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Luc Mongeau Talks Canopy Growth’s Latest Earnings

By Shadd Dales On Jun 3, 2025

On the latest Trade To Black podcast, hosts Shadd Dales and Anthony Varrell sit down with new Canopy Growth CEO Luc Mongeau to break down their Q1 2025 earnings — and whether this could finally mark the beginning of a true turnaround for the company. Mongeau has been at the helm now for just over five months. Michael Bronstein, president of ATACH, also joins the show to break down what’s heating up in Pennsylvania and Texas.

Luc Mongeau took the reins of Canopy Growth in January, and while this wasn’t fully “his quarter,” early signs of change are showing in the company’s Q1 2025 report. Adjusted EBITDA losses improved by 60%, and Canopy slashed its debt from $597M to $304M.

Revenue remains pressured, but growth in medical cannabis and strength in Claybourne’s infused pre-rolls — now a top-3 product in Canada — are helping rebuild momentum. Mongeau brings a consumer packaged goods (CPG) mindset to the table, focusing on margin recovery, SKU reduction, and the possibility of future M&A activity. This conversation offers rare CEO-level insight into how one of Canada’s most-watched LPs is repositioning in a turbulent market.

Mongeau outlines key structural changes—such as giving supply chain direct access to executive decision-making—to ensure supply meets demand more reliably. He also notes that despite international revenue falling 35%, the issue was internal: poor synchronization, not market demand. The company is now correcting course and seeing signs of growth. On product mix, Canopy is doubling down on high-THC flower, infused pre-rolls, and vapes under its Tweed and 7ACRES brands.

Also joining the show is Michael Bronstein, President of the American Trade Association for Cannabis and Hemp, to talk about Pennsylvania’s Senate session this week. Could we see a new adult-use cannabis bill proposed? What’s the political climate really like behind the scenes?

We’ll discuss the political climate around adult-use cannabis in Pennsylvania and beyond. Tune in for the full episode.

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Shadd Dales

Shadd Dales is the Founder and President of The Dales Report and has an extensive background in the business media industry.

His work translates into over 15 years in mainstream media that included roles with BNN Bloomberg, CTV Properties and the iHeart Radio Network.

Shadd is considered one of the leading on air talents in both the cannabis and psychedelic space and has interviewed some of the most notable CEO names in the industry.

Shadd’s vision is to establish a content platform that is equivalent to a mainstream broadcast produced in a format that is relevant for today’s investor.