MedReleaf Reports Fourth Quarter and Fiscal Year 2017 Results

MedReleaf (TSX:LEAF) released its financial and operating results for the fourth quarter and fiscal year ended March 31, 2017.
As quoted in the press release:

“We doubled revenue in fiscal 2017 and we did it profitably – growing Adjusted EBITDA more than threefold,” said Neil Closner, CEO of MedReleaf. “With the successful completion of our IPO in June we have $74 million in financing to help fund our strategic growth initiatives including: expanding our capacity more than five times to support up to 35,000 kilograms of production; scaling our domestic business; developing our recreational brand portfolio; and international expansion, which we believe positions MedReleaf well for future growth and profitability.”
Through fiscal 2017, MedReleaf successfully increased production capacity, reduced cash production costs, and launched new cannabis oil products at its production facility in Markham, Ontario (“Markham Facility”), resulting in the following highlights:
Fiscal Year 2017 Highlights

• Sales of $40.3 million, an increase of 109% from the prior year
• Adjusted Product Contribution Margin of $30.9 million, an increase of 159% from the prior year
• Adjusted EBITDA of $13.9 million, an increase of 200% from the prior year
• Sold 3,668.1 kilograms of cannabis products, an increase of 117% from the prior year
• Adjusted product contribution margin per gram sold of $8.42 compared to $7.06 in the prior year
• Cash cost per gram produced of $1.73 compared to $3.23 in the prior year
• In July 2016, completed the purchase of a 210,596 square foot production facility in Bradford, Ontario (“Bradford Facility”)
• In November 2016, obtained a Health Canada Licence for the production and sale of cannabis extracted oils, and became the first Canadian Licensed Producer to bring cannabis capsules to market

Click here to read the full press release.

Source: www.newswire.ca