Canopy Growth Corporation (NYSE:CGC) Q1 2021 Earnings Conference Call - Final Transcript

Aug 10, 2020 • 10:00 am ET


Canopy Growth Corporation (NYSE:CGC) Q1 2021 Earnings Conference Call - Final Transcript


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Good morning. My name is Carol, and I will be your conference operator today. I would like to welcome you to Canopy Growth First Quarter Fiscal 2021 Financial Results Conference Call. [Operator Instructions]

I will now turn the call over to Judy Hong, Vice President, Investor Relations. Judy, you may begin your conference call.

Judy Hong

Great. Thank you, Carol, and good morning, everyone. Thank you all for joining us today. On our call today, we have Canopy Growth's CEO, David Klein; and our CFO, Mike Lee.

Before financial markets open today, Canopy issued a news release announcing our financial results for our first quarter ended June 30, 2020. This news release is available on Canopy Growth's website under the Investors tab and will be filed on our EDGAR and SEDAR profile.

Before we begin, I would like to remind you that our discussion will include forward-looking statements that are based on management's current views and assumptions, and that this discussion and is qualified in its entirety by the cautionary note regarding forward-looking statements that's included at the end of this morning's news release. Please review today's earnings release and Canopy Growth's reports filed with the SEC and SEDAR for various factors that could cause actual results to differ materially from the projections.

In addition, reconciliations between any non-GAAP measures to their closest reported GAAP measures are included in our earnings release furnished to the SEC and Canadian securities regulators. Please note that all financial information is provided in Canadian dollars unless otherwise noted. Following prepared remarks by David and Mike, we will conduct a Q&A session, during which questions will be taken from analysts. To ensure that we get to questions from as many as possible, we ask an to limit themselves to one question.

With that, I'll turn the call over to David. David, please go ahead.

David Klein

Thank you, Judy and good morning, everyone. I hope that you and your families are keeping safe and well. Although we're still navigating through a global pandemic, I'm proud of how Canopy has responded to challenges during this period. Since the last time we spoke, we've seen our nations rally behind social justice and racial equality, which has placed to spotlight on the challenges we face as a society as these deep racial divisions are exposed. Our thoughts and prayers go out to all of those who have been impacted by racial injustice and associated acts of violence.

Canopy recognizes our responsibility to do more to increase the representation of black, indigenous and people of color employees at every level in our organization, while investing in social justice initiatives, such as providing access to legal services for communities disproportionately impacted by the cannabis prohibition.

Our purpose at Canopy is improving lives, ending prohibition and strengthening communities. Recently, I signed the Black North CEO pledge to ensure that progress on this issue continues to be a top priority for our Company. The goal of the Black North CEO pledge is to address systemic racism in