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Canopy Growth

CGC on Nasdaq. Canopy Growth sells cannabis products to consumers and medical patients. Market value $374m.

Watch this stockFree. We tell you when something changes.

Figures from the annual report for the year ended 31 March 2026.

We can't read total debt from the filing, so debt is left out.

Cash flow or capital spending isn't reported, so free cash flow is unknown.

Should I look at this?

Look carefully before going further

Why it could be worth it

What to watch out for

Read the warning sign in its own filings

This is not advice. Check the numbers below.

Compare with another stock

Cash yield
annual report to March 2026
n/a

We could not compute this from the filings.

Price to profit
annual report to March 2026
n/a

The filings do not give us enough to work this out.

Return on capital
five annual reports to March 2026
n/a

The filings do not give us enough to work this out.

Quality score: not known. Price score: not known. Our list needs 70 on quality and 60 on price.

$0.89 a share, 6% above its 1-year low

Over the past year the price has ranged from $0.84 to $2.38.

Prices from Tuesday’s close (6 October).

Five years of cash, in billions

n/a
n/a
n/a
n/a
n/a
20222023202420252026
Revenue
n/an/an/an/an/a
Operating margin
n/an/an/an/an/a
Debt to equity
n/an/an/an/an/a
Shares outstanding
0.49bn0.09bn0.15bn0.38bn0.42bn

Health checks

  • Free cash flow positiveNot enough data
  • Accounting looks honest (Beneish)Not enough data
  • Financial strength (Piotroski)Not enough data
  • Profit backed by cash (accruals)Not enough data
  • DebtUnknown
  • Revenue growth, five yearsUnknown
  • Buying back its own sharesYes, 15% fewer since 2022

Dates

Next results (estimated)
n/a
Last annual report (10-K)
15 June 2026
Next quarterly (estimated, 10-Q)
6 November 2026

Who owns it

None of the long-term investors we follow own it. 213 funds in all.

Jun '25
Dec '25
Jun '26
Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

No one has reported a stake above 5% since December 2024.

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

No insider bought shares on the open market in the last 12 months. 7 sold $393,218.

  • Yanofsky Theresa
    Director
    Sold
    Date
    28 September 2026
    Shares
    14,920
    Price
    $0.93
    Value
    $13,828
  • Lazzarato David Angelo
    Director
    Sold
    Date
    28 September 2026
    Shares
    22,380
    Price
    $0.93
    Value
    $20,742
  • BAYERN JOSEPH
    Director
    Sold
    Date
    28 September 2026
    Shares
    3,096
    Price
    $0.93
    Value
    $2,869
  • ATKINS M SHAN
    Director
    Sold
    Date
    28 September 2026
    Shares
    3,096
    Price
    $0.93
    Value
    $2,869
  • Stewart Thomas Carlton
    See Remarks
    Sold
    Date
    17 September 2026
    Shares
    25,755
    Price
    $0.93
    Value
    $23,952
  • Gedeon Christelle
    See Remarks
    Sold
    Date
    24 August 2026
    Shares
    13,344
    Price
    $1.47
    Value
    $19,616
  • Stewart Thomas Carlton
    See Remarks
    Sold
    Date
    24 August 2026
    Shares
    2,231
    Price
    $1.47
    Value
    $3,280
  • BAYERN JOSEPH
    Director
    Sold
    Date
    26 June 2026
    Shares
    3,197
    Price
    $0.92
    Value
    $2,941
  • Yanofsky Theresa
    Director
    Sold
    Date
    26 June 2026
    Shares
    15,054
    Price
    $0.92
    Value
    $13,850
  • ATKINS M SHAN
    Director
    Sold
    Date
    26 June 2026
    Shares
    3,197
    Price
    $0.92
    Value
    $2,941

From Form 4 filings: insiders must report trades in their own company's shares within two days.

Warning signs in its filings

Problems the company itself reported to the SEC, in its own words.

2 serious warning signs in Canopy Growth’s filings.

We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.

We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 15 Jun 2026, plus the 10-Q filed 7 Aug 2026 and 2 later 8-Ks.

  • Weak checks on its own accounts

    Serious

    The company said its checks on its own accounts did not work at the end of its latest quarter. Mistakes could slip into the numbers.

    “Based upon this evaluation, our Chief Executive Officer and Chief Financial Officer have concluded that, as of June 30, 2026, our disclosure controls and procedures were not effective as of such date due to a material weakness in our internal control over financial reporting that was disclosed in Item 9A of the Annual Report.”

    From the 10-Q filed 7 August 2026, Part I, Item 4. Controls and Procedures. Read it in the filing

  • Its past accounts can't be relied on

    Serious

    It told the SEC its earlier accounts should no longer be relied on, usually because they contained errors.

    8-K Item 4.02 filed 15 May 2026: the company said its earlier financial statements should no longer be relied on.

    From an 8-K filed 15 May 2026: Previously issued accounts should no longer be relied on. Open the filing

  • Changed auditor

    Worth knowing

    The company changed its auditor (the firm that checks its books) in the last two years.

    “On August 7, 2026, PKF O’Connor Davies, LLP (“PKFOD”), which had been serving as the independent registered public accounting firm of Canopy Growth Corporation (the “Company”), resigned as the Company’s independent registered public accounting firm, effective August 7, 2026 (the “Resignation Date”) due to strategic changes in the desire of the firm to provide services to the cannabis sector.”

    From an 8-K filed 7 August 2026: Change of auditor. Read it in the filing

A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.

What could go wrong

Cheap for a reason is the question the numbers cannot answer.

Whether the price already reflects the risks is what the deep dive is for.

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from
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What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.