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The Canopy, TerrAscend, and Village Farms Earnings Breakdown

By Shadd Dales On Aug 12, 2025

On this episode of the Trade To Black podcast, it’s a cannabis earnings special featuring Canopy Growth (TSX: WEED | NASDAQ: CGC), TerrAscend (TSX: TSND | OTCQX: TSNDF), and Village Farms (NASDAQ: VFF). Shadd Dales and Anthony Varrell will be joined by Luc Mongeau, CEO of Canopy Growth, and Jason Wild (Executive Chairman) with Ziad Ghanem (CEO) from TerrAscend. This earnings season is proving that cannabis companies are holding their ground amid renewed discussion surrounding cannabis rescheduling under the Trump administration.

Cannabis stocks surged Monday, with some up over 35%, following U.S. President Donald Trump’s unexpected comments that his administration is “looking at” rescheduling cannabis and will likely make a decision within weeks. The remarks mark the first time in 50 years cannabis could be moved from Schedule I to Schedule III, and it triggered widespread media coverage and social media discussion. While the change would not legalize cannabis federally, it could ease medical research and adjust tax burdens.

Canopy Growth recently reported sequential revenue growth, stronger gross margins, and reduced SG&A expenses as part of its transformation plan, while keeping focus on core operations and global market expansion. CEO Luc Mongeau shares the Q1 results, which show 9% overall growth and 24% growth in cannabis sales.

Mongeau says that key drivers included Canadian adult-use revenue being up 43% year-over-year, led by the Claiborne brand, infused pre-rolls, and flower. Canopy achieved $17 million of a targeted $20 million annual savings ahead of schedule. Margin improvement is the next priority, with a goal to exceed 30%. International expansion in Europe remains a focus, alongside US brand growth through Acreage, Wana, and Jetty.

TerrAscend CEO Ziad Ghanem and Chairman Jason Wild reported Q2 revenue of $65 million, adjusted EBITDA of $16 million, gross margins over 51%, and positive free cash flow for the eighth consecutive quarter. The company has exited the Michigan market, citing persistent illicit market competition and low margins. Instead, they will refocus on profitable states like New Jersey, Maryland, and Pennsylvania. They see significant upside if Pennsylvania legalizes adult use, given their cultivation capacity and brand presence.

Lastly, Shadd and Anthony break down Village Farms’ latest quarterly earnings. They were impressive across the board, with strong revenue growth, improved margins, and operational execution that stood out in this earnings season.

Village Farms announced record adjusted EBITDA of $17.1 million, with Canadian cannabis EBITDA up 146% year-over-year and international medical exports up 690%. A recent divestiture in Texas strengthened the balance sheet with $40 million in cash, positioning the company for capacity expansion and export growth.

AN – Sidebar Square

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.