According to its fiscal third-quarter press release, sales grew by 180% year over year to $7.5 million, while the number of registered patients grew by more than 260% to over 29,000. Through the first nine months of fiscal 2017, Canopy Growth had produced roughly $3.5 million in net income. Once again, while encouraging, Canopy Growth is currently valued at $963 million, making this one expensive stock. Another profitable pot stock is MedReleaf ( NASDAQOTH:MEDFF ) ( TSX:LEAF ), which was the largest North American marijuana IPO yet . MedReleaf, like Aphria and Canopy Growth, is a producer of medical cannabis for Canadian patients. It’s using the $74 million it raised from its recent IPO to help fund expansion at its facility in Bradford, Ontario. Once complete, MedReleaf believes it’ll be capable of 35,000 kilograms of annual cannabis production. However, unlike its peers, we know for sure that MedReleaf will be profitable in 2017 since it already reported its fiscal Q4 and full-year results last week. Full-year sales for the company jumped by 109% to $31.1 million, while adjusted EBITDA climbed 200% to $10.7 million. But once more, MedReleaf looks fairly expensive compared to the broader market. Its valuation of $560 million dwarfs its adjusted EBITDA.