Canopy Growth Corp Segments Disclosure
35. SEGMENTED INFORMATION
Reportable segments
The Company reports its financial results for the following four reportable segments:
These segments reflect how the Company's operations are managed, how the Company's , who is the Chief Operating Decision Maker (“CODM”), allocates resources and evaluates performance, and how the Company's internal management financial reporting is structured. The Company's CODM evaluates the performance of these segments, with a focus on (i) segment net revenue, and (ii) segment gross margin as the measure of segment profit or loss. The remainder of the Company's operations include revenue derived from, and cost of sales associated with, the Company's non-cannabis extraction activities and other ancillary activities; these are included within "other".
The accounting policies of each segment are the same as those disclosed in the summary of significant accounting policies in Note 3.
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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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Segmented net revenue |
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Canada cannabis1 |
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$ |
155,860 |
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$ |
159,165 |
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$ |
195,445 |
|
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 |
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- |
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4,743 |
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7,985 |
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$ |
268,995 |
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$ |
297,146 |
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$ |
333,253 |
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Segmented gross margin: |
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Canada cannabis2 |
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$ |
36,517 |
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$ |
25,640 |
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$ |
(92,894 |
) |
International markets cannabis |
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15,225 |
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16,682 |
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(3,322 |
) |
Storz & Bickel |
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27,769 |
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30,128 |
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26,112 |
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This Works |
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- |
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10,534 |
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10,205 |
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Other2 |
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- |
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(2,102 |
) |
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(3,630 |
) |
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79,511 |
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80,882 |
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(63,529 |
) |
Selling, general and administrative expenses |
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169,626 |
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229,429 |
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342,517 |
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Share-based compensation |
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(4,205 |
) |
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14,180 |
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25,322 |
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Loss on asset impairment and restructuring |
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31,233 |
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65,987 |
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2,199,146 |
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Operating loss from continuing operations |
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(117,143 |
) |
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(228,714 |
) |
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(2,630,514 |
) |
Other income (expense), net |
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(479,854 |
) |
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(242,641 |
) |
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(455,644 |
) |
Loss from continuing operations before incomes taxes |
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$ |
(596,997 |
) |
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$ |
(471,355 |
) |
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$ |
(3,086,158 |
) |
1 A reclassification of $5,449 and $8,378 of ancillary cannabis revenues from Other to Canada cannabis occurred for the year ended March 31, 2024 and March 31, 2023, respectively.
2 A reclassification of $744 and $2,397 of ancillary cannabis gross margins from Other to Canada cannabis occurred for the year ended March 31, 2024 and March 31, 2023, respectively.
Asset information by segment is not provided to, or reviewed by, the Company’s CODM as it is not used to make strategic decisions, allocate resources, or assess performance.
Entity-wide disclosures
Disaggregation of net revenue by geographic area:
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Years ended |
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March 31, |
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March 31, |
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March 31, |
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2025 |
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2024 |
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2023 |
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Canada |
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$ |
155,912 |
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$ |
162,712 |
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$ |
201,417 |
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Germany |
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59,904 |
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52,194 |
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48,701 |
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United States |
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35,990 |
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40,988 |
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36,431 |
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Other |
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17,189 |
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41,252 |
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46,704 |
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$ |
268,995 |
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$ |
297,146 |
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$ |
333,253 |
|
Disaggregation of long-lived tangible assets by geographic area:
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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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Canada |
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$ |
239,382 |
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$ |
266,086 |
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Germany |
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53,079 |
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50,527 |
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Other |
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1,062 |
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3,490 |
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$ |
293,523 |
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$ |
320,103 |
|
For the year ended March 31, 2025, one customer represented more than 10% of the Company’s net revenue (years ended March 31, 2024 and 2023, one and one, respectively).
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 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 Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.