Canopy Growth stock: Analyst sees EBITDA inflection ahead

In a report dated November 8, Roth Capital analyst Bill Kirk maintained a Buy rating on Canopy Growth and a C$5.00 price target, according to Cantech Letter. Kirk said international growth, production improvements and lower share dilution could support positive adjusted EBITDA later in fiscal 2027.

Canopy reported fiscal second-quarter revenue of C$81.4 million, up 22% year over year. International cannabis revenue rose 141% to C$12.3 million, with Germany and Poland contributing to stronger product availability and distribution.

International growth meets cost pressure

Canadian adult-use revenue increased 17.5% to C$28.1 million, while medical revenue gained 18% to C$25.8 million. International operations represented 18.5% of cannabis revenue, compared with 10% a year earlier.

Adjusted EBITDA remained negative at C$2.9 million, although the loss narrowed from C$3.2 million in the previous quarter. Consolidated adjusted gross margin held at 31%, while changes to Canadian medical reimbursement programs continued to delay a return to profitability.

Kirk expects the Kincardine cultivation facility to improve output and margins. Canopy says production could increase by 25% to 30% within the existing facility, while the analyst also pointed to seasonal demand for Storz & Bickel products and about C$10 million in annualized efficiencies from the MTL Cannabis acquisition.

Forecast points to a possible inflection

Kirk maintained his fiscal third-quarter forecast of C$84.3 million in revenue and positive adjusted EBITDA of C$1.1 million. For fiscal 2027, he expects revenue of C$327.8 million and negative adjusted EBITDA of C$2.5 million.

Canopy Growth stock traded at 0.51 euros on Lang & Schwarz at 22:54 CET on Friday, November 13, 2026.

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