Core Viewpoint - Canopy Growth Corporation has launched a new at-the-market equity program to raise up to $200 million in common shares, aimed at supporting strategic investments and working capital [1][2]. Group 1: Equity Program Details - The new equity program allows for the issuance and sale of up to $200 million in common shares across U.S. and Canadian markets, with Canadian sales capped at $50 million [2]. - The program is governed by an equity distribution agreement dated August 29, 2025, with BMO Nesbitt Burns Inc. and BMO Capital Markets Corp. as agents [3]. - The program will remain active until June 5, 2027, or until the full $200 million is raised, with the Canadian portion ending earlier on July 5, 2026, or upon reaching its $50 million cap [3]. Group 2: Company Overview - Canopy Growth Corporation operates in the cannabis industry, producing and selling cannabis, hemp, and related products across Canada, Germany, and Australia [4]. - The company operates through four segments, including Canada Cannabis and International Markets, offering a variety of products such as dried flower, pre-rolls, edibles, vapes, oils, and concentrates [4]. - Canopy Growth markets its products under multiple brands, including Tweed, 7ACRES, Spectrum Therapeutics, Storz & Bickel, Wana, and DOJA [4].

Core Viewpoint - Canopy Growth has significantly underperformed in the cannabis industry, losing 99% of its value over the past five years, with shares trading under $2, making it unattractive for investment [1][11]. Financial Performance - Canopy Growth reported a net revenue of 65 million Canadian dollars for Q4 of fiscal year 2025, down 11% year-over-year, despite a 4% increase in cannabis revenue in Canada [6]. - The company remains deeply unprofitable, with a net loss per share of CA$1.43, worsening from a CA$1.03 loss per share in the previous year [7]. Market Challenges - The cannabis market is heavily regulated, leading to stiff competition and oversupply issues, particularly in Canada and the U.S., where cannabis remains illegal at the federal level [4][10]. - Canopy Growth's international operations, including its subsidiary Storz & Bickel, have not mitigated the negative impact on overall performance [2][6]. Management Outlook - Management has attempted to present a positive outlook by highlighting a 49% reduction in total debt during fiscal year 2025 and aims to achieve positive adjusted EBITDA in the "near term" [8][9]. - Despite potential long-term opportunities in the U.S. cannabis market, the vague nature of management's goals raises skepticism about the company's future profitability [8][9]. Investment Sentiment - The current lack of revenue growth and the uncertain regulatory environment in the U.S. contribute to the view that Canopy Growth is not an attractive investment option [10][11].