Reported Earnings • Mar 02
Third quarter 2026 earnings released: EPS: CA$0.006 (vs CA$0.01 loss in 3Q 2025) Third quarter 2026 results: EPS: CA$0.006 (up from CA$0.01 loss in 3Q 2025). Revenue: CA$17.2m (down 14% from 3Q 2025). Net income: CA$672.9k (up CA$1.89m from 3Q 2025). Profit margin: 3.9% (up from net loss in 3Q 2025). The move to profitability was driven by lower expenses. Buy Or Sell Opportunity • Dec 15
Now 80% overvalued after recent price rise Over the last 90 days, the stock has risen 22% to CA$0.77. The fair value is estimated to be CA$0.43, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 41% over the last 3 years. Meanwhile, the company became loss making. 공시 • Dec 15
Canopy Growth Corporation (TSX:WEED) entered into an arrangement agreement to acquire MTL Cannabis Corp. (CNSX:MTLC) for approximately CAD 120 million. Canopy Growth Corporation (TSX:WEED) entered into an arrangement agreement to acquire MTL Cannabis Corp. (CNSX:MTLC) for approximately CAD 120 million on December 14, 2025. Canopy Growth to acquire all of the issued and outstanding common shares in the capital of MTL on the basis of 0.32 of a common share of Canopy Growth (each whole share, a “Canopy Growth Share”) and CAD 0.144 in cash for each MTL Share, or approximately 38 million Canopy Growth Shares and CAD 17 million in cash in the aggregate. Pursuant to the Arrangement, each MC Shareholder will irrevocably, finally and fully release MTL, Canopy Growth and their respective affiliates from any and all obligations owing to such MC Shareholder pursuant to the Share Exchange Agreement, including for greater certainty, each MC Shareholder’s entitlement to anti-dilution rights pursuant to the Share Exchange Agreement (the “Release”) in exchange for such MC Shareholder’s pro rata entitlement to up to 2,956,391 (subject to reduction in certain circumstances) Canopy Growth Shares to be issued to the MC Shareholders pursuant to the Arrangement. The. Arrangement Agreement provides that a termination fee of CAD 4 million (the “Termination Fee”) will be payable by MTL upon termination of the Arrangement Agreement. Haywood Securities Inc. provided the MTL Cannabis Special Committee with an opinion that, as of December 14, 2025 and based upon and subject to the various assumptions, limitations, qualifications and other matters set forth in such opinion, the consideration to be received by the MTL Shareholders pursuant to the Transaction is fair, from a financial point of view, to MTL Shareholders.
The Transaction was unanimously approved by the Board of Directors of Canopy Growth, as well as the Board of Directors of MTL Cannabis (with conflicted directors abstaining), following the unanimous recommendation of a special committee of the MTL Board of Directors (the “MTL Special Committee”). The MTL Special Committee and the Board of Directors unanimously recommended that MTL Shareholders vote in favour of the Transaction after determining the Transaction is fair to the MTL Shareholders and is in the best interests of MTL Cannabis. The Arrangement is subject to the conditions set forth in the Arrangement Agreement, including, among others: (i) approval by the Supreme Court of British Columbia (the “Court”) at a hearing upon the procedural and substantive fairness of the terms and conditions of the Arrangement; (ii) any approvals required under the Competition Act (Canada); and (iii) approval by the shareholders of MTL as required by applicable corporate and securities laws. The shareholders of MTL will be asked to vote on a resolution (the “Arrangement Resolution”) to, among other things, approve the Arrangement at a shareholder meeting to be called for such purpose, certain regulatory approvals, conditional approval of the Toronto Stock Exchange will have been obtained, including in respect of the listing and posting for trading of the Canopy Growth Shares issued as consideration for MTL Shares pursuant to the Arrangement and the MC Shareholder Consideration. Special meeting of MTL shareholders is expected to occur in February 2026, Expected closing by the end of February 2026.
Jonathan Sherman of Cassels Brock& Blackwell LLP acted as legal advisor to Canopy Growth Corporation, Daniel Everall?of Farris LLP acted as legal advisor to MTL, Canaccord Genuity Corp. is acting as exclusive financial advisor to Canopy Growth. Paul Hastings LLP are acting as legal counsel to the Company, Haywood Securities Inc. is acting as exclusive financial advisor to the MTL Special Committee and provided a fairness opinion to the MTL Special Committee. New Risk • Dec 13
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Canadian stocks, typically moving 15% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (1.3x net interest cover). Minor Risks Share price has been volatile over the past 3 months (15% average weekly change). Market cap is less than US$100m (CA$49.3m market cap, or US$35.8m). Reported Earnings • Nov 30
Second quarter 2026 earnings released: CA$0.071 loss per share (vs CA$0.011 profit in 2Q 2025) Second quarter 2026 results: CA$0.071 loss per share (down from CA$0.011 profit in 2Q 2025). Revenue: CA$20.6m (down 1.2% from 2Q 2025). Net loss: CA$8.32m (down CA$9.57m from profit in 2Q 2025). 
