TORONTO, May 31, 2018 (GLOBE NEWSWIRE) -- WeedMD Inc. (TSX-V:WMD) (OTC:WDDMF) (FSE:4WE) (“WeedMD” or the “Company”), a federally-licensed producer and distributor of medical cannabis, has reported its financial and operating results for the first quarter ending March 31, 2018.
WeedMD is pleased to report revenues of $1.14 million for the first quarter of 2018. Revenues consisted of the sale of dried medical cannabis, live cannabis plants and cannabis oils, to both patients and through wholesale B2B channels. The Company also maintained a strong cash balance of $48 million as of the end of the quarter.
“With sales up 33% quarter over quarter, we are incredibly proud of what our team has achieved and we look forward to continued strong revenue growth throughout the remainder of 2018,” said Keith Merker, CFO of WeedMD. “We are nearing the second-site Health Canada Cultivation License for our large-scale, state-of-the-art, greenhouse expansion and are pleased to confirm that we have continued to successfully ramp up our operations, with our headcount increasing by an impressive 60% since the start of the year. Our recent merger announcement with Hiku and its coast-to-coast brand and retail footprint will enable the Company to be vertically integrated and control the full supply-chain, from seed to sale.” (See Hiku Brands Company Ltd. and WeedMD merger press release here).
For the three month period ended March 31st | 2018 | 2017 |
($) | ($) | |
Revenue | 1,142,341 | - |
Net Comprehensive Loss | 1,446,497 | 1,192,474 |
Adjusted Operating Loss¹ | 1,279,439 | 1,070,369 |
Cash Used from Operations | 652,783 | 429,985 |
Loss per Share (Basic and Fully Diluted) | 0.01 | 0.03 |
As at | March 31, 2018 | December 31, 2017 |
($) | ($) | |
Cash and Cash Equivalents | 48,460,059 | 24,692,678 |
Total Assets | 73,676,391 | 39,605,187 |
Total Liabilities | 12,521,352 | 14,472,639 |
Working Capital | 50,991,564 | 25,713,807 |
¹Adjusted Operating Loss is not a recognized measurement under IFRS and this data may not be comparable to data presented by other companies. Management believes Adjusted Operating Loss to be an important measure of the Company’s day-to-day operations, by excluding non-cash gains and losses and/or non-recurring items.
Strathroy Update
WeedMD continues to be on budget with the retrofit of Phase I of its 610,000 sq. ft. state-of-the-art greenhouse in Strathroy, ON. The Company anticipates securing a license for this facility by the end of the second quarter of 2018.
Operational and Corporate Highlights
Subsequent Events
The Company’s financial statements and related management’s discussion and analysis for the period are available under the Company’s profile on SEDAR at www.sedar.com. All amounts are expressed in Canadian dollars and are in accordance with International Financial Reporting Standards unless otherwise noted.
About WeedMD Inc.
WeedMD Inc. is the publicly-traded parent company of WeedMD Rx Inc., a federally-licensed producer and distributor of medical cannabis and oils under the ACMPR. The Company operates a 26,000 sq. ft. indoor facility in Aylmer, Ontario, and is awaiting its second-site cultivation license for its greenhouse facility located in Strathroy, Ontario, representing 610,000 sq. ft. or 14 acres under glass. WeedMD has entered into supply agreements in addition to strategic relationships with established cannabis brands. WeedMD is focused on providing medical cannabis to the seniors' markets in Canada through its proprietary seniors care program. It is dedicated to educating healthcare practitioners and furthering public understanding of the role that medical cannabis plays – including as it pertains to regulatory requirements, indications and potential side effects.
For more information, access our investor presentation here and corporate video here.
Follow WeedMD On:
Facebook: https://www.facebook.com/weedmd/
LinkedIn: https://www.linkedin.com/company-beta/5020743/
Twitter: https://twitter.com/WeedMD
Instagram: https://www.instagram.com/weedmd/
For further information, please contact:
WeedMD Inc.
Keith Merker, Chief Financial Officer
Tel: 519-765-2440 Ext. 222
Email: investor@weedmd.com
To learn more, visit us at www.weedmd.com
For Media Inquiries:
Marianella delaBarrera
Margin Communications & Public Relations
Tel: 416-897-6644
Email: marianella@marginpr.com
Forward-Looking Information
This press release contains forward-looking information based on current expectations. Statements about the date of trading of the Company's common shares on the Exchange and final regulatory approvals, among others, are forward-looking information. These statements should not be read as guarantees of future performance or results. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by such statements. The Company assumes no responsibility to update or revise forward-looking information to reflect new events or circumstances unless required by law.
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