ON: Canopy Growth Says Number Of Medical Marijuana Patients More Than Tripled

[Katelyn Baker]

Toronto — Canada's largest publicly traded marijuana company says it has had a hard time keeping up with demand for high-potency pot as its list of registered medical marijuana patients more than tripled at the end of last year.

Canopy Growth Corp. (TSX:WEED) says about one-third of its customers want moderate to high levels of THC, the psychoactive chemical in marijuana, and they're willing to pay a premium price for it.

"And we really didn't have that in the (October-December) quarter — almost ever," CEO Bruce Linton said Tuesday on a conference call after the company reported its third quarter results.

Linton said Canopy Growth has been hurrying to meet demand, expanding its production capacity and acquiring other producers. It also saw its medical marijuana patient base balloon to 29,000 at the end of last year from 8,000 as of Dec. 31, 2015.

To meet demand, Canopy Growth has been developing a medical marijuana product containing 27 per cent THC over the last 18 months. It's awaiting regulatory approval to start production.

The company also reported $1 million in sales in a single day for the first time, on Feb. 1, a remarkable number considering total revenue during the third quarter was less than $10 million.

"We had a fairly substantial amount of some reasonably pricey and high THC products that were eaten up," Linton said.

At Smiths Falls, Ont., where Canopy Growth has converted a former Hershey chocolate plant into its head office, the company has opened more grow rooms, some of which are being renovated to become two-storey production facilities.

Canopy Growth also has plans to expand its production capacity at other locations, including those recently acquired after its purchase of Mettrum Health Corp. in an all-stock deal that closed Jan. 31.

Linton said Canopy is poised to expand further when the federal government announces how it plans to open up a recreational marijuana market, which is expected in the spring.

"The only update I'd offer is that the provinces, at varying levels, seem to be quite actively engaged," Linton said.

"Whereas it has always been a federal agenda ... what's we've been seeing for some time is real active engagement from a few of the provinces as they set up their own level (of implementation.)"

For the three months ended Dec. 31, revenue was $9.8 million, up from $3.5 million a year earlier. Net income for the quarter was $3.0 million or two cents per diluted share, a turnaround from a loss of $3.3 million or four cents per share in the third quarter of fiscal 2015.

News Moderator: Katelyn Baker 420 MAGAZINE ®
Full Article: Canopy Growth Says Number Of Medical Marijuana Patients More Than Tripled
Author: David Paddon
Contact: 403.527.1101
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Website: Medicine Hat News

 

[XobeMan]

Awesome to hear that Canopy Growth which owns tweed, bedrocan and mettrum is getting huge.

1 million dollars in one day, well come on now when voluntary recalls were made late last year many customers had to wait including myself for 2-3 months for product in which many left to go somewhere else, but i decided to hang on and order the lower grade CBD strain which i had to order twice as much and smoke twice as much costing me twice as much money and running out of cannabis twice as fast.

I am glad a lot of product was released from mettrum and tweed which i am a customer of both, but please do not shade the release and growth of a 1 million day of sales.

My only issue and will ever be is None yep thats right None of the LP's have a CBD strain higher then 12-13% although one in Mid Canada claims they have one that is 17-19% Canntonic which i asked them about and they said said well thats under a optimal grow, so i said well thats false advertising as you claim that it is and when it actually is 12-13% as i had HC (Health Canada look into it) they since updated their site to show 12-13%. This of course has nothing to do with Canopy Growth.

My issue also is None yep None of the LP's carry a lot of CBD strains in which are more medicinal then THC strains in which all LP's have Five Times the amount of THC strains as opposed to CBD. This is both in Dried and Oils, but at least you can buy Oils if you prefer to, but i do not.

The release of Canopy here claims Customers are willing to pay a Premium Price for high THC products and CBD, I ASK what other choice do i or they have as this is the only Legal Way to purchase Cannabis In Canada right now.

I am on a low income to be able to have compassionate pricing which still is to high for me as i can not afford my entire script ever.

I have applied to grow my own medicine and hope i get to do so as this way i will be able to afford my 6g per day perscription.

I hope the LP's soon realize that $5.00 per gram for Non compasionate pricing is what is needed and $2.50 per gram for compassionate pricing is what is needed to keep customers to never want to apply to grow their own.

I am not gonna disclose my compassionate prices, but rest assured its not really any better then the street prices.

The claim of $5.00 per gram is False as it is on maybe 1 or 2 strains which I MAY add are the Lower Grade Strains not any Top Strains. Remember i am a CBD user for pain and relaxtion not a receational THC user.

Now as for the new 27 THC product Canopy is speaking about i ask what 21, 25, 28 THC percent products that Tweed seels is not Good Enough as there is at least 6 strains in that range.

Again as opposed to CBD strains are all below 14% which is only about 1-2 CBD strains at all Three places under Canopy.

Thks a very concerned CBD user.




A Licenced Medicinal Cannabis User

 

[Krypton242]

Profit profit profit
This stuff is no harder to grow than lettuce, carrots or tomatoes. Why do you think they are expanding? All you need is a room and light. People have grown indoors for years up here. The profit is high and the cost is low. I mean super low! They are the ones that own all the fancy stuff around town ( Cars,Boats and Houses ) and are more than likely the money behind this and other so called Medical Growing. most of them are not smart just gutsy.
I look forward to the day that I am free to grow and use without government the plant that My ancestors used before Me for healing and to give thanks for the changing of seasons.
If you want to know how to grow your own Try: Groweedeasy or this site