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WeedMD posts strong third quarter earnings on record revenue after ramping up production

Last updated: 14:32 29 Nov 2018 GMT, First published: 14:07 29 Nov 2018 GMT

WeedMD packets of marijuana
WeedMD produces and sells medical marijuana, including dried marijuana, cannabis oil, cannabis resin, marijuana plants and marijuana seeds in Canada

WeedMD Inc (CVE:WMD) (OTCMKTS:WDDMF) reported strong third-quarter earnings Thursday on the back of a staggering jump in revenue compared with the same period a year ago.

For the quarter ended September 30, 2018, the Almer, Ontario-based marijuana producer clocked earnings of C$0.09 per share on the back of C$2 million in revenue, representing a year-over-year increase of 461%.

The company also posted revenue of $5.2 million for the first nine months of fiscal 2018 representing a 784% jump, compared with the same period a year ago.

“The third quarter was another strong growth period for WeedMD. We increased revenues by more than 450% compared to the prior year and rapidly ramped up production capacity at our state-of-the-art hybrid greenhouse. Through strategic additions to our highly experienced management team, we strengthened our production, sales, marketing, and business development capabilities,” said WeedMD interim CFO Nichola Thompson.

“Our fully-funded path to more than 500,000 square feet of high-quality, cost-effective cultivation footprint provides us with significant advantages to capitalize on a tight cannabis supply market at the onset of the Canadian adult-use market,” added Thompson.

READ: WeedMD Inc exports cannabis genetics to Israeli producer Pharmocann

WeedMD said that it has exported its cannabis genetics to Pharmocann, a privately-held Israeli agricultural medical marijuana producer.

“We are exploring opportunities to expand internationally, including having recently supplied our industry-leading cannabis genetics to Israel’s Pharmocann and Australia’s Medifarm,” said WeedMD CEO Keith Merker.

“As the cannabis industry evolves into increasingly differentiated, high-margin product offerings across the medical and adult-use segments, WeedMD has positioned itself to take full advantage of market opportunities in Canada and internationally,” added Merker.

WeedMD produces and sells medical marijuana, including dried marijuana, cannabis oil, cannabis resin, marijuana plants, and marijuana seeds in Canada.

WeedMD operates two facilities: a 26,000-square-foot indoor facility in Aylmer and a greenhouse in Strathroy, Ontario. The greenhouse has 44,000 square feet of licensed space in production and is expected to have a total footprint of more than 500,000 square feet by year-end.

 

Contact Uttara Choudhury at uttara@proactiveinvestors.com

Follow her on Twitter@UttaraProactive 

Buds & Duds: Cannabis stocks cruise; WeedMD perks up on news of first...

Buds today are WeedMD (CVE:WMD) (OTCMKTS:WDDMF), The Green Organic Dutchman Holdings Inc (TSE:TGOD) (OTCMKTS:TGODF). The duds are Aphria Inc (TSE:APHA) (NYSE:APHA), Auxly Cannabis Group Inc (CVE:XLY) (OTCMKTS:CBWTF). 

on 17/4/19