How Canopy Growth’s Margins Looked in 3Q18

In the earlier parts of this series, we discussed how Canopy Growth (WEED) fared in terms of selling prices, sales volumes, and cost of production. While the company’s cost of production fell 1.9% year-over-year, its selling price rose 13% over the same period. During fiscal 3Q18, Canopy Growth reported a non-GAAP (generally accepted accounting principles) gross margin of 58% of sales, which included the cash operating costs associated with the company’s subsidiaries that aren’t currently cultivating or selling cannabis.