MedReleaf (TSX:LEAF) released its financial results for the third quarter of their fiscal 2018 year.
As quoted in the press release:
“In the third quarter, we set new records for total sales and grams sold demonstrating the strength of our underlying business while we continue to make investments in preparation for the recreational market and for international expansion,” said Neil Closner, CEO of MedReleaf. “These investments are starting to bear fruit and we now have boots on the ground in six different countries working on various initiatives – both for cultivation and export. We also launched our first adult recreational-use brand, San Rafael ’71, which is getting good reception from the various Provincial purchase authorities. With a strong balance sheet bolstered by $192.5 million in equity capital raised since last December, we have a clear opportunity to establish MedReleaf as a global leader in the cannabis industry.”
Third Quarter Fiscal 2018 Financial Highlights
- Record sales of $11.4 million, an increase of 9% from the prior year period, and a 16% increase from the second quarter of fiscal 2018.
- Sold a record 1,263 kilograms of cannabis products, an increase of 27% from the prior year period and a 20% increase from the second quarter of fiscal 2018.
- Sales of cannabis-based extract products were $2.3 million, or 21% of total sales.