Organigram Holdings (TSXV:OGI) issued the financial and operational results for its Q1 fiscal 2019.
As quoted in the press release:
“The first quarter of 2019 is just the start of what we expect to be a year of tremendous growth,” said Greg Engel, the Company’s Chief Executive Officer. “We’ve always believed the Moncton Campus would be a competitive advantage for us being able to produce high-quality indoor-grown product at low cash cost of cultivation. Our first quarter results confirmed that as we reported an adjusted gross margin of 71 [percent].”
The Company’s net revenue for the quarter was limited by post-harvest (extraction, packaging, excising and labelling) capabilities which it aggressively looks to augment and gain greater efficiencies on.
Select Highlights for the First Quarter of Fiscal 2019
- The Company is proud to report record net sales from continuing operations for the three months ended November 30, 2018 (Q1’2019) of $12.4 million, up 419 [percent] from $2.4 million in Q1’2018, and up 287 [percent] from $3.2 million in Q4’2018.
- Gross margin increased to $51.7 million in Q1’2019 from $1.3 million in Q1’2018 and $32.5 million in Q4’2018. Excluding fair value adjustments on biological assets (“adjusted gross margin”) these figures would be $8.8 million, $0.6 million, and $1.6 million, respectively.
Both locations expand access to the state’s widest-ranging inventory of medical cannabis products for Central Florida patients
Trulieve Cannabis Corp. (CSE: TRUL) (OTCQX: TCNNF) (“Trulieve” or “the Company”), a leading and top-performing cannabis company based in the United States announced today the opening of two brand-new Central Florida dispensaries. The new Clearwater and Tampa locations mark the Company’s 81 st and 82 nd nationwide, respectively, widening patient access to Florida’s largest and broadest assortment of high-quality medical cannabis products.
Philip Young, CEO and Director of Lobe, stated, “We are honored to welcome Bart to our Advisory Board. His first-hand experience on and off the field are tremendously valuable as we continue our research involving mild traumatic brain injuries and PTSD. These issues are prevalent in contact sports and we believe that athletes will play a prominent role in the continued acceptance of psychedelic medicines as legitimate treatment. We look forward to working with Bart as we seek to forge long-term strategic relationships.”
HempFusion Wellness Submits Novel Foods Dossier to the United Kingdom’s Regulatory Food Safety Agency
HempFusion Wellness Inc. (TSX:CBD.U) (OTCQX:CBDHF) (FWB:8OO) (“HempFusion” or the “Company”), a leading health and wellness CBD company utilizing the power of whole-food hemp nutrition, is pleased to announce that it has submitted its dossier to the United Kingdom’s Regulatory Food Safety Agency (the “FSA”).
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