Canopy Growth Corporation (TSX:WEED, NYSE:CGC) reported better-than-expected financial results for the fiscal first quarter of 2026, which saw its shares jump in early trade on Friday.
For the period ending June 30, revenue was up about 9% year-over-year at C$72.1 million from C$66.2 million, ahead of analyst estimates of a decline to C$64.5 million.
Growth was driven by strength in the Canadian adult-use cannabis market, which grew 43% year-over-year to C$27 million and a 13% increase in Canadian medical cannabis sales to C$21.2 million.
International market cannabis sales were up 4% at $8.7 million, driven by increased shipments of flower products in Europe, offset by a decline in its Australian medical cannabis business.
The company saw revenue of $15.2 million from its Storz & Bickel brand, down from $20.1 million in the year-ago quarter. The decline was attributed to lapping strong sales and consumer economic uncertainty.
Canopy Growth also narrowed its net loss to C$41.5 million or C$0.22 per share, an improvement from C$127.1 million or a loss per share of C$1.60 in the year-ago quarter. The EPS loss was in line with consensus estimates.
Shares of Canopy Growth added 11% at US$1.17 post-earnings. Its Toronto-listed shares added 8.3% at C$1.57.