2018 Second Quarter Highlights
- Record Revenues of $9M in Q2 2018, a 99% increase from the comparable prior year period
- Positive Net Income for the fifth consecutive quarter
- Active patients increased to more than 45,000, a 117% increase from the comparable prior year period
- Cannabis extracts were 60% of cannabis sales
- Officially opened Niagara Perpetual Harvest 450,000 sq. ft. hydroponic greenhouse facility
- Launched three new recreational brands: Liiv, Synr.g and Xscape
- Entered into three recreational supply agreements in Western Canada to supply 17,000 kg of cannabis annually
- Raised $100,395,000 through the issuance of common shares and warrants
- Entered into a joint venture with Grey Wolf Animal Health to focus on development of medical cannabis products for the global pet market
Developments subsequent to the Quarter
- Construction of the fully funded Niagara Facility 600,000 sq. ft. expansion has begun
- Entered into an agreement to acquire a 23-acre property adjacent to the Niagara Facility which will allow for significant further expansion
Revenue for the three and six month periods ended June 30, 2018 was $9,050,239 and $16,890,086 respectively, compared to $4,541,378 and $7,574,623 in the comparable 2017 periods.
Net Income for the three and six month periods ended June 30, 2018 was $104,905 and $11,547,015 respectively, compared to a net income of $754,864 and a net loss of ($23,040) in the comparable 2017 periods.