November 25 | 2019
MJardin Group (CSE:MJAR,OTCQX:MJARF) announced on Monday (November 25) its financial and operating results for the third quarter of its fiscal 2019 year.
As quoted in the press release:
Q3 and YTD 2019 Highlights:
- Revenue of $7.6 million, includes $0.8M contribution from Cheyenne since acquisition date;
- Generated positive Adjusted EBITDA of $0.5 million;
- Sequential revenue growth from AMI facility of 47% compared to the prior quarter;
- Improved efficiencies by reducing corporate overhead by 45%;
- Announced first EU Supply agreement from the AMI facility for 250 KG a month beginning in the first quarter of 2020;
- Submitted application to Health Canada for a cultivation license at MJardin’s “GRO” facility in Dunnville, Ontario and received official RMI from Health Canada. MJardin expects full licensing at the facility by Q4 2019;
- Production metrics at our AMI and WILL facility continue to produce at approximately 60 grams per square foot;
- MJardin anticipates providing revised guidance as part of its full-year 2019 financial reporting in early 2020.