Canopy Growth Corporation (NASDAQ:CGC) Q1 2024 Results Conference Call August 9, 2023 5:30 PM ET

Company Participants

Tyler Burns - Director, IR

David Klein - CEO

Judy Hong - CFO

Conference Call Participants

Vivien Azer - TD Cowen

Aaron Grey - Alliance Global Partners

Michael Lavery - Piper Sandler

John Zamparo - CIBC

Operator

Good afternoon. My name is Michelle and I will be your conference operator today. I would like to welcome everyone to Canopy Growth’s First Quarter Fiscal Year 2024 Financial Results Conference Call. At this time, all participants are in a listen-only mode.

I would now like to turn the call over to Tyler Burns, Director, Investor Relations. Tyler, you may begin.

Tyler Burns

Good afternoon and thank you all for joining us today. On our call, we have Canopy Growth’s Chief Executive Officer, David Klein; and Chief Financial Officer, Judy Hong.

After financial market’s close today, Canopy Growth issued a news release announcing the financial results for our first quarter ending June 30, 2023. News release and financial statements have been filed on EDGAR and SEDAR, and will be available on our website under the Investors tab.

Before we begin, I would like to remind you that our discussion during this call will include forward-looking statements that are based on management’s current views and assumptions, and that this discussion is qualified in its entirety by the cautionary note regarding forward-looking statements included at the end of the news release issued today.

Please review today’s earnings release and Canopy’s reports filed with the SEC and on SEDAR for various factors that could cause actual results to differ materially from projections. In addition, reconciliations between any non-GAAP measures to their closest reported GAAP measures are included in our earnings release. Please note that all financial information is provided in Canadian dollars, unless otherwise stated.

Following prepared remarks by David and Judy, we will conduct a question-and-answer session where we will take questions from analysts. To ensure that we get to as many questions as possible, we ask analysts to limit themselves to one question.

With that, I will turn the call over to David.

David Klein

Thanks Tyler. Good afternoon, and thank you for joining us today to discuss Canopy Growth’s first quarter results for fiscal ‘24. During the call today, I’ll cover four key topics: First, the progress of our transformation to a simplified asset-light business; Second, the improved performance of our Canadian cannabis business; Third, the strong top line performance for BioSteel and Storz & Bickel; and Finally, a brief update on Canopy USA and the encouraging developments with our U.S. cannabis brands. Following my remarks, Judy will provide a brief review of our first quarter fiscal ‘24 results, and review the actions we’ve taken recently to strengthen our financial position and improve liquidity.