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Edge14 Nov 2025
Ball: The King of Cans
From a 19th-century glass-jar legacy to a global plant network, Ball is now a pure-play aluminum can partner to the world's biggest beverage brands.
Canopy Growth (WEED) investor relations material
Canopy Growth Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2026 earnings summary7 Nov, 2025
Executive summary
Q2 FY2026 net revenue rose 6% year-over-year to $66.7M, with strong growth in Canadian adult-use and medical cannabis segments and a significant improvement in net loss from continuing operations to $1.6M from $131.6M a year ago.
Adjusted EBITDA loss narrowed to $3M from $6M year-over-year, reflecting disciplined cost management and lower SG&A expenses.
Cash and cash equivalents reached $298M, exceeding debt balances by $70M, resolving prior going concern doubts.
International cannabis sales declined 39% year-over-year due to European supply constraints and process challenges.
Storz & Bickel segment saw sequential revenue growth from new product launches but a 10% year-over-year decline.
Financial highlights
Q2 FY2026 net revenue was $66.7M, up 6% year-over-year, with cannabis segment net revenue at $50.9M (+12% YoY) and Storz & Bickel at $16M (-10% YoY).
Gross margin was 33% (down from 35% YoY), with cannabis gross margin at 31% and Storz & Bickel at 38%.
Adjusted EBITDA loss improved to $3M from $6M a year ago.
Free cash flow outflow for the quarter was $19M, improved from $56M a year ago; year-to-date outflow was $31M, down from $112M.
SG&A expenses declined 13% year-over-year, with $21M in annualized savings achieved.
Cash and cash equivalents at period end were $298M, with total debt reduced to $228M.
Outlook and guidance
Management expects continued growth in Canadian adult-use and medical cannabis, barring changes to government reimbursement.
International cannabis revenue expected to stabilize and grow as supply chain issues are resolved.
Storz & Bickel segment anticipated to benefit from new product launches and holiday seasonality, though tariffs may impact U.S. performance.
Sequential improvement in cannabis and Storz & Bickel gross margins expected for the remainder of fiscal 2026.
Sufficient liquidity is projected for short-term obligations, resolving prior going concern doubts.
European supply chain stabilization timeline?
Quantify Storz & Bickel US tariff impact
Expected COGS reduction impact and timeline
How will Europe supply chain changes affect margins?
What are the capital allocation priorities now?
Update on Canopy USA funding and operations
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Next Canopy Growth earnings date
Q3 20266 Feb, 2026
Next Canopy Growth earnings date
Q3 20266 Feb, 2026
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Frequently asked questions
Canopy Growth Corporation, together with its subsidiaries, engages in the production, distribution, and sale of cannabis and hemp-based products for recreational and medical purposes primarily in Canada, the United States, and Germany. It offers dry cannabis and oil products primarily under the Tweed and Tokyo Smoke brands. The company also sells its products online. Canopy Growth Corporation is headquartered in Smiths Falls, Canada.
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