One of the largest Canadian licensed producers (LPs) issued on Tuesday (June 19) one of its last quarterly and fiscal reports as it prepares to complete an acquisition by another major LP.

MedReleaf (TSX:LEAF) provided its investors with a detailed look at its fourth quarter and fiscal 2018 financial results. The company reported close to over C$12 million in sales of dried cannabis and extract products during its fourth quarter, a period which ended on March 31.

During the entire fiscal 2018 period, MedReleaf reported C$43.6 million in sales, with extracts amounting to 18 percent of that result and bringing in C$8 million.

The company indicated it estimates sales of extracts will continue to grow in the overall revenue thanks to the introduction of novel products such as creams and soft gel capsules. These products amounted to C$2.4 million in sales during Q4, a 20 percent share of the total sales.

MedReleaf reported the sale of over five million total grams of cannabis were sold during its fiscal 2018 year and a little over 1.4 million during the quarter.

According to the report, as of March 31, the company held a C$215.9 million cash asset and working capital of C$255.7 million.

The report also accounted for a net loss of C$7.5 million during the twelve month period that ended on March 31.

“The decrease in net income and comprehensive income was primarily due to increased overhead expenses partially offset by increased sales and gross profit as the Company expanded production capacity, specifically driven by fair value gains experienced at Bradford Facility,” the company explained.

MedReleaf gets closer to the time to join Aurora

“I’m immensely proud of our achievements… and I am confident MedReleaf will bring tremendous value to Aurora, as we combine to create a preeminent global cannabis company,” MedReleaf’s CEO Neil Closner said in a statement.

In May, MedReleaf confirmed a purchase agreement with competitor and fellow TSX-listed LP Aurora Cannabis (TSX:ACB). The deal was set at a value of C$3.2 billion for the acquisition of all MedReleaf assets and stock.

Investors of MedReleaf will obtain 3.575 ACB common shares for each LEAF share held. The deal places a 34 percent premium on each LEAF share since it was set at a price of C$29.44 per share.

At the time Charles Taerk, president and CEO of Faircourt Asset Management, told the Investing News Network (INN) that, in his view, LEAF and ACB holders were the biggest winners of the entire transaction.

On the market analyst research aggregator site TipRanks, MedReleaf currently holds a “Moderate Buy” rating based on five analysts reviews.

After the public markets closed on Tuesday MedReleaf’s shares had increased in value by 4.35 percent and reached a price of C$27.82 per share.

Don’t forget to follow us @INN_Cannabis for real-time news updates!

Securities Disclosure: I, Bryan Mc Govern, hold no direct investment interest in any company mentioned in this article.

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