Delta 9 Posts Q2 2018 Financial Results

Delta 9 Cannabis (TSXV:NINE) released its financial report for the second quarter of its fiscal 2018, which ended on June 30.

As quoted in the press release:

Highlights

• Revenues of C$715,746 and C$1,047,853 – up 277 percent and 210 percent respectively – for the 3 month and 6 month period ending June 30, 2018 versus the same period in the prior year
• Gross Profit of C$663,440 and C$866,135 – up 172 percent and 215 percent respectively – for the 3 month and 6 month period ending June 30, 2018, versus the same period in the prior year
• The Company made a C$3,000,000 Investment to acquire 50 per cent of the 70,000 square foot Delta West cannabis production facility in Calgary, Alberta, which it operates in partnership with Westleaf Cannabis, primarily to supply the cannabis market in Alberta
• The Company signed a 2,300 [kilograms] supply agreement with the Manitoba Provincial Government
• The Company came to terms on a C$12,000,000 credit facility with a Tier 1 Canadian chartered bank, providing Delta 9 with additional capital for operations and expansion. The closing of such credit facility remains subject to due diligence
• The Company signed a Memorandum of Understanding with US biotech firm Nanosphere Health Sciences ceding the Master License in Canada for Nanosphere’s patented delivery system for cannabis
• The Company is currently completing work necessary to acquire the European Union “Good Manufacturing Practices” (GMP) Certification in order to initiate exports of medical cannabis to Germany
• The Company executed its option to acquire the land on which its current facility is located, as well as neighbouring property, giving Delta 9 the capacity to expand to more than 2 million square feet

Click here to read the full press release.

Source: www.newswire.ca