Canadian cannabis company Canopy Growth (CGC) reported net revenue of CAD 81.2 million (USD 58.6 million) for the first quarter of fiscal year 2027, ended June 30, 2026, a 13% year-over-year increase. During the same period, gross margin improved, net loss decreased by 68%, and adjusted EBITDA loss narrowed by 59%. However, the company's stock price has fallen by 33% over the past 12 months and remains below USD 1 per share. Analysis from Yahoo Finance attributes this primarily to the slow progress of federal cannabis legalization in the United States (despite the reclassification of medical cannabis, there has been little progress on recreational cannabis reclassification), and the company's continued reliance on external equity financing, leading to share dilution (share capital increased from 239.9 million shares to 423 million shares over the past year).