Canadian LP Canopy Growth Corp. ended fiscal 2026 with sharp gains in two of its highest-margin segments, reporting on Monday quarterly gains of 27% growth in Canadian medical cannabis revenue and 69% growth across international cannabis markets.
Canopy’s medical cannabis net revenue in the quarter that ended March 31 was $25.3 million in Canadian dollars (CAD). Its international revenue was $8.6 million CAD, according to the company’s fourth-quarter financial results released Monday.
The results are a shift for the Ontario-based company, which has spent recent years restructuring operations and trimming costs to reach profitability. Its recent acquisition of MTL Cannabis is expected to drive its next phase of growth.
What’s driving Canopy’s medical cannabis sales growth?
“The significant strengthening of our balance sheet during fiscal 2026 reduces risk while expanding our strategic flexibility,” Canopy Growth Chief Financial Officer Tom Stewart said in a statement.
“We took meaningful steps to reduce costs and focus resources where they can drive the best returns, and these efforts are starting to be reflected in our financial results.”
The spike in Canadian medical cannabis revenue reflects the steady demand among registered patients and Canopy’s push to expand is product range for that channel.
Medical sales typically have higher margins than the adult-use market, where competition from the illicit market continues to squeeze Canadian operators.
The 68% increase in international revenue indicates rising sales in markets outside North America, where medical cannabis programs in Europe and other regions are expanding access and creating new demand for imported product.
What’s next for Canopy Growth?
Canopy CEO Luc Mongeau tied the results to a sharper operating focus and disciplined execution across the business.
“We modernized our approach to innovation, and our business structure was optimized around a clear strategy,” Mongeau said in a statement.
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“As the leading medical cannabis business in Canada by revenue, we are well positioned to extend that leadership into Europe – a market we believe represents enormous long-term opportunity and one where our brands, products and relentless execution give us a real competitive edge.”
