The Huffington Post reported that Canadian-based medical marijuana company Tweed Marijuana Inc. (TSXV:TWD) reported its first profitable quarter since receiving a federal licence to produce and sell medical cannabis. The company reported a revenue of C$1.7 million in the first quarter of its financial year.
As quoted in the market news:
The Ontario-based company, the first marijuana manufacturer in Canada to be publicly traded, earned a net profit of $1 million or two cents per share in the three months ended June 30. A year earlier, it had a net loss of $1.16 million or three cents per share.
Revenue for the first quarter of its financial year was $1.7 million, up 39 per cent from the previous quarter and nine times the less than $189,000 achieved a year ago, when commercial shipments began.
The company, which completed a friendly merger with Bedrocan Cannabis Corp. on Aug. 28, said Monday it sold 215,929 grams at an average price of $7.74 per gram as a stand-alone company during the quarter.
That was up from 166,657 grams at an average of price of $7.25 per gram in the previous quarter and up from 26,205 grams sold in the same quarter last year at an average price of $6.90 per gram.