WeedMD released its financial report for its 2018 third quarter.
WeedMD (TSXV:WMD) released its financial report for its 2018 third quarter.
As quoted in the press release:
For the quarter ending September 30, 2018, the Company reports revenues of $2.0 million, representing a year-over-year increase of 461 [percent]. Revenues of $5.2 million in the first nine months of fiscal 2018 represents a 784 [percent] increase compared to the same period during the 2017 fiscal year.
“The third quarter was another strong growth period for WeedMD. We increased revenues by more than 450 [percent] compared to the prior year and rapidly ramped up production capacity at our state-of-the-art hybrid greenhouse. Through strategic additions to our highly experienced management team, we strengthened our production, sales, marketing, and business development capabilities,” said Nichola Thompson, Interim CFO of WeedMD. “Our fully-funded path to more than 500,000 square feet of high-quality, cost-effective cultivation footprint provides us with significant advantages to capitalize on a tight cannabis supply market at the onset of the Canadian adult-use market.”
“We are exploring opportunities to expand internationally, including having recently supplied our industry-leading cannabis genetics to Israel’s Pharmocann and Australia’s Medifarm,” said Keith Merker, CEO of WeedMD. “As the cannabis industry evolves into increasingly differentiated, high-margin product offerings across the medical and adult-use segments, WeedMD has positioned itself to take full advantage of market opportunities in Canada and internationally.”