Canopy 2016 A_R_Pages_web

“As I look 

back at fiscal 

2016 and look 

forward to the 

future, two 

words, growth 

and opportunity, 

come to mind.” 

- Bruce Linton 

Chairman & CEO, 

Canopy Growth Corporation

CGC Annual Review : 2016 | 03 

Table of 

Contents 

01. 

MESSAGE 

FROM THE CEO 

02. 

PATH TO 

LEGALIZATION 

03. 

WORLD-CLASS 

PRODUCTION 

PAGE 04 

PAGE 10 

PAGE 12 

04. 

BRAND & MARKET 

SEGMENTATION 

05. 

PRODUCTS 

06. 

MARKET SHARE 

PAGE 24 

PAGE 28 

PAGE 32 

07. 

INTERNATIONAL 

PAGE 34

04 | 


01. 

Message 

from the CEO 

GROWTH BY THE NUMBERS 

Investments across our operations, including in our 

production capacity and in our award winning customer 

service generated significant growth in our business. By 

the numbers, the growth our business delivered in fiscal 

2016 was impressive: revenues and grams of marijuana sold 

increased greater than four-fold over 2015, to $12.7 million 

and 1.7 million grams, respectively. Our registered patient 

count rose 300 percent to over 11,600 at the end of the 2016 

fiscal year. 

GROWING OUR PRODUCTION 

CAPACITY AND PRODUCT OFFERING 

Investments made over the fiscal year resulted in the 

more than doubling of our licensed production capacity, 

to 595, 000 square feet, in three world-class production 

facilities. In the second half of the year, our research and 

development, production, marketing and regulatory teams 

worked hard and smart to begin licensed production and 

sale of targeted cannabis oil extract products for the market. 

With the growth in our revenue, grams sold, number of 

registered patients, licensed production space and product 

offering over the past year, we have built what is arguably the 

dominant medical marijuana platform in Canada. That said, 

in my opinion, what we are doing to position our company for 

the future and the extent of the opportunities that lie ahead 

for our business, are the real stories.

06 | 

Message from the CEO 


323,891 

GRAMS AND GRAM 

EQUIVALENTS SOLD 

2,894 

PATIENTS 

BY YEAR 

STRONGER THROUGH ACQUISITION 

The acquisition, in the second quarter of fiscal 2016, 

of Bedrocan Canada, a company with a strong medical 

marijuana brand and over 20 years of medicinal marijuana 

research and indoor growing experience, strengthened our 

ability to meet the needs of the marijuana market, today 

and in the future. 

EVOLUTION IN CORPORATE 

NAME AND STRUCTURE 

FY 2015 FY 2016 

The acquisition of Bedrocan precipitated a change in our 

corporate structure and in the name of the publicly traded 

entity. Changing the corporate structure, to a multi-brand 

holding company, sets the stage for expanding our business. 

To better leverage our distinct customer-facing brands, 

Bedrocan and Tweed, to build upon our dominant position in 

the marijuana market in Canada, we changed the name of the 

publicly- traded entity, to Canopy Growth Corporation. 

1,696,440 

GRAMS AND GRAM 

EQUIVALENTS SOLD 

11,630 

PATIENTS 

BY YEAR 

STRENGTHENED BRANDS 

AND MARKET SEGMENTATION 

During the fiscal year we undertook various activities to 

strengthen our brands and their market focus. Bedrocan, 

which is and will remain 100% focused on the medical 

market, initiated a number of programs to help advance 

the understanding and affordability of treating medical 

symptoms using cannabis. Very active engagement with 

online and traditional media communities, further 

strengthened the already strong Tweed brand. Like the 

launch of our Tweed Main Street community engagement 

centres and the partnership with Snoop Dogg, a renowned 

cannabis connoisseur, both of which were launched towards 

the end of the fiscal year, the Tweed team is determined to 

use creative marketing strategies to further increase public 

awareness of the Tweed brand. Our objective is to make the 

Tweed brand top-of-mind as consumers consider making 

their first legal marijuana purchase. 

THE NEXT OPPORTUNITY IN CANADA – 

ADULT RECREATIONAL ACCESS 

As I believe you all know, the Canadian Federal government 

has promised to introduce legislation to “legalize, regulate 

and restrict access to marijuana” in the spring of 2017. It goes 

without saying that legalizing recreational use will greatly 

increase the size of the marijuana market in Canada. A quick 

Google search reveals size forecasts for the recreational 

marijuana market in Canada that range from $7b to $10b per 

year. To put this market opportunity into context, according 

to Statistics Canada, Canadians spent $8.7b on beer in 2014. 

With a strong and growing medical marijuana market and the 

prospect of a very large recreational market on the horizon, 

the opportunity to grow our business in Canada is significant. 

BRINGING ADDITIONAL CANADIAN 

CAPACITY UNDER THE CANOPY 

Several years ago, I read a newspaper article that alerted me 

to pending disruption in the medical marijuana market. In 

the years since, our business strategies and execution have 

provided us with a very strong start. Now consider that, today, 

it can take at least three years and an investment of many 

hundreds of thousands, if not millions, of dollars before the 

many applicants awaiting Health Canada approval, can sell 

their first gram. 

The challenges faced by late market entrants and aspiring 

applicants are significant. This will drive consolidation in 

the market. We have received multiple inbound inquiries 

from other Licensed Producers and license applicants with 

built-out capacity, seeking to be acquired. Leveraging our 

strong balance sheet, financial performance and presence in 

the capital markets, we are interested in acquiring complementary 

Canadian assets though, rest assured, we will be very 

selective in the assets that we acquire. 

EXTENDING THE CANOPY 

BEYOND CANADA 

Governments, entrepreneurs and researchers around 

the world have recognized the effectiveness of Canada’s 

medicinal marijuana regime and the growing strength of 

our business. This recognition has literally pulled our 

business, and further opportunities for its growth, beyond 

the Canadian border. Our recently announced partnership 

in Australia, with AusCann Holdings, the Bedrocan Brazil 

joint venture and our partnership with MedCann GmbH, 

Pharma and Nutraceuticals to export medical cannabis to 

Germany, demonstrate the opportunities that exist. With 

significant interest from multiple third-parties, we are currently 

pursuing a number of very exciting projects ranging 

from the export of medical cannabis to the ownership of 

cannabis cultivation and sales operations in countries around 

the world. I am hopeful that we will be able to close on at least 

a couple exciting international business ventures over the 

next number of months. 

VERTICALLY INTEGRATING UP 

THE VALUE CHAIN 

We believe a significant potential future opportunity 

exists, within an appropriate regulatory framework, to 

drive up our margins by vertically integrating up the value 

chain. In a future recreational market, this could mean 

the commercialization of edible and drinkable consumer 

products infused with cannabis elements, most notably 

THC. Think of the market disruption that could be caused 

by the introduction of THC-infused beverages that bring 

the same personal enjoyment as traditional beer, spirits and 

wine but without the negative post-consumption effects 

including weight gain. In the medical market, think of 

marijuana based therapies for the treatment of a wide-range 

of medical symptoms. 

In closing, I would like to thank our employees and their 

families and our board of directors for their hard work and 

continuing dedication. I would also like thank you, our 

s hareholders, for your support — we would not be where 

we are today without you. 

Sincerely, 

Bruce Linton, 

Chairman & CEO

08 | 

Meet the Team 


MARK 

ZEKULIN 

President 

TIM 

SAUNDERS 

Senior Vice President, 

Chief Financial Officer 

OLIVIER 

DUFOURMANTELLE 

Chief Operations Officer 

PHIL 

SHAER 

Vice President, 

General Counsel, HR 

TOM 

SHIPLEY 

Vice President, Quality 

Assurance & Lab Services 

AMANDA 

DALEY 

Vice President, Medical 

RADE 

KOVACEVIC 

Vice President, Sales 

& Customer Experience 

MARTIN 

STRAZOVEC 

Chief Creative Officer


02. 

Path to 

Legalization 

In 1923, without a great deal of debate 

or fanfare, marijuana was prohibited in 

Canada. For almost eighty years, public 

opinion generally supported a crime and 

punishment approach to cannabis laws. 

However, over the past ten years we have seen a change in 

attitude towards marijuana, both in Canada and around 

the world. In fact, more Canadians now prefer softer 

marijuana laws. Many, 68% according to a recent Globe 

and Mail poll, now consider recreational legalization to be 

a sensible approach. 

Prior to Justin Trudeau’s election as Prime Minister last 

October, the Supreme Court of Canada ostensibly drove all 

MMPR policy reform. Patients around the country earned 

concessions like non-inhaled delivery options by challenging 

the framework of the day in the courts but rarely, if ever, saw 

improvements to the medical marijuana system. 

In addition to the change in approach to medical laws, 

Justin Trudeau and the federal government are moving to 

legalize, restrict and regulate marijuana for recreational use. 

This decision is driven by a desire to remove revenue sources 

flowing into criminal organizations, reduce access for young 

Canadians, and to reduce the amount of taxpayer money 

spent on enforcing marijuana laws. These policy objectives 

will help define Canada’s emerging cannabis industry, which 

will be regulated at the federal level aside from distribution 

channels, which will likely differ from province to province, 

similar to liquor distribution across the country today. 

With medical marijuana already legal in Canada and 

producers like Tweed and Bedrocan Canada having 

production and distribution experience in the medical 

sphere, there has never been a greater opportunity for 

growth in the cannabis space. 

Some of Canada’s most recognizable businesses and entrepreneurs 

have taken note of Canada’s shifting political 

climate and public opinion. Shopper’s Drug Mart, London 

Drugs, and the Pharmacist’s Association of Canada have 

openly indicated their interest in medical cannabis. And 

Ontario premier Kathleen Wynne has openly indicated that 

the provincially-run LCBO would be the ideal place to sell 

recreational cannabis products. In short, the stigma that has 

surrounded cannabis for many years is quickly eroding. 

Canopy Growth is in an ideal position to capitalize on the 

opportunities at hand. Through our existing brands we can 

simultaneously strengthen our position in the Canadian 

medical marijuana market and transition seamlessly into a 

recreational market.


03. 

World-Class 

Production

14 

| World-Class Production 


Refined 

Standardized 

Harvests 

BEDROCAN CANADA - 

TORONTO, ONTARIO 

Bedrocan Canada cultivates and processes marijuana using 

the refined and unwavering processes developed over more 

than two decades by Bedrocan International (formerly 

Bedrocan BV) of the Netherlands. With 50,000 square feet 

of licensed production space, no variable is left unchecked to 

ensure the stabilized genetics produce standardized harvests 

time and time again. The production of standardized strains 

using highly-repeatable processes and minimal labour drives 

down the per gram production costs to levels that are competitive 

with greenhouse production.

16 



Data Driven 

Indoor 

Production 

TWEED - 

SMITHS FALLS, ONTARIO 

Tweed is housed in the famous former Hershey Chocolate 

factory in Smiths Falls, Ontario. The Tweed facility has 

168,000 square feet of licensed space with 12 of an eventual 

30 growing rooms completed. It is a data- driven, automated 

and lean operation, housing an R&D facility, oil extraction 

infrastructure, and in-house lab. Precise climate controlled 

spaces for each stage of cannabis production, from clone to 

cured bud, allows for the highest quality and widest variety of 

product in the sector. 

The Tweed campus comprises 40 acres of land, much of 

which is underdeveloped, and a main building with a total 

footprint exceeding 460,000 square feet, providing significant 

opportunity to increase licensed production within the 

existing building or by erecting new growing space as 

demand increases.

18 CGC Annual Review : 2016 | 19 

Canopy Growth, through its whollyowned 

subsidiaries, Bedrocan 

Canada, Tweed and Tweed Farms, 

currently operates three world-class 

marijuana cultivation and processing 

facilities. Investments made during 

fiscal 2016 more than double the 

combined licensed space to 595,000 

square feet.

20 



True 

Greenhouse 

Grown 

TWEED FARMS - 

NIAGARA ON THE LAKE 

Tweed Farms sits on approximately 9 acres of land and 

features 375,000 square feet of licensed space comprising 

greenhouse production and storage/shipping facilities. 

Investments made during fiscal 2016 more than doubled the 

licensed greenhouse production space, to 350,000 square 

feet, and added a 25,000 square foot secure storage and 

shipping centre. Scale and passive growing processes allow 

the Farm to produce environmentally-friendly cannabis at 

extremely competitive per gram costs. The Farm combines 

traditional and state-of-the art agricultural techniques, using 

the natural power of the sun, natural ventilation and recycled 

rainwater. The Farm will be able to nurture genetically 

identical plants produced in an on-site tissue culture 

propagation lab.

22 | World-Class Opportunity Production 

to Add Production Capacity 


We are 

positioning our 

company for 

the future. The 

opportunities 

168,000 

SQ. FT. LICENSED 

52,000 


375,000 


that lie ahead for 

our business are 

the real story. 

With Tweed and Bedrocan being among the very first 

Licensed Producers in Canada, we have developed, 

within Canopy Growth, an unparalle d understanding of 

the regulatory environment. This understanding, in part, 

guided the acquisition of Tweed Farms and drove this 

facility to achieve its first license approval in a short eight 

weeks post-acquisition. 

Understanding the challenges facing many pre-license as well 

as Licensed Producers and capitalizing on our knowledge and 

expertise, our strong balance sheet and financial performance 

and our presence in the capital markets, we see opportunities 

to make select and prudent investments to bring a dditional 

pre-license or licensed production capacity under the canopy.

24 | 


04. 

Brand & Market 

Segmentation 

The growing marijuana market presents 

a unique business opportunity at home 

and abroad. Here in Canada the medical 

market continues to grow at an exciting 

rate as doctors and the public become 

more comfortable with cannabis as a 

medical option. 

With an aging population, more medical treatments and 

medications are bound to be sought out and medical marijuana 

aligns with prevailing societal values of choosing 

simplicity over complicated synthetic pharmaceuticals 

with long side- effect disclaimers in the fine print. With 

proposed legislation expected Spring 2017, another much 

more lucrative opportunity is emerging in Canada. With 

segmented approaches and value propositions, Canopy 

Growth can expand internationally using either of the 

consumer facing brands, depending on the right fit for the 

local market. 

In Tweed and Bedrocan Canada, Canopy Growth has positioned 

two distinct brands to maximize market opportunities 

in the medical and recreational market segments. Presently, 

both brands are vertically integrated producers and 

e-commerce distributors that serve medically authorized 

individuals. As laws and market dynamics evolve and recreational 

consumers likely gain access to products on store 

shelves, the two brands will diverge. 

Bedrocan Canada will remain a focused medical cannabis 

company, true to Bedrocan International’s values. In Canada, 

this means a continued focus on clinical research through 

initiatives like the EQUAL Study, the largest clinical study of 

its kind in the world, and additional research initiatives that 

will serve as the basis for greater medical understanding of 

cannabis as a therapy. 

Medical outreach efforts at Bedrocan Canada have thrived 

under the Canopy Growth banner with physician interactions 

numbering 16,000 since the inception of the program. 

Quantitatively, the team continues to engage with family 

physicians, pain specialists and primary care professionals 

on a daily basis and will continue to do so as these interactions 

are key to the Canopy Growth story. A client that 

chooses Bedrocan Canada based on their family doctor’s 

recommendation rather than a cannabis-focused clinic is 

very valuable to our business, it is a sign that our outreach 

efforts are working.

26 | 


For cannabis 

companies, medical 

focus means more 

than clinical research 

and physician 

education, it means 

that you have to be a 

patient advocate on 

a number of fronts. 

At Bedrocan Canada we have focused our advocacy efforts 

on measures related to clients out-of-pocket costs. 

Bedrocan Canada, working with NGOs, industry partners, 

and federal lawmakers, created a petition to coalesce support 

around removing sales tax from medical cannabis. Today, 

cannabis is the only physician-authorized medicine that isn’t 

“zero-rated” by the Canada Revenue Agency, a designation 

that would exempt it from taxation at the point of sale. Over 

10,000 signatories’ voices will be heard when the petition is 

presented to the House of Commons in the fall of 2016. 

By partnering with Canadians for Fair Access to Medical 

Marijuana, Bedrocan Canada is also working with its clients 

to identify individuals who may be eligible for insurance 

coverage. This work is designed to help individual clients, 

but over the long-term, the goal is to create awareness 

and precedents in the insurance industry that can lead to 

structural changes to the way cannabis is covered by insurers. 

Thanks to the low cost production methods developed over 

the course of two decades by Bedrocan International and 

used at Bedrocan Canada’s facility, the lowest full product line 

in the industry still provides healthy margins to investors. 

These efforts, in addition to the cutting edge clinical work and 

industry leading physician education, set Bedrocan Canada 

apart as the leading medical marijuana brand in the country. 

Tweed’s brand, by contrast, will focus on creating an affinity 

for the Tweed story through interesting product lines and 

high profile, high impact collaborations. In many regards this 

work is underway, with many acknowledging that Tweed is 

the most recognizable cannabis brand in the world. 

Active media engagement, through social media channels and 

mainstream media has allowed Tweed to drive brand recognition 

and thought leadership at a pivotal time for the industry. 

Tweed will continue to serve its medical patients once a 

recreational market is defined but its primary focus will shift 

closer to recreational customers looking for a wide variety of 

products and formats. 

The transition to recreational focus will take place subtly. 

An existing market presence will serve as an early-mover 

advantage when new opportunities open up, but until that 

time the Tweed team will remain solely focused on the needs 

of our medical customers. 

An established partnership with DNA Genetics plays well in 

an evolving market. As a product-focused arrangement, it 

benefits every category of consumer by improving the quality 

of Tweed’s entire product line. 

Along the same lines, aligning with Snoop Dogg also makes 

sense in both markets. As a long-time medical patient in 

California and the most visible cannabis icon in the world, 

working with Tweed has resonance now and in a legal recreational 

context. We are thrilled to be partnered with Snoop. 

He has the ability to raise Tweed’s visibility in Canada and 

around the world. His interests in the cannabis space include 

his own brand of flowers, Leafs by Snoop, as well as many 

other peripheral businesses. Tweed will play a key role in 

introducing Snoop’s cannabis businesses to the Canadian 

market with exclusive branding and content rights.


05. 

Products 

Many producers have diverse seed 

banks but no other company in Canada 

is capable of producing the same volume 

as Tweed, an advantage we’re proud to 

pass on to customers. 

Canopy Growth’s two consumer facing cannabis brands are 

very different and the production methods and product 

lines offered by each company reflect distinct values. 

Bedrocan Canada’s product line includes six strains of whole 

flower dried cannabis, granulated product and extracts. All 

products sold by Bedrocan Canada have been standardized to 

ensure they are genetically identical at every harvest. Physicians 

and patients, many of whom require medical cannabis 

to treat symptoms over the long-term, place a great deal of 

value in Bedrocan’s standardized varieties. 

In time, additional delivery methods will be added to 

satisfy the growing market demand for non-smoked 

forms of cannabis therapy like capsules, sprays, and 

topical treatments. 

Tweed’s product lines, by contrast, reflect a desire to appeal to 

broad segments of the market through variety and diversity. 

Supported by the largest indoor & greenhouse grows in the 

MMPR, Tweed customers are able to consistently access a 

wide variety of cannabis strains, blends, and extracts. 

Regulatory change in the summer of 2015 allowed Tweed and 

Bedrocan to legally produce and distribute cannabis extracts 

oils to authorized patients. Both company’s extract lines 

are produced in Smiths Falls to reduce the capital costs and 

physical space required to run a commercial extraction lab. 

Demand for these products was evident prior to the 

R v Smith decision and subsequent regulatory changes. 

In fact, since extracts hit the market in 2016, equipment 

doubled, production efficiency tripled, and a custom built 

industrial extractor is being purpose-built by a Canadian 

company called Advanced Extraction Systems (ABS) to 

prepare for the legal recreational market. 

Management decided the best approach was to be the 

first company to do it well rather than the first company 

to do it, period. Both Tweed and Bedrocan have developed 

reputations for quality and consistency, reputations the 

companies wanted to carry with them into oils. Planning 

to produce at an industrial scale allowed us to plan a 

competitive pricing structure. 

Using common infrastructure, the initial offering from 

Tweed and Bedrocan were similar. Each offer extracted 

cannabis oil in 100ml bottles, equivalent to 10g of a 

customer’s monthly allotment. Each company uses 

sunflower oil to reach allowable potency levels. The subtle 

differences allow us to separate the brands and occupy 

various positions in the market. 

Tweed’s 10:1 Cannabis Oils are supported by a line of 

baking kits and other culinary resources branded as the 

Tweed P antry. These value-adds speak to the typical Tweed 

customer’s needs. They are the sort of customer who isn’t 

just looking for a producer, they’re looking for an experience. 

Bedrocan bedro-oils 10:1 Cannabis Oil extracts are medically 

focused, produced using whole-flower standardized cannabis. 

They form the basis of a product line that appeals to the 

medical community.

30 CGC Annual Review : 2016 | 31 

“Navigating 

ahead based 

on having the 

best view.” 

- Bruce Linton 

CHAIRMAN & CEO, 

CANOPY GROWTH CORPORATION


06. 

Market Share 

Quarterly Revenue 

($000’s) 

$14,000 

$12,000 

$10,000 

$8,000 

$6,000 

Our primary focus is strengthening our 

market share across all legal Canadian 

marijuana markets. We’ve begun establishing 

strong positions in new geographical 

markets and will increase our international 

focus where opportunities exist. 

$4,000 

$2,000 

0 

Q1 Q2 Q3 Q4 Q5 FY 

2015 (CRA Approved a one-time five-quarter fiscal year for FY 2015 due to a change in year-end) 

2016 

Looking at the scope of the opportunity, we want to make 

sure we’re making investments with an eye to the future and 

how successful we can be if we start big. These investments, 

whether via acquisition or by expanding existing facilities, 

are likely to delay when our business becomes cash flow 

positive. However, we strongly believe this focus will drive 

significantly higher cash earnings and shareholder returns 

over the long-term. 

Attracting market share can be achieved through a variety 

of strategies. Pricing, for example, allows us to position the 

two consumer-facing brands differently. Bedrocan, with its 

standardized product line and low cost of production allows 

us to position it as the lowest cost product offering in Canada 

with the True Compassionate Pricing promise, regardless of 

income. Positioning Tweed, at slightly higher price points of 

$6 –$12 per gram attracts a unique clientele and avoids having 

the brands competing against one another for the customers 

who are driven by cost alone. 

Tweed’s prices are a reflection of slightly higher production 

costs and hands-on production techniques, akin to craft 

brewing in the beer market. 

Marketing very different value propositions remains the 

principle differentiator between the two brands. At this 

crucial time of market divergence between medical and 

recreational, Canopy Growth investors get the best of both 

worlds with a leading medical company and a leading, 

lifestyle driven recreational company. Attracting customers 

is a key consideration. Retaining them is equally important 

to maintain the momentum we experienced throughout 

2016. In the upcoming year we will launch a comprehensive 

customer loyalty program to promote retention and reward 

long term loyalty to the business. Layered with award-winning 

customer service, we are confident that we can create 

informal referral networks and customer ambassadors across 

the country. 

The results speak for themselves—22,000 customers at end of 

August 2016, up from less than 500 at end of June 2014.

34 | 


07. 

International 

In recent years, the actions of many 

governments around the world have 

signaled a significant change in attitudes 

towards the legalization of marijuana. 

At the recent UN General Assembly Special Session on Drugs 

(UNGASS), the Government of Canada took centre stage 

by announcing its intention to introduce, by the spring of 

2017, legislation legalizing recreational marijuana use. Many 

countries are pushing for drug consumption to be seen in a 

different light, one that moves beyond prohibition to one that 

emphasizes public health and education and defunding criminal 

organizations around the world. 

With changing global attitudes towards marijuana, many 

countries are looking to Canada, and its regulatory framework 

that is driving the commercialization of medical 

marijuana, with much respect. As jurisdictions move towards 

establishing new or improved medical marijuana systems, 

they are looking to companies acting within the Canadian 

framework for expertise, knowledge, financial strength and 

potentially product to share. Having established and now 

expanding our dominant position in the Canadian medical 

marijuana market, third parties in countries around the 

world want to work with Canopy Growth and its subsidiaries. 

We believe a significant opportunity exists currently and 

will develop further in the future, to leverage our expertise, 

financial strength and business model in developing legal 

marijuana markets around the world. To date Canopy Growth 

has established three international partnerships including an 

ownership position in AusCann Holdings of Australia, a joint 

venture, Bedrocan Brazil, and an export arrangement in place 

with a partner in Germany. Other exciting opportunities 

exist and, in time, we will expand Canopy into other markets. 

The international business opportunities being pursued by 

Canopy Growth include providing advisory services to third 

parties, exporting medical cannabis and, of most interest, the 

ownership of cannabis cultivation and sales operations in 

countries outside of Canada.

There has never 

been a greater 

opportunity for 

growth in the 

cannabis space.

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