Maricann Group released its financial results for the third quarter of 2017.
Revenue is expected to increase in the first quarter of 2018 when the Company’s joint pharmacy initiative is expected to launch. Product distribution for this initiative will occur through previously announced exclusive and primary supplier relationships with retail pharmacies (see press releases dated November 6, 2017 and November 13, 2017). Inventory has been reserved for this initiative to ensure patient supply. Maricann will supply medicinal cannabis products directly to pharmacy patients, following their receipt of a prescription from a physician and expert education by patients’ local pharmacists. Further inventory has been reserved for export to European markets that the Company expects to be permitted following a successful Good Manufacturing Practice (GMP) certification of the Company’s Langton, Ontario operations. Inspection by European authorities for the designation is anticipated to be complete by mid-December 2017 with the results to be provided shortly thereafter.