Canopy Growth Corporation reported CA$81.2 million in net revenue for its first quarter of fiscal year 2027, an increase of 13% compared to the same period last year, with revenue growth across each of its major business segments.

Cannabis net revenue reached CA$65.1 million for the three months ended June 30, up 14% from CA$57 million a year earlier.

Canadian medical cannabis generated CA$25.8 million in net revenue, a 22% year-over-year increase. Canopy attributed the growth to an increase in insured customers and its acquisition of MTL Cannabis, partially offset by a reduction in the Veterans Affairs Canada reimbursement rate for medical cannabis.

Canadian adult-use cannabis revenue increased 10% to CA$29.7 million, driven primarily by higher flower sales following the MTL Cannabis acquisition.

International cannabis revenue also increased 10%, reaching CA$9.6 million, with the company pointing to strength in Europe, particularly Poland.

Storz & Bickel, Canopy’s vaporizer business, generated CA$16.1 million in net revenue, up 6% from the prior-year quarter.

Canopy reported a consolidated gross margin of 27%, compared to 25% a year earlier. Adjusted gross margin increased from 25% to 31%.

The company’s net loss declined significantly, falling 68% from CA$44.9 million in the first quarter of fiscal 2026 to CA$14.6 million in the most recent quarter.

Canopy’s adjusted EBITDA loss narrowed to CA$3.2 million, an improvement of CA$4.7 million, or 59%, year-over-year. The company attributed the improvement primarily to higher revenue across its businesses and continued cost reductions.

“The renewed focus and strong momentum we established over the past year have continued into fiscal 2027,” said Canopy Growth CEO Luc Mongeau, who noted that the company achieved revenue growth in every business during the quarter.

Free cash outflow totaled CA$25.7 million, compared to CA$11.6 million a year earlier, with Canopy attributing the increase primarily to the timing of working capital changes.

Canopy ended the quarter with CA$336.6 million in cash and cash equivalents.