Newstrike Resources (TSXV:HIP) released its financial operational report for the first quarter of 2018.
As quoted in the press release:
FIRST QUARTER ENDED MARCH 31, 2018 HIGHLIGHTS:
- Received $9.5 million termination fee from CanniMed Therapeutics Inc.
- Completed $86.0 million bought-deal equity offering
- Strong financial position to drive Company’s growth strategies
- Cash and cash equivalents of approximately $88.0 million
- Net profit of $3.1 million on receipt of termination fee and increase in value of biological assets
- Licence amendment received allowing cannabis sales
- Niagara facility receives cultivation license
- Numerous branding and marketing activities to build Up Cannabis brand & consumer awareness
“We achieved a number of important financial and operational milestones during and subsequent to the first quarter of 2018,” Commented Jay Wilgar, Chief Executive Officer. “Most importantly, we are confident we are now sufficiently financed to aggressively execute our business plan and growth strategies.”