Canopy Growth (TSX:WEED) released their third quarter financial report indicating a revenue increase to $21.7 million.
As quoted in the press release:
Third Quarter Fiscal 2018 Revenue Review
Revenue for the third quarter fiscal 2018 was a record $21.7 million, representing an increase of 123% over the prior year’s quarter in which revenue was $9.8 million. In the three months ended December 31, 2017 and 2016, oils, including the Company’s Softgel capsules, accounted for 23% and 13%, respectively, of the product revenue for each period.
Revenue in the nine months ended December 31, 2017 totaled $55.1 million more than double as compared to $25.2 million in the same period last year. Revenues in the nine months ended December 31, 2017 already equal 138% of revenue generated in the twelve months ended March 31, 2017.
Third Quarter Fiscal 2018 Product Sales Review
During the third quarter of fiscal 2018, Canopy Growth sold 2,330 kilograms and kilogram equivalents at an average price of $8.30 per gram, up from 1,245 kilograms and kilogram equivalents at an average price of $7.36 per gram during the prior year period. The higher average price was due to primarily to the improved mix of oil products, including oil-based Softgel capsules and higher selling price of medical cannabis sold in Germany by wholly-owned subsidiary Spektrum Cannabis GmbH (“Spektrum Cannabis”).