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SMITHS FALLS, Ontario - Cannabis company Canopy Growth Corporation (TSX:WEED) (NASDAQ:CGC), currently valued at $215 million in market capitalization, announced Thursday the appointment of Miles Worne as Managing Director of European Markets, effective August 11, 2025. According to InvestingPro data, the company faces significant challenges with negative EBITDA of -$14.8 million in the last twelve months.
Worne will lead the company’s commercial operations and market execution across Europe, where Canopy Growth aims to strengthen its presence in established medical cannabis markets and build capabilities for future expansion. The expansion comes as the company grapples with a challenging financial position, with InvestingPro analysis showing revenue decline of 9.5% and a concerning cash burn rate.
The new executive brings over 20 years of experience across the cannabis, healthcare, and consumer sectors. He previously served as President of Curaleaf International, where he led the company’s European medical cannabis operations. His background includes senior leadership roles at Glanbia Performance Nutrition and SlimFast International across Europe, North America, and Asia.
"Europe represents one of the most compelling long-term growth opportunities for Canopy Growth," said Luc Mongeau, Chief Executive Officer, in the press release. "With a strong commercial background and deep experience in the cannabis sector navigating complex markets, Miles is well-positioned to help scale our presence in the region."
Canopy Growth’s European operations are supported by EU-GMP certified supply from its Kincardine, Ontario facility and processing and distribution capabilities at its St. Leon-Rot facility in Germany.
The company, which produces cannabis products under brands including Tweed, 7ACRES, and Deep Space, also has operations in Canada, Europe, and Australia, and maintains an interest in U.S. cannabis operator Canopy USA, LLC. While the company maintains a healthy current ratio of 3.12, indicating strong short-term liquidity, InvestingPro analysis reveals deeper financial challenges with a negative return on assets of -54%. For comprehensive insights and additional ProTips on Canopy Growth’s financial health and market position, investors can access the detailed Pro Research Report available on InvestingPro.
In other recent news, Canopy Growth Corporation has announced a strategic plan to reduce its debt by US$50 million through a series of prepayments on its Senior Secured Term Loan. The company has reached an agreement with its lenders to make these prepayments by March 31, 2026. This plan includes a US$25 million payment expected around July 31, followed by US$10 million by December 31, and a final US$15 million by March 31, 2026. Canopy Growth anticipates that these prepayments will decrease its annual interest expenses by approximately US$6.5 million. These recent developments are part of the company’s broader efforts to strengthen its financial position.
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