Saskatchewan-based CanniMed Therapeutics (TSX:CMED), producer of pesticide-free cannabis products, reported 3-month and 9-month financial results ending July 31, 2017. 3Q revenue of C$4.8M was 80% higher than the year ago figure of C$2.6M. Nine-month revenue of $11.9M was 79% higher than year ago of $6.6M.
The company sold 463kg at an average price of $9.89 per grams. Concentrate sales were 57% of the total revenue. Adjusted EBITDA was a loss of C$0.3M for the quarter. The net loss of C$1.4M included a $2.3M loss on derivative instruments, not related to operations.
In its results, the company also reported that it:
– began design of a large cannabinoid processing facility to increase its oils production.
– completed installation of capsule manufacturing equipment with capacity of up to
11,000 capsules per hour
– continued negotiations with several Canadian pharmacy chains
– completed first shipments of commercial cannabis to Australia
– targeted production of 17,000 to 21,000 kg per annum within 24 months
The company is expanding its main facility in Saskatoon, developing export opportunities and considering entering the recreational market.
The stock traded up 1.69% to C$9.00 on volume of 74k shares. Its 52-week range is $7.320 – $13. 35. The stock is up 25% from its low of $7.20 in late June.
Source: Cannimed press release