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At the same time Canopy sold 2,330 kilograms, or kilogram equivalents, of cannabis at an average sales price of $8.30 per gram, up from 1,245 kilograms in the same quarter last year at an average of $7.36.

“The higher average price was due primarily to the improved mix of oil products, including oil-based soft gel capsules, and partly to the higher selling price of medical cannabis sold in Germany. The average selling price in Germany was about $12.61 per gram,” said Tim Saunders, Canopy’s chief financial officer, on a call with analysts.

The company posted quarterly net income of $11 million, up from $3 million the previous year; however, due to issues around non-standardized accounting practices in the cannabis space, it’s hard to compare this number across the industry.

With a buildup of inventory ahead of recreational legalization, and new facilities that have yet to come online, the company saw its adjusted EBITDA — again, not a standardized accounting measure — decline to a loss of $7.1 million. That situation, however, is likely to change in the coming months, said Saunders.

“You’ll see we’ll have a drawdown on our inventories, meaning, I suspect, a major spike in sales. So I can’t see a situation where we wouldn’t be EBITDA positive on an adjusted basis … going into the second half of this year, assuming recreation starts sometime this summer.”

Looking forward, Canopy’s chief executive Bruce Linton pointed towards a number of higher margin products that could be introduced in the next few years, including drinks that Canopy is working on with major U.S. liquor company Constellation Brands, which invested $245 million in Canopy in October.