Canopy Growth Corp. of Canada has had a notable year for more than one reason. As attitudes change toward legalization of cannabis and its use in a myriad of medical scenarios, companies like Canopy are taking advantage of ever-changing legislation to establish best practices and seek massive profits where law and ethics permit. The federally licensed cultivation enterprise made headlines when it went public on the Toronto Stock Exchange. Now, Canopy has set a new benchmark when its stock closed at CA$11.16, making it the first cannabis company to reach a CA$1B certification.
CBC News reports that Canopy, a Smith Falls, Ontario, company, shows a CA$5.4M profit for the quarter ending Sept. 30, 2016. Reported revenue nears CA$8.5M. The company now reports almost 25,000 patients, up from 6,200 registered one year ago.
As sales increased 270% over the first half of fiscal 2016, Canopy’s operational income shrunk by nearly 60% as they allocate more spending toward meeting prospected demand. They are now poised to lead the market, potentially exploiting a favorable and healthy outlook in Canada toward the cultivation of cannabis for wellness.
AgriMed sees the success of this company and others as milestones in the road to the acceptance of medically processed cannabis as a viable, healthy, sustainable way to improve the lives of patients around the world.