|
|
11,506
|
|
|
Proceeds from
exercise of stock options
|
|
1,511
|
|
|
659
|
|
|
Proceeds from
exercise of warrants
|
|
-
|
|
|
126
|
|
|
Payment of share
issue costs
|
|
(90)
|
|
|
(790)
|
|
|
Increase in capital
lease obligations
|
|
-
|
|
|
260
|
|
|
Repayment of
long-term debt
|
|
(416)
|
|
|
(154)
|
Net cash provided
by financing activities
|
|
36,260
|
|
|
11,607
|
|
|
|
|
|
|
Net cash
inflow
|
|
13,694
|
|
|
4,130
|
Cash and cash
equivalents, beginning of year
|
|
101,800
|
|
|
15,397
|
Cash and cash
equivalents, end of year
|
$
|
115,494
|
|
$
|
19,527
|
SOURCE Canopy Growth Corporation