and us. everyone. Sharon, Thanks you, morning, joining for good Thank
So -- to before a to lengthy little bit over true last introduction and the people it then to staying I our have was I or quarter we're confirm time a what go housekeeping took start; we remind guess strategy, it. of, I guess, we
back won't do for questions time. and So I you will the leave an hour same under we'll to half get my days. word, and half lengthy then summary probably give let this I, to the we Mike stick us, between an everybody hour, we'll
decided some working normalized four down that on website, as adjusted our up second about quarter, a to thing let up levels, to put margins. inventory information The we which have there put to to paper know we slides just on EBITDA, you speak are complicated
as will bit are use a he those little So Mike speaks there. on. later those
say a sector. it's with said, couple to quarters in is cannabis I think challenging the of been that fair So, it
address that to like head So I on. would first
challenges; these exceptionally we to our and medium-term to despite Canopy to climate, what how have done quarter over on this to up the of company, speak set some feel view Second, that bullish a short-term adjust and third, current is win. we, as the reinforce
be medical, So, still and billions across CBD global clear, recreational there picture. of cannabis firstly, of cannabis. the worth opportunity emerging pharmaceutical, dollars hundreds big an To is
what market resulted we the It federally of not to the the happening expectations Ontario the of in off know However, the up for large-scale inability bellwether the stores government the right is is bat oversimplifying living remains in has today recreational upon. market simply sector is execute and risk of market the first half market. to the Canadian license opportunity legal retail national opportunity the And at not to expected existing. Canada in simply
the one the XX% per the nearly be going population market into meaningful to short-term country's is what half cannabis of addressable Ontario people. year yet one represents retail store When expected, XXX,XXX has is market is problems. there
be limited has retail company, big So, cannot demand. but as stores enough. pleased the will allocation licenses a by to Ontario are is soon towards market move where number a only deal open an the announcement a made that commitment recent of come see to of This we it
to will convert orderly full market. win until say sales no it short-term a has this and and game it over been positioned Growth. storm. Having of is into open, illicit We've its sufficient before price materialize and today come market reach did consumers year always for weather Cannabis that, launches the we'll in as to the past it the cannot the the now have will sector product we Canopy is size rollout it for build store will than supply legal out from cannabis the to X.X and There there still happens because happen an strength, is Alberta and potential long-term said again, and the resources said and Canopy cannot company better stores this the
So country's first retail] PEI, to is Canadian in market one of stores performance cannabis one quarter. most hold a Canopy’s past still market, [at [ph] Canopy still and with and $X market share. one continues over a in estimation. XX% at Alberta, product closer being market in Canopy aside, over number number year Canadian this in Ontario, one spent one bit on our in Scotia, number a recreational at Canopy the look Nova share the number in spent in let's the strongest developed recreational every the
number we're behind EXO. Québec, two In only
and are performing, products as flower products have oil of breadth and to Our market. to the increase our and share inventory delivering we we customer And softgel variety growing consistently affinity that the are grows. SKU maintain is market and
product they call, has this and on by Now inventory with rightsize after the last inventory end of significant inventory in second as own recreational the been bud shipments have this solid the buyers and headwind, dry drive up shipments helped of covered of flower half accumulation. we joints recreation This as our quarter. slowdown you across dry by many channels the quarter their Despite channel Canadian XX% a strong Canopy quarter-over-quarter. levels provincial pre-rolled witnessed helped
accounting grew revenue for revenue XX% $XX.X gross second million. consumer the as sales that from recreational retail cannabis Canopy XX% Signaling additional sales the sales same-store same-store demand by end retail is from stores, recreational as to gross cannabis quarter, for opening increased in growing, well of owned Canadian
before across Additionally, revenues sequentially and returns gross $XXX.X million company. provisions increased to for accounting by the X%
with existed second overall challenging the quarter pleased have Canada, in considering unfolded. the how dynamics are we So that
successes, upon business return it reflect that provisions Mike a appropriate these inventory detailed will have detracting is concluded review, to returns, which after later. from we However, adjustments, and expand
quarters. talked that $XX.X offer levels more these an our that Management sheets items to tune a future about. and are production all impact to specifics Obviously, we using will taken and restructuring of we now Mike the as call look believes will ahead that appropriate to measures related products in occur now later not margin on against these extraordinary distorting inventory are gross across had those abnormal again within the charges million. gross margin handy the range
edible be ahead our medium we X.X during research, and most distilled chocolate marketing to Jumping excited products were believe the are beverage beverages which given chocolate of years and highest offering and market concept also we product vape, prepared and market. October further of will what we introduced for term, Cannabis our new differentiate On and into available will to products, market. Many a XX, hosted quality, has facilities, versions investments on bring market. opportunity believe were very cannabis media launch in taste the the the to non-active toured product we plan the development beverage bring to differentiated which event our and the media to products that we of production customers
alternative range will to [ph] beverages branded beverages, beverages. waters spirit from sparkling The products, [Tweed] refreshing to citrus-flavored ready-to-drink and
will Over shows that the the our coming across them conduct we stakeholders retailers country at also base with time. familiarize various and trade product offering to for reveal will portfolio months our and
extraction to Canada fully of our we to facilities our exception with have in facility, hope are ready imminently. of beverage which licensed the and by All value-add licensed go Health
parts global of the strongly. and that markets Canadian far medical thus are recreational and core our it performing focused are important of cannabinoid to market, cannabis the cannabis is all dynamics on have business I the While recognize
business. oils Our Canadian impressive organic grew business medical soft while by up grew And medical cannabis of quarter, cannabis gels XX%. and Medical XX%. total international in sales represent X% an XX% our our last notably, Combined, over medical now business global was global our business
focus a physician education Australia rapid We continue rate. to in education is internationally as international to at expand. where An markets now on physician grow continues market program launched the accredited
in These have our GMP to framework the products sales has now fiscal European first complex And expect greater that laying in certification over bureaucracies Africa. sales XXXX. greenhouse for production Europe, the Africa, needs Spectrum and systems Danish received completed of sales our first In to test are and South they cannabis, we logistics new QX time. always most serve our by and facility we
CBD continued focused past the months. the South on on We Africa in are the In sales our this also focus CBD quarter. launching has opportunity United States, coming in market
recall, we of acres this farmers. hemp contracts season, of largely with thousands via cultivation U.S. hemp planting investments American may past significant you As in made
pleased The to abroad. the position demand harvest of the our overall harvest completion, are and nearing high-growth with strong yields puts and crop of CBD XXXX for quality. This we hemp in and crop U.S. a is in meet Canopy consumer anticipated
yet remain coming previously our Kirkland, best-in-class our out facility our sites Those large-scale announced are and we across United States. New at publicly focus not in disclosed. on Canadian on aiming York, the are construction other at track, to a projects As building production our facility efforts close,
U.S. We environment scale Canadian of market. are our sophistication learnings, the all deploying production the and to
therapeutic continue bath beverages, of and build products, new creams, products, pipeline cosmetics, CBD oil to softgels. We a skin including care
Our on end to team in new year. before of this track a launch these the CBD of selection U.S. the products remains fiscal
of The currently U.S. being efforts our manufactured marketing are products first and in launch. up wave new the of is scaling anticipation
Fuel whose the of a used acquisition in strategic and Henderson, Elliott Connor BioSteel are name authentic Our few. products stake investment a Nutrition XX% Sports a likes McDavid Wayne by brand, of truly Ezekiel into Brooke Gretzky, was to a
country. of of in infused the United United of distribution the sports in BioSteel has dozen shortly X,XXX formulating thereafter, products. national over the be the CBD’s first close in the over with better into States States the deal shelf a that process offerings nutrition to BioSteel the Year world's During expanded early across and points retailers with on set already with New new
They open with refining are of U.S. plans plans set three select roll finally, in are and within year. own locations in the And Our our intellectual multiple continue Tokyo to fiscal Smoke to to build-out cannabis branded well to dispensaries the across partnership property Tweed also states U.S. brands and continues portfolio. Acreage their into metro they and they out branded progress Holdings
developing last back, ensuring success building for We and we international products. building for long-term about property, and our stepping creation. value quarter reach So intellectual brands, current future production discussed path talked shareholder scale to
do things. all to continue of We those
to from infrastructure our shift now continue platform a out. builders meaningful We operators in substantially entire with to make Canada built
that are substantially market recreational. continue execute global CBD to market, in to we and are capitalized, the built Canadian there in whether leaders or and well Canada in ensure medical, are be we out, While headwinds the globally market,
quarter in both canvas overall and revenues. Last The revenues. organic international we Canadian our returns as revenues inorganic other our cannabis provisions company's and increases revenues, retail as saw store well medical revenues, aside, gross
quarter-over-quarter. also in total the saw believe fundamentals right We door improved for these our direction cannabis out We company. the all shipments point
goal with quarter of XX%. achieving margin fourth million the we of call XXXX discussed, Now net of last fiscal in gross also the $XXX of revenues a
to efforts this sales While on million there QX Canopy and not points deliver is to geared production with will believe product inventories, the do time the at necessary near-term sales demand. we the of up retail that unlock sufficient $XXX capability objective, in be
believes that As a is achieving our result, of QX management unlikely. $XXX milestone increasingly million
all company, myself Finally, saw to on the and know leadership change move you CEO; and as from Xrd, Bruce the become as sole President we Co-CEO that leave President. Rade role July Linton Kovacevic announced my
announced during that with assisting after the also would calendar this we I Additionally, made decision that period this Canopy leave the occur this within expectation transition year. to
continuing is list search a expect yet within we exceptional further to of confirm announcement can the is that that company make the not short and explore very complete, a candidates to coming the While weeks. I
to I and XXXX Mike fiscal to over will in my Mike call This to greater over remarks detail. review results quarter year our pass you. concludes financial second the
