The coming weeks present two closely linked events for Canopy Growth Corporation that will shape the investment narrative. The cannabis producer is scheduled to release its third-quarter fiscal 2026 results, providing a crucial operational snapshot. Concurrently, the acquisition process for MTL Cannabis continues to advance, offering clarity on the deal’s projected benefits and timeline.
Upcoming Schedule: A Timeline of Events
Investors should mark their calendars for the following pivotal dates:
* Q3 FY2026 Earnings (Period ended December 31, 2025): Report publication is set for tomorrow, before U.S. markets open.
* Management Webcast: A presentation led by CEO Luc Mongeau and CFO Tom Stewart will follow at 10:00 a.m. ET tomorrow.
* MTL Special Meeting: A shareholder vote on the arrangement is scheduled for February 17.
* Court Approval Hearing: Final judicial sanction is sought on February 23.
* Target Closing: The transaction is anticipated to conclude by the end of February, pending the necessary approvals.
Operational Backdrop: Building on Q2 Momentum
The company’s second fiscal quarter, which closed on September 30, 2025, offers a baseline. Performance was mixed but showed significant improvement in profitability. Cannabis net revenue reached CA$51 million, representing a 12% year-over-year increase. Notably, the net loss narrowed dramatically to CA$1.6 million, a substantial improvement from CA$128.3 million in the prior-year period.
Segment performance in Canada provided particular strength:
* Canadian Adult-Use Revenue: Growth of 30%.
* Canadian Medical Revenue: An increase of 17%.
* Liquidity Position: The company held CA$298 million in cash and cash equivalents as of September 30, 2025.
The MTL Acquisition: Structure and Stated Benefits
The proposed takeover of MTL Cannabis continues to progress through regulatory and shareholder channels. Documentation was mailed to MTL shareholders in late January, ahead of the critical special meeting on February 17.
The arrangement agreement, dated December 14, 2025, outlines the consideration for MTL shareholders. For each MTL share held, they are set to receive:
* 0.32 of a Canopy Growth share
* CA$0.144 in cash
Should investors sell immediately? Or is it worth buying Canopy Growth?
Canopy Growth has previously characterized the deal value as representing a 45% premium to MTL’s 20-day volume-weighted average price (VWAP) as of December 12, 2025. MTL’s own circular notes an approximate 82% premium to its closing price on that same date. The acquiring company forecasts roughly CA$10 million in annualized cost synergies to be realized within 18 months of closing.
MTL’s board of directors has issued a unanimous recommendation for shareholders to vote in favor. Provided shareholders assent on February 17 and the court grants final approval on February 23, the transaction is slated to close by February’s end.
Market Context: Volatility and Regulatory Shifts
Canopy Growth’s share price has exhibited considerable volatility, trading within a 52-week range of US$0.77 to US$2.90. The company’s market capitalization stands at approximately US$475 million.
Broader sector dynamics also remain in focus. A significant regulatory development in the United States saw marijuana rescheduled from Schedule I to Schedule III, a change with potential long-term implications for the industry.
Tomorrow’s Q3 report for the period ending December 31, 2025 will deliver the next operational assessment. Shortly thereafter, the MTL shareholder vote on February 17 represents the primary remaining hurdle to finalizing the acquisition before the month concludes.
Ad
Canopy Growth Stock: Buy or Sell?! New Canopy Growth Analysis from February 5 delivers the answer:
The latest Canopy Growth figures speak for themselves: Urgent action needed for Canopy Growth investors. Is it worth buying or should you sell? Find out what to do now in the current free analysis from February 5.
Canopy Growth: Buy or sell? Read more here...
