Canopy Growth Corp Revenue Disclosure
26. REVENUE
Revenue is disaggregated as follows:
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Years ended |
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March 31, |
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March 31, |
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March 31, |
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2025 |
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2024 |
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2023 |
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Canada cannabis |
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Canadian adult-use cannabis1,3 |
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$ |
78,828 |
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$ |
92,803 |
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$ |
133,586 |
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Canadian medical cannabis2,4 |
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77,032 |
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66,362 |
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61,859 |
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$ |
155,860 |
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$ |
159,165 |
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$ |
195,445 |
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International markets cannabis |
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$ |
39,734 |
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$ |
41,312 |
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$ |
38,949 |
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Storz & Bickel |
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$ |
73,401 |
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$ |
70,670 |
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$ |
64,845 |
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This Works |
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$ |
- |
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$ |
21,256 |
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$ |
26,029 |
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Other1,2 |
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- |
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4,743 |
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7,985 |
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Net revenue |
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$ |
268,995 |
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$ |
297,146 |
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$ |
333,253 |
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1 A reclassification of $433 and $2,317 of ancillary cannabis revenues from Other to Canadian adult-use cannabis occurred for the year ended March 31, 2024 and March 31, 2023, respectively.
2 A reclassification of $5,016 and $6,061 of ancillary cannabis revenues from Other to Canadian medical cannabis occurred for the year ended March 31, 2024 and March 31, 2023, respectively.
3 Canadian adult-use cannabis net revenue during the year ended March 31, 2025 reflects excise taxes of $36,442 (year ended March 31, 2024 - $40,115; and year ended March 31, 2023 - $43,071).
4 Canadian medical cannabis net revenue during the year ended March 31, 2025 reflects excise taxes of $8,532 (year ended March 31, 2024 - $6,673; and year ended March 31, 2023 - $4,926).
The Company recognizes variable consideration related to estimated future product returns and price adjustments as a reduction of the transaction price at the time revenue for the corresponding product sale is recognized. Net revenue reflects actual returns and variable consideration related to estimated returns and price adjustments in the amount of $4,266 for the year ended March 31, 2025 (year ended March 31, 2024 – $4,159; and year ended March 31, 2023 – $12,072). As of March 31, 2025, the liability for estimated returns and price adjustments was $2,661 (March 31, 2024 – $4,169).
Historical Timeline
| Fiscal Year | Filed | |
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| 2025 | May 30, 2025 | Showing above |
| 2024 | May 30, 2024 | |
| 2023 | Jun 22, 2023 | |
| 2022 | May 31, 2022 | |
| 2021 | Jun 1, 2021 | |
| 2020 | Jun 1, 2020 | |
About Revenue Disclosures
Revenue disclosures under ASC 606 explain how a company identifies performance obligations, allocates transaction prices, and determines when revenue is recognized. This section is essential for understanding whether reported revenue reflects genuine economic activity or aggressive accounting choices. Analysts examine the mix of point-in-time versus over-time recognition, which directly affects revenue timing and comparability.
Key signals: rising contract liabilities (deferred revenue) suggest strong future revenue visibility, while declining contract assets may indicate slowing project milestones. Watch for variable consideration estimates — rebates, returns, and performance bonuses that require management judgment. Significant changes in disaggregated revenue by geography or product line can reveal shifting business mix before it appears in headline numbers. Compare revenue growth against contract liability growth to assess sustainability, and scrutinize any changes in the timing of recognition that coincide with earnings pressure.