Records are meant to be broken. And that's what Canopy Growth Corporation (NYSE:CGC) did when it reported fourth-quarter and full-year fiscal 2018 results before the market opened on Wednesday.

The top marijuana grower in Canada announced its Q3 results in February, which included sales soaring to all-time highs and Canopy Growth posting a profit. This time around, the news was better in many cases, but worse on one count. Here are five highlights you'll want to see from Canopy Growth's Q4 results.

Marijuana leaf on top of pile of marijuana leaves

Image source: Getty Images.

1. All-time high revenue yet again

Canopy Growth reported Q4 revenue of 22.8 million Canadian dollars ($17.1 million as of June 27, 2018). This reflected a year-over-year increase of 55%. Most of this gain was due to higher volume, with the company selling 2,528 kilograms and kilogram equivalents -- up 45% over the prior-year period. Canopy's average sale price also increased 5% year over year to $8.43 per gram.

Cannabis oil sales, including the recently launched Spectrum softgel capsules, generated 23% of total revenue in the fourth quarter. That's the same percentage of total revenue reported by Canopy for cannabis oil sales in the prior-year period.

2. A big jump in Germany

The most important market for Canopy Growth outside of Canada is Germany, and there was good news in Q4 from across the Atlantic Ocean. Canopy posted record sales in the German market of CA$2.3 million. By comparison, the company reported CA$1 million in sales to Germany in the third quarter.

This growth in Germany was the difference in Canopy's higher average sale price in Q4. Canopy's German subsidiary, Spektrum Cannabis, sold 175 kilograms of cannabis in Germany in the fourth quarter at an average sale price of CA$13.35 per gram. All of this cannabis was grown in Canada.

3. But no record on the bottom line

Canopy Growth posted a profit of CA$11 million in its Q3 results. That story changed in Q4, though, with the company recording a net loss of CA$61.5 million, or CA$0.31 per share.

It's important to note, however, that Canopy's Q3 profit was attained only because of a positive impact of non-cash fair value changes on financial assets. The company didn't receive as big of a boost from this type of adjustment in the fourth quarter. In addition, Canopy has ramped up spending considerably as it prepares for new markets.

4. Don't count on the cost

In previous quarters, Canopy Growth reported on its weighted average cost per gram of producing cannabis. However, the company announced that it won't provide this metric anymore.

Canopy pointed out that using grams is applicable only to the weight of the cannabis plant and isn't relevant for oils, capsules, and other cannabis-based products. The company expects other metrics will be introduced that more accurately reflect production costs that incorporate the variety of products. In addition, Canopy said that the lack of an industry standard for calculating the weighted average cost per gram made meaningful comparisons futile.

5. Ready for recreational adult use

Canada is now set to open a market for adult use of recreational marijuana in October. Canopy Growth provided a couple of figures that show the company is ready for this new market.

First, the company announced that it had received new or expanded cultivation licenses that will bring its total licensed footprint in Canada to over 2.4 million square feet. Canopy is also expanding to include another 3.2 million square feet of growing space.

Second, Canopy Growth said that it had an inventory of around 15,700 kilograms of dry cannabis, 7,000 liters of cannabis oils, and 360 kilograms of softgel capsules at the end of Q4. This inventory should help the company in fulfilling its multi-year supply agreements with five provinces and territories for over 25,000 kilograms per year.

What's next for Canopy?

My view is that there will be five phases for Canadian marijuana growers, including Canopy Growth, over the next few years. Canopy and its peers are already in the preparation phase, getting ready for the recreational market in Canada. I think that will lead to an exhilaration phase, with Canopy posting results that make the latest Q4 numbers look minuscule in comparison.

Eventually, though, supply will catch up to demand in the Canadian market in what I call the saturation phase. I suspect that will lead to consolidation. Canopy Growth should be in a driver's seat at that point, with plenty of cash to gobble up smaller growers. 

The final phase -- globalization -- is actually already in progress. Canopy Growth's operations in Germany and other international markets should give the company an edge. If global demand is as significant as some think it will be, the most important highlight from Canopy Growth's Q4 results could be its update on capacity expansion.

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.