Aleafia Health Posts 2018 Q3 Financial Results

Aleafia Health (TSXV:ALEF) announced its Q3 fiscal results for the year 2018 securing C$1.6 million in revenue.

As quoted in the press release:

Q3 Financial Highlights:

• Total revenue for the three and nine months ending September 30, 2018 was $1.6 million and $3 million, respectively. Q3 2018 revenue was up 36 per cent over Q2 2018.
• Gross profit for the three and nine months ending September 30, 2018 was $2.2 million and $3.1 million, respectively.
• For the Health & Wellness division, Q3 2018 revenue and operating income before non-cash items was $1.06 million and $206,458, respectively.
• For the Farms & Products division, Q3 2018 revenue and operating income before non-cash items was $529,146 and $217,358, respectively. This included the sale of the company’s first harvest.
• As of September 30, 2018, the Company had $22.8 million in cash on hand.

“As the company has achieved a number of important milestones, we are extremely encouraged by our third quarter results. It has been a transformative period for Aleafia. Our first cannabis sale marks the beginning of our cultivation expansion with Aleafia producing 98,000 [kilograms] of dried flower on an annual run rate basis,” said Aleafia Chairman Julian Fantino. “We look forward to soon supplying our growing base of over 50,000 patients with Aleafia-produced medical cannabis.”

Click here to read the full press release.

Source: globenewswire.com