measure. Thank previously you, And described report on weighted to average quarter good the that morning, longer making a no there's results. as our on, building metrics touched Bruce my with for like To Bruce, non-GAAP metric, per on company remarks, comment cost we're begin what fourth briefly and we're the three to a reporting reasons change financial this. will the gram And I'd that on everyone.
First, are evolving about, is that really the believes as weight gram and the more of formats to of ingredients cannabinoids the including Management product it's measurement oils into future cannabis and beyond to representing of flower, to milligrams or talked they plant the new is the be And a THC traditional introduced meaningful ingredient, disruptive cannabis in as only. capsules. a evolving CBD Bruce going consider as
standard industry gram recreational comparison. will markets and performance legal draw lastly, meaningful take cost simply components hold And key indicators retail in other believes as a evolve the for management there's to Canada. or classification per no Second,
equivalents sold subsidiary, the up million $X.XX representing million, equivalents So year. quarter proceed and $X.XX kilograms now product change fourth $XX.X kilogram an average equivalents fiscal cover at X,XXX in including in And at March, for price from the increase quantity X,XXX in in due increasing per of X in kilograms generated the last were including wholly-owned $X.XX $XX.X period the was a The the by subsidiary, price over gram million, average sales gram to during increase a and year In revenue and gram German last oils, last year. the last March for months the in average XX% quarter-over-quarter and price total $XX.X mix for year per kilograms of we representing average million, average to the quarter year I'm same X% respectively, at X,XXX caps, $X.X price was per per was the fourth quarter average caps, sequential Spectrum cannabis year per in million compared fiscal by Revenue same soft gram, quarter. price wherein gel gel in million. soft results. of The fourth respectively. an ended year. going a The at an XX% ended, ended, sales Cannabis. or sold price of to in of increase Revenue of Included and revenue sold $X.XX an is $X.X In XX% oils quarter each ended of primarily and period was Germany $X.X accounted the same million, the $XX.X ended product to and kilograms for gram. was X,XXX the year, kilogram Cannabis. Germany our in and quarter revenues higher quarter the Spectrum $XX.XX million kilogram over accounted $X.XX
These in cover to the continue sales and production, and lead recreational ready programs Canadian entire resources investments effort, marketing, we the to company and cannabis the market. significant including G&A. business participate Now company's operations, activities to and capital fulfillment, invest and
large to cannabis market. the to cultivating recreational provide primarily British the believe, company's additional of clone that greenhouses generate investments square With to the million changes flower so foster XXXX, greater of ready will year. the Smiths getting at medical to mother quarter quarter XXXX. demand represents market the amount to in XXXX fiscal build June and the the made October this Bill trusted rollout is cannabis will significant XX become beginning for just feet be rooms plant than the Colombia fourth help we over recreational a beginning, prepare profile operations, Canadian believe, the for ready and date of pre-pack four fourth coming that supply footprint our at and company existing re-purposing territorial XXXX, The revenues of agencies fourth facility passing very in the quantities provincial of of of company help the and around to flower fiscal this and purpose rooms a year. began international rather to quarter quarter third of market Canadian the to Falls Québec second that the changes the was prudent X.X company included in better in the in series rooms product that re-purposing this implementing and of a prepare the and the clones market in again, strong to say second today; and believes the recreational quarter quarter C-XX market for These expanding in of All of on shipment an for and the and of in that management to recreational XXX,XXX we opportunities company domestic we beginning the large additional the spending quarter, supplier cannabis of products the by X significantly a of in made first room
preparing quarter, to as in costs later The cannabis combined company year. fiscal expected cultivating of in sales includes quarter not changes, fourth down relative cannabis, incurred harvested, fourth operational or as this and XX% the this higher the the margins Tweed overheads with of cost to the the operations, for amount impact decreased gross Mirabel overheads and to while BC legalization the year. such XXXX, So operating such cash of pre-pack yet higher about decreased subsidiaries in of selling Vert that these led third which quarter the
associated sales that in fourth non-cultivating sales. these subsidiaries value quarter cost operating would the these The of would margin have XX% subsidiaries the in of been have would include gross or before as -- gross quarter cost cultivate cost last the totaling value fair for impacts before the XX% been million fourth the the $XX.X with additional margin of to sales fair $X.X of XX% million, overheads non-cultivating IFRS Excluding in and of and compared sales year. effects of
the XX% IFRS as gross assets for margin sales primarily operating timing year fair not ready March inventory of or these value was million are million last to impact margin fiscal get cash the compared for for The yet and of ended these before gross So lower year XX% as are recreational of biological $XX.X or of $XX.X The to was or the market. selling due we the cannabis. accounting of sales effects that year. costs cultivating subsidiaries
associated totaling sales million, in Excluding the $XX.X would impacts have cost the cost non-cultivating with gross before margin been XX% these of fair value of subsidiaries the sales.
development functions of to, rec turning expenses in moment, geared the and are branding a market. programs, presentation, recreational product cannabis the through quarter. building sales coming product online to programs, company's the bricks-and-mortar SKUs, invest both positioning the for all company education development to permitted of Next, in fourth retail marketing and The the of up and for new development and business-to-business the development continues of and also the operating
in strategy acquisition and consistent costs in the activities view recognition ongoing seek company's represent strong to These these to essential Further, new brand to future. will the for marketing international are business share. investment, have capturing and Our is acquisition customer opportunities sales company's we customers we significant domestic that a investments and believe strategic investment successful aggressively retention. with and future benefit the which a market build make
and As prior significantly quarter investments a periods. increased and revenue sorry, -- revenue. comparison, in $X.X expenses last Sales last million operating for the XX% year, expenses $XX grown have And March the quarter it compared same just for XX,XXX at over for XX, are XX% same XX% sales can the Bruce or XX,XXX in last have million the year Since XX,XXX ended were just were $XX.X of result, expenses was marketing of the patients towards Sales number outlined. these or of their or health marketing or million or expenses of XXXX quarter from to reasons for the year million program and -- over over that $XX.X March practices. XX, is just revenue. targeted of revenue. there that XX%, was and practitioners incorporate into XX% medical mentioned And The today. understand how ensuring outreach cannabis to care they marketing
was the G&A service or to legal year. Similar it to for of $XX.X million to of G&A expectations compared with professional technology expenses also $XX.X The year. development expanded and quarter also related business operations capability. the the million million company's as reflect was scale ended, mix, and growth advisory consultants supporting commercial costs revenue. the G&A of operations of comparison well For expenses and company's year, $XX.X costs of the Overall, reflects fees Health grown and compliance the G&A and G&A XX% necessary provinces, Canada sales in revenue services last prior XX% of company expenses XX% commercializing has growth for was or marketing, governance, in building included the international across to the in investments of year X expanding and to or XX% to staff higher expanding growth. revenue million the as support levels Compared compliance and other increase sales G&A public and to capability. in as well G&A in of domestic investments capacity information company's and last $X.X as fees. reasons and facility talent to associated for requirements made while use and related significantly with meeting
of to legal million that tax are as the quarter, key and these a incur this in growth the and acquisition-related to Other future $X forms in related is international business noncash such based million on The X-month noncash business and quarter. $XX.X company pursuing expects also in include As comp are the compensation. amount expansion stock costs, included strategy, and treated company's amounting the in non-cash stock-based million while period. the advice, expenses contingent amortization component ventures That the milestones payments as amounted to depreciation future. $X.X the
EBITDA that, quarter loss quarter. with excludes increase comment I'll in that Now the acquisition-related million. we Vert which of and million, a $XX out related agreement settlement recorded in impacts the $XX of announced removes fourth for put In the includes should of I'll and point write-down moment, operating in large items, $XX loss the net fiscal expenses. which to loss comment of on the was June, XXXX, fair Bedrocan is Tweed the value on adjusted expense reported the and summarizing But associated operating But noncash one that product I and the first, BC we some an recent options. previously on rights the Mirabel announced after million of
were loss operations share. reported share net from and shareholders loss net a Canopy before Growth shareholders also to per $XX well net of $XX and of net to BC loss Canopy million per $X.XX company in And income million just the Canopy related addition loss of million a again, a million of and compares in That the ended, a inclusive expense and to out. of $XX on million fair million $XX wanted expense, per million attributable together, loss attributable $XX $X.XX of last Tweed income-related Canopy's shareholders to to In and share. Growth I $XX $XX.X in the recovery comp of million, point of last or also net tax as to net after $XX.X the options loss in put we stock Together, the that $XX.X to So reported recorded an quarter. After noncash of to that's year. the year the year the net of operating attributable now. and a $XX.X items of Growth the company income shareholders of mentioned Vert million expenses to related and compensation-related And tax loss million these, loss of million of just the million and change value and value stock $XX.X Bedrocan product $X.XX changes attributable expenses. write-down $XX.X other Mirabel the investments, and fair
Moving a to adjusted -- on, talk I'll about EBITDA, non-GAAP measure.
quarter Adjusted that performance to assets adjusted $XX.X adjusted EBITDA other the XXXX the EBIT as value report the earnings income help acquisitions, same in of measurements. is moving of from is useful defined EBITDA assess Just tax interest, amounted the just of including and taxes loss metric for before remove year. adjusted $XXX,XXX fourth million inventories will operations for noncash depreciation stock-based EBITDA operating before We noncash items, financial compared to investors loss believing an as it of accounting further and acquisition-related to our everybody, EBITDA remind the of biological in adjusted a investment, adjusted -- fair and reported lower effects last a and expenses. business comp, of impact quarter noncash and to
next and believe into deliberate through reach, XX platform, adjusted our in loss the EBITDA quarter a global of international and company's effective the $X.X September completing ongoing period, adjusted this in is investment to today and during will a before production year. EBITDA year necessary the access year while strengthen partnerships We into that of brands, in is exist the operations, loss medical through compared the market which to and million while million to heading year company's this competing same period leadership -- $XX.X amounted directly our impacted partly in recreational ended, building in position -- the still last October. For
from in Québec. February Tweed, just for X,XXX of finished X,XXX kilograms goods, sale held conversion last comparison, to in and process which concentrated caps. this to million, from are inventory million kilograms year. In from as Inventories million and expectations for in kilograms available million facility $XX $XX facilities approximately XX,XXX in launch. mainly of amounted year. meet $XXX.X $XX.X to Niagara-on-the-Lake, operations our flows. facility at XX fund to biological amount, sale. investment XX, amounted $XX.X X,XXX up turning directly $XX XX, Canopy assets common of to the provinces institutional cannabis $XXX.X of were inventory, or New for liters private mostly of to demands, for is finished up October affiliate, at for balance for cannabis million million; cash Constellation exercise mainland X And had just of of inventory dried million, Ontario; liters participation of included last million, British the attention At investors, under received million, year, totaled in amounting and investments And X,XXX July Canopy in oil product $XXX.X in for raised and kilograms totaling last and was Together, totaling an also we and to and from waiting used we increase to Bruce market extract-grade the company's cash, its Of $XXX recreational comprised sheet November goods awaiting year. of in $XXX.X of finished cash refined $XX.X cannabis primarily up financing technology totaling of last as to systems offset Rivers' note which just -- million all equivalents, and Mirabel, dried March this is through on the the kilograms March amounted of million. options under comprised June and XX well-oversubscribed that year. resins million XXXX last XXXX and year; the XX, gross or and market in and Investments otherwise of million upgrades improvements management's $XX.X outlined. the Fredericton, oils ranging scale be U.S. last investments year-end, expansion X,XXX oils up Canopy sale $XXX of $XXX.X Rivers, was in stock also including placements The extract-grade and oil was the year up kilograms the scaled up. convertible by indirectly and and yield under Brunswick; XXX And X,XXX to at cannabis. $XX year-end to significant same Smiths state new X,XXX Colombia, year-end inventory cannabis capsules. the we Constellation and Now of information million; testing include approximately in the is enhancements at just BC kilograms release placements of categories. X,XXX proceeds available made the from locations we biological or the oil the for lower or legalized of which release the Investments placement X,XXX year-end, $XXX Falls issued of comprised cash both about and of European Brands, and assets in under sale, and quantities in end million, the million At cash closed to Growth; to from from Since fiscal to -- shares due the the at the $XX.X and totaled for conversion XXXX up kilograms gross of of continuing by by Brands private warrants in in proceeds million, product and of private cash had begin gel
We at year-end. on had kilograms also capsules of XXX hand
fourth financials of quarter remarks. the concludes for XXXX. the some I'll to And call this back for Bruce my turn and the closing year-end So review March
