Aleafia Health Posts Q1 2019 Results

Aleafia Health (TSX:ALEF,OTCQX:ALEAF) issued its financial and operational results for the Q1 2019, which ended March 31.

As quoted in the press release:

“In 2018, Aleafia Health laid the groundwork for a breakthrough 2019, and we have now begun to see the results of this work. The closing of the transformative acquisition of Emblem has accelerated our global mission of growing, processing and selling high-margin value-added cannabis products by 12 to 18 months,” said Aleafia Health CEO Geoffrey Benic. “Our three production facilities will, when operational, truly leverage our global distribution platform, brands, and data-driven product expertise. Concurrently, we have achieved an improved capital markets profile, graduating to the Toronto Stock Exchange, while increasing our cash position despite making major investments in the buildout of our modern production facilities. I would like to thank our entire team, from the leadership of our Board, to clinic staff and physicians, production buildout crews, and management for the outstanding work and commitment shown to our shared cannabis health and wellness vision.”

Revenues & Expenses

Aleafia Health revenue was C$1.5 million, compared to C$0.1 million in Q1 2018, a 1,723 per cent year-over-year increase. The Company experience a net loss of C$20.2 million, or a $7 million net loss, excluding C$13.2 million in one-time, non-cash payments resulting from the closing of the Emblem acquisition. The Company has C$36.8 million cash on hand at March 31, 2019, compared to C$26.4 million at December 31, 2018. Current assets, including cash, totalled C$61 million at March 31, 2019, compared to C$29.2 million at December 31, 2018.

Click here to read the full press release.