Thanks to a critical acquisition, a Canadian cannabis company has secured a sale of over C$1 million for recreational product.

On Thursday (August 1), Aleafia Health (TSX:ALEF,OTCQX:ALEAF) announced that its subsidiary, Emblem Cannabis, has completed the order from an undisclosed provincial partner.

According to the firm, this new single order sale includes every product format and the 17 individual SKUs available from Emblem.

The C$1 million sale has bumped the company’s monthly gross revenues average higher than the entire revenue it generated throughout 2018.

Aleafia Health reported total revenues of C$3.3 million in 2018 and, as part of its Q1 2019 update to investors, the firm said that it posted C$1.5 million in revenue during the quarter.

“We are delighted with the significant increase in cannabis sales to date, including a recent major increase in registered medical patients and product sales,” said Aleafia Health CEO Geoffrey Benic.

Aleafia Health completed the acquisition of public company Emblem in March in an all-share transaction worth C$173.2 million.

The company posted a net loss of C$20.2 million for Q1 2019, due in large part to a one time payment attached to the Emblem acquisition.

In addition to its order update, Aleafia Health offered information on new developments related to its cultivation assets. The company announced that it has started growing 13,000 cannabis plants in its outdoor operations, and said Health Canada has officially launched a review of a license application for Alefia’s Niagara Greenhouse facility in Grimsby, Ontario.

Shares of the Canadian firm rose on Thursday following the sell order. Aleafia Health finished the trading day with a 1.92 percent hike, reaching a price of C$1.07 per share.

Over a year-to-date period, shares of Aleafia Health have dropped in value by 26.24 percent.

Despite the losses seen in the public market this year, Mackie Research Capital analyst Greg McLeish is maintaining a bullish view on the outlook of the company.

“Aleafia Health is well-positioned for revenue growth through 2021,” McLeish wrote, according to a Cantech Letter report. “Aleafia has also positioned itself for ‘Cannabis 2.0’ and it is currently building out 50,000 (kilograms per year) of extraction capacity at its processing facility in Paris, Ontario.”

In July, the analyst reaffirmed his “buy” rating for the company, which he sees reaching a price of C$3.

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Securities Disclosure: I, Bryan Mc Govern, hold no direct investment interest in any company mentioned in this article.

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