2019 Q3 Highlights
- Reports net revenues of $6.7 million with a gross margin of 29%
- Greenhouse cultivation cost improves to $0.72/gram in Q3
- Strategic acquisition of Starseed strengthens medical position in Canada and consolidates distribution channel in accretive all-stock transaction
- A $25 million strategic investment from The Labourers’ Pension Fund of Central and Eastern Canada will result in a pro-forma cash position of $54 million
- Preliminary outdoor-cultivated test results confirm over 20% THC on some strains and harvest expected to yield more than eight tons of biomass at a cost of approximately $0.16/gram
- Joint management call to discuss earnings & acquisition to be held on Nov. 29th at 1PM Eastern
Concerning Selling Price
WeedMD Inc.(TSX-V:WMD) (OTCQX:WDDMF) (FSE:4WE) reported alarming 37% decrease in average selling price per gram (Q3 2019) and 65% decrease from a year ago Q3 2018.
Q3 Corporate Highlights During and Subsequent to the Quarter Ended Sept. 30, 2019
Health Canada Licensing. WeedMD secured the following:
- Licence Amendment for 20 Additional Cultivation & Processing Rooms. August 2019 – Health Canada’s approval for an additional 20 cannabis cultivation and processing rooms in Strathroy. The amendment allows another ten 10,000 sq. ft. cultivation rooms to be utilized along with 10 more processing and drying rooms.
- Licence Amendment for 50,000 sq. ft Outdoor Processing Facility. Newly built 50,000 sq. ft. purpose-built facility designed for its current and future outdoor cannabis operations on its 158-acre Strathroy property. This facility will allow for drying, processing and storing of cannabis. The facility is now fully operational and is the location for the processing and storage of WeedMD’s 2019 outdoor harvest.
Source: Globe Newswire, WeedMD Inc.