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Canopy Growth misses by $0.66, reports revs in-line; Revenues increase 312% y/y; Expansion costs increase 426%; Stock trading 2% higher in light after hours trade (43.71 +0.94) Reports Q4 (Mar) loss of CC$0.98 per share, excluding non-recurring items, CC$0.66 worse than the S&P Capital IQ Consensus of (CC$0.32); revenues rose 312.7% year/year to CC$94.1 mln vs the CC$93.69 mln S&P Capital IQ Consensus. Fourth quarter revenue growth of 13% versus third quarter with additional revenue being generated through value-added products, extraction services, and clinic partners. Average Selling Price per gram (Recreational) $7.28 Average Selling Price (Canadian Medical $8.17, +2% y/y Average Selling Price (International Medical) $13.91, +4%. Kilogramd and kilogram equivalent sold $9.326, +269% y/y Canadian cannabis harvested expected to increase to approximately 34,000 kilograms in Q1 fiscal 2020, with further licensed capacity still to come; additional capacity is expected to increase finished inventory available for sale beginning in Q2 fiscal 2020. Rapid expansion into United States CBD market following passage of new Farm Bill; investments and partnerships related to extraction, advanced manufacturing, and warehousing/logistics are underway. Seeking to bring CBD products to market by the end of fiscal 2020. Gross margin (before the IFRS fair value impacts in cost of sales) for fiscal 2019 grew 35% to $51 million, driven by growth in our medical channel and the launch of the Canadian recreational channel. The gross margin percentage decreased during the year from 48% to 22%, largely driven by the continued expansion work on several of our large-scale greenhouse facilities throughout the year, resulting in under-utilization impact in cost of sales.

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