Zenabis Global (TSX:ZENA) released its financial results for the second quarter that ended on June 30, 2019.
As quoted in the press release:
Key Production Metrics
- During the three months ended June 30, 2019, Zenabis cultivated 2,473 kg of dried cannabis, outperforming original design capacity by 35% and exceeding the Company’s 1,770 kg forecast by 40%;
- As a result of the consistent cultivation outperformance at Zenabis Altholville, Zenabis has revised its annual production capacity estimate for Zenabis Atholville to 46,300 kg from 34,300 kg of dried cannabis, increasing Zenabis’ total licensed cultivation capacity to 54,000 kg of dried cannabis from 42,800 kg;
- During the three months ended June 30, 2019, Zenabis’ indoor cost of cultivation was C$0.78 per gram at Zenabis Atholville; as a result, Zenabis has revised its cultivation cost estimate for Zenabis Langley from C$0.75 per gram to C$0.50 per gram.
- Zenabis remains on track to achieve an annual cannabis cultivation capacity of 143,200 kg1 under its current capital program.
“We executed at or above plan in the second quarter and, in so doing, continued to make significant progress towards our goal of becoming one of the largest licensed producers of medical and adult-use recreational cannabis in Canada,” said Andrew Grieve, Chief Executive Officer of Zenabis.