Canada hasn't legalized recreational use of marijuana yet. But that isn't stopping the leading marijuana growers in the country from posting impressive quarterly results. Last week, Aurora Cannabis (NYSE:ACB) reported tremendous revenue growth for the quarter ended Dec. 31, 2017. This week, it was Canopy Growth's (NYSE:CGC) turn.

Canopy announced its third-quarter results for fiscal year 2018 before the market opened on Wednesday. As was the case for Aurora, Canopy's quarter looked really good. Here are 10 numbers from the company's quarterly update that you need to know.  

Tiny figures of people pushing marijuana buds in wheelbarrows on top of money

Image source: Getty Images.

CA$21.7 million

Canopy Growth posted revenue of 21.7 million Canadian dollars. This was an all-time high for the company. It also reflected a huge year-over-year jump of 123%. Canopy's sales were a record 2,330 kilograms and kilogram equivalents at an average sales price of CA$8.30 per gram.

CA$1 million

Included in Canopy's total revenue was CA$1 million in sales of medical marijuana in Germany. All of the marijuana sold in the German market was grown in Canada. Canopy has expanded quickly into international markets, with Germany presenting one of the biggest opportunities. 

23%

Sales of oil products, including softgel capsules, tend to be more lucrative. That's why Canopy's update that 23% of total product revenue in the third quarter stemmed from oil products was good news. In the prior-year period, only 13% of total revenue came from oil product sales.

CA$11 million

Canopy's bottom line looked good, too, with net income of CA$11 million. That reflected a year-over-year increase of 267%. The net income included a positive impact of non-cash fair value changes on financial assets of $35.8 million, though. Canopy posted an operating loss of CA$26 million in the third quarter.

18%

While Canopy's sales soared, the company also had other good news. Weighted average cost per gram to point of harvest in the third quarter decreased 18% from the second quarter of fiscal 2018. This weighted average cost of CA$0.59 was the sixth consecutive quarter below CA$1 per gram. Weighted average cost per gram before shipping and fulfillment also decreased 18% quarter over quarter to CA$1.03.

CA$108.3 million

Canopy reported a record high CA$108.3 million in inventory and biological assets at the end of the third quarter. This is one of the most important numbers of the company's quarterly update, because it shows that Canopy is preparing for what is expected to be tremendous demand once recreational use of marijuana is legalized in Canada.

10

The company now has 10 licensed facilities across the world. This count includes a production license in Denmark and a provisional production license in Jamaica. Canopy Growth is definitely positioning itself to sustain a leadership position in the international cannabis market.

4

The number four is important for Canopy Growth in a couple of ways. The company now has multiyear supply agreements with four Canadian provincial entities. Also, Canopy now has four retail license locations in Newfoundland and Labrador, the first privately owned legal cannabis retail locations in Canada.

CA$400 million

As of Dec. 31, 2017, Canopy Growth had CA$400 million in cash on hand to fund expansion efforts in Canada and internationally. However, that number is now higher. Canopy completed a private placement for its Canopy Rivers subsidiary on Jan. 10, 2018, that raised CA$26 million in gross proceeds. On Feb. 7, the company raised another CA$201 million in gross proceeds in a bought deal financing transaction.

182 million

There was one number from Canopy's third-quarter update that wasn't so great. The company had over 182 million outstanding shares at the end of 2017. That's nearly 56% higher than the number of shares at the end of 2016. Of course, this increase in shares was also key in enabling Canopy to raise cash to use for expansion.   

Looking ahead

Canopy Growth has two huge opportunities ahead of it. First, anticipated legalization of recreational marijuana should cause the company's revenue to skyrocket. Second, continued growth in international markets, especially Germany, will also be a nice tailwind for Canopy.

Probably the biggest obstacle in the near term is a potential delay in Canada's recreational marijuana legalization effort. Based on statements made recently by a high-ranking official in the Canadian government, though, everything seems to be on track. Canopy Growth had a great third quarter, but I expect even better quarters are on the way.

Keith Speights has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.