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CANOPY GROWTH REPORTS THIRD QUARTER FISCAL 2021 FINANCIAL RESULTS Business transformation continues to gain traction Improved commercial and operational execution drives record net revenue of $ 153 million , up 23 % vs Q3 2020 Q3 2021 Canadian recreational market share increased by 30bps vs Q2 2021 based on our proprietary market share tracker Provides medium - term financial targets , including expectations to achieve profitability during the second half of FY 2022 , while continuing to invest behind consumer insights , R & D and the U.S. market With renewed sense of optimism , Canopy further advanced the U.S. growth strategy ahead of potential cannabis reform February 9 , 2021 SMITHS FALLS , ON — Canopy Growth Corporation ( " Canopy Growth " or the " Company " ) ( TSX : WEED , NASDAQ : CGC ) today announces its financial results for the third quarter fiscal 2021 ended December 31 , 2020. All financial information in this press release is reported in millions of Canadian dollars , unless otherwise indicated . Third Quarter Fiscal 2021 Financial Summary Reported vs. Q3 2020 Adjusted Net revenue Gross margin gross margin percentage percentage¹ Net loss Adjusted EBITDA² Free cash flow³ $ 152.5 23 % 16 % ( 1,500 ) bps 26 % $ ( 68.4 ) ( 500 ) bps 29 % $ ( 135.4 ) 62 % $ ( 829.3 ) ( 656 % ) 1 Adjusted gross margin percentage is a non - GAAP measure , and for Q3 2021 excludes restructuring costs included in cost of goods sold of $ 15.6 million . 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 " . " We delivered another quarter of record net revenue , with growth across all our businesses , led by improved commercial and supply chain execution , " said David Klein , CEO . " We are building a track record of winning in our core markets , while also accelerating our U.S. growth strategy with the momentum building behind the promising cannabis reform in the U.S. " " We are executing against our cost savings program , with several initiatives already completed and more underway to build a leaner and more agile business , ” added Mike Lee , CFO . " These cost savings , along with our top - line growth and continued cost discipline , puts Canopy firmly on a path to achieve profitability during Fiscal 2022 , with further improvement anticipated beyond . "