Company: CGC
Filing Date: 2025-02-07
Form Type: 10-Q
Source: 0000950170-25-015839
Chunk: 281

Company: Canopy Growth Corp
Filing Date: 2025-02-07
Form: 10-Q
Item: Item 8
Chunk 281
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2023, or 50% of net revenue. The year-over-year decrease in the gross margin percentage is due to the completion of the divestiture of This Works (the “This Works Divestiture”) on December 18, 2023.

Operating Expenses

The following table presents operating expenses for the nine months ended December 31, 2024 and 2023:

    Nine months ended December 31,

    (in thousands of Canadian dollars)
     
    2024

    2023

    $ Change

    % Change

     Operating expenses

     General and administrative
     
    $
    52,689

    $
    69,667

    $
    (16,978
    )

    (24
    %)

     Sales and marketing

    45,676

    58,678

    (13,002
    )

    (22
    %)

     Acquisition, divestiture, and other costs

    14,741

    24,373

    (9,632
    )

    (40
    %)

     Depreciation and amortization

    18,068

    22,092

    (4,024
    )

    (18
    %)

     Selling, general and administrative expenses

    131,174

    174,810

    (43,636
    )

    (25
    %)

     Share-based compensation expense

    14,531

    10,127

    4,404

    43
    %

     Loss (gain) on asset impairment and restructuring

    22,135

    2,452

    19,683

    803
    %

     Total operating expenses
     
    $
    167,840

    $
    187,389

    $
    (19,549
    )

    (10
    %)

Selling, general and administrative expenses

Selling, general and administrative expenses were $131.2 million in the nine months ended December 31, 2024, as compared to $174.8 million in the nine months ended December 31, 2023.

General and administrative expense was $52.7 million in the nine months ended December 31, 2024, as compared to $69.7 million in the nine months ended December 31, 2023