MedReleaf (TSX:LEAF) released its financial and operating results for the fourth quarter and fiscal year ended March 31, 2017.
As quoted in the press release:
“We doubled revenue in fiscal 2017 and we did it profitably – growing Adjusted EBITDA more than threefold,” said Neil Closner, CEO of MedReleaf. “With the successful completion of our IPO in June we have $74 million in financing to help fund our strategic growth initiatives including: expanding our capacity more than five times to support up to 35,000 kilograms of production; scaling our domestic business; developing our recreational brand portfolio; and international expansion, which we believe positions MedReleaf well for future growth and profitability.”
Through fiscal 2017, MedReleaf successfully increased production capacity, reduced cash production costs, and launched new cannabis oil products at its production facility in Markham, Ontario (“Markham Facility”), resulting in the following highlights:
Fiscal Year 2017 Highlights
- Sales of $40.3 million, an increase of 109% from the prior year
- Adjusted Product Contribution Margin of $30.9 million, an increase of 159% from the prior year
- Adjusted EBITDA of $13.9 million, an increase of 200% from the prior year
- Sold 3,668.1 kilograms of cannabis products, an increase of 117% from the prior year
- Adjusted product contribution margin per gram sold of $8.42 compared to $7.06 in the prior year
- Cash cost per gram produced of $1.73 compared to $3.23 in the prior year
- In July 2016, completed the purchase of a 210,596 square foot production facility in Bradford, Ontario (“Bradford Facility”)
- In November 2016, obtained a Health Canada Licence for the production and sale of cannabis extracted oils, and became the first Canadian Licensed Producer to bring cannabis capsules to market
American cannabis sales hit US$17.5 billion in 2020, a research group’s new study shows.
Meanwhile, a Canadian cannabis producer began offering CBD beverages in the US, another move that shows how interested Canadians are in the overall US cannabis market at the moment.
Some pretty important news out of health and wellness; beverage and natural products company BevCanna Enterprises Inc. (CSE:BEV, Q:BVNNF, FSE:7BC) this week. For those of you following the Company with us, stay tuned.
As investors continue to prioritize cannabis opportunities in the US, market watchers expect mergers and acquisitions (M&A) to play a role in the future for Canadian companies.
A consolidation trend has been expected in the Canadian cannabis space for some time now based on the size of the market compared to the number of operations in the country.
BioHarvest Sciences Inc. Unveils the Unique Polyphenolic Content of Its Upcoming Olive-Based Nutraceutical
The product will include polyphenols known to have significant health benefits.
BioHarvest Sciences Inc. (CSE: BHSC) (“BioHarvest” or the “Company”) has reached an important milestone in its development program of additional Nutraceuticals. The olive-based Nutraceutical product scheduled for market availability in the second half of 2022 will contain the following unique matrix of polyphenols: hydroxytyrosol, trosol, and verbascoside. These compounds are the major polyphenols in naturally grown olives and are responsible for the high antioxidant activity of olives and olive oil. Importantly, the BioHarvest olive-based Nutraceutical product will provide all the benefits of olives and olive oil with a low calorie count per serving.
Cresco Labs (CSE:CL) (OTCQX:CRLBF) (“Cresco” or the “Company”), one of the largest vertically integrated multistate cannabis operators in the United States, announced today that it will report financial results for the fourth quarter and full year ended December 31 st , 2020 on Thursday March 25 th , 2021 before the market opens.
The Company will host a conference call and webcast to discuss its financial results and provide investors with key business highlights on Thursday March 25 th , 2021 at 8:30am Eastern Time (7:30am Central Time).