---
schema_version: "secwatch.filing_event.v1"
accession: "0000950170-23-002246"
form_type: "8-K"
ticker: "CGC"
cik: "0001737927"
company_name: "Canopy Growth Corp"
filed_at: "2023-02-09T23:59:59+00:00"
generated_at: "2026-06-19T20:38:05.531377+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

# Canopy Growth Q3 net revenue down 28% to $101M; net loss $267M; announces major restructuring

## Summary
- Net revenue $101.2M (-28% YoY), net loss $266.7M (-$151M YoY), adjusted EBITDA loss $87.5M.
- Announces Canadian business transformation to asset-light: exit flower cultivation in Smiths Falls, close 1 Hershey Drive facility.
- Headcount reduction ~60% (800 positions, 40% immediate); cost reduction target $140-160M additional, total $240-310M.
- Pre-tax restructuring charges $425-525M ($25-40M cash); reaffirms positive Adjusted EBITDA in FY2024 (excl. BioSteel).
- Cash $789M (down from $1,372M); gross debt $1,206M (down from $1,501M).

## SEC filing metadata
- accession: 0000950170-23-002246
- form_type: 8-K
- ticker: CGC
- cik: 0001737927
- company_name: Canopy Growth Corp
- filed_at: 2023-02-09T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1737927/000095017023002246/0000950170-23-002246-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1737927/000095017023002246/cgc-20230209.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000950170-23-002246
- JSON: https://secwatch.observer/filing/0000950170-23-002246.json
- Plain text: https://secwatch.observer/filing/0000950170-23-002246.txt

## Key facts
- Earnings Releases
  Canopy Growth Corp reported third quarter ended December 31, 2022 results: revenue $101 million, net income $267 million. Guidance reaffirmed.
  - Period: third quarter ended December 31, 2022
  - Revenue: $101 million
  - Net income: $267 million
  - Guidance: reaffirmed
  - Result: reported results
  source text: "Non-GAAP Measures". 2 Adjusted EBITDA is a non-GAAP measure. See "Non-GAAP Measures". 3 Free cash flow is a non-GAAP measure. See "Non-GAAP Measures". Revenues: Net revenue of $101 million in Q3 FY2023 declined 28% versus Q3 FY2022. The decrease is primarily attributable to increased competition in the Canadian adult-use cannabis market, the divestiture of C3
  evidence_url: https://www.sec.gov/Archives/edgar/data/1737927/000095017023002246/0000950170-23-002246-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.