Profile image
By ProactiveInvestors (Reporter)
Contributor profile | More stories
Story Views
Now:
Last Hour:
Last 24 Hours:
Total:

Biome Grow Inc is a rapidly growing marijuana group with five Canadian provinces under its belt

% of readers think this story is Fact. Add your two cents.


  • Rapidly growing Canadian marijuana group
  • Around 390,000 square feet of production capacity in operation or under development
  • National supply footprint increased to five Canadian provinces from three

What Biome Grow does:

Biome Grow Inc (CSE:BIO) (OTCMKTS:BIOIF)  is a rapidly growing marijuana group with five subsidiaries which has around 390,000 square feet of production capacity in operation or under development in Ontario and Atlantic Canada.

Highland Grow, a cannabis grower near Antigonish, is Biome Grow’s first licensed producer under Canada’s Cannabis Act. It completed the first cannabis shipment to the Nova Scotia Liquor Commission at the beginning of 2019.

Biome’s subsidiaries in other provinces include The Back Home Medical Cannabis Corporation in Newfoundland and Labrador, Great Lakes Cannabis and Weed Virtual Retail in Ontario, and Red Sands Craft Cannabis in Prince Edward Island.

The company has also signed a Memorandum of Understanding (MoU) with CBD Acres Manufacturer Inc who will provide Biome with preferential access to a high-quality, low-cost supply of Cannabidiol (CBD) concentrate.

The semi-exclusive agreement is for a five-year period and positions CBD Acres as the supplier for Biome Grow with a commitment of up to 20,000 kg per year of locally sun-grown, hemp-based CBD extract using the company’s Nano lipid, solventless extraction process.

This arrangement provides certainty of supply for Biome as well as assurance of a market-best price for its customers. 

How is it doing:

At the start of August, Biome revealed it had increased its national supply footprint to five Canadian provinces from three, adding Manitoba and a supply agreement with the provincial government of New Brunswick.

Later that month, Biome also announced that it had received environmental approval for the refurbishment of its flagship facility in Newfoundland and Labrador.

At the end of August, Biome Grow announced that its licensed Nova Scotia cannabis producer Highland Grow was profitable in the second quarter on a standalone basis, fueling record revenue for the group.

Highland Grow only delivered its first shipment of finished cannabis products packaged for consumers in Nova Scotia to the Nova Scotia Liquor Corporation on January 10.

The company said Highland Grow was net income profitable in the second quarter on a standalone basis, a remarkable achievement for an operation in only its second quarter of commercial production.

Looking at the overall financials, the cannabis company saw second quarter revenue quadruple to $1.35 million from $341,000 in the first quarter.

Similarly, gross profit tripled in the quarter to $600,000, compared to $204,000 in the previous quarter.

It said the average selling price per gram increased in the second quarter by 15% from $6.80 to $7.86, while the average cost per gram of cultivated product declined to $2.31 from $2.72 sequentially.

Inflexion points:

Announcing second quarter numbers, Biome Grow said the third quarter was shaping up well, with the company having also received approval to sell cannabis in the province of Saskatchewan.

What the boss says:

Reporting its latest numbers in August, Biome Grow CEO Khurram Malik said: “We are very proud that Highland Grow was able to achieve profitability less than two quarters after entering commercial production.

“This aligns with our stated vision from the start to build strong, local brands with products that end customers feel are designed specifically for their unique requirements.”

“Our current quarter is also achieving a significant increase in business over what we are reporting today for the second-quarter. We look forward to sharing these results once this period has concluded,” he added.

Story by ProactiveInvestors



Source: https://www.proactiveinvestors.com/companies/news/902703/biome-grow-inc-is-a-rapidly-growing-marijuana-group-with-five-canadian-provinces-under-its-belt-902703.html

Support BeforeitsNews by trying our natural health products! Join our affiliate program
Order by Phone at 888-809-8385 or online at www.mitocopper.com


Get our Free Ebook, "Suppressed Health Secrets"  with  Natural Cures THEY don't want you to know!

APeX - Far superior to colloidal silver!  Destroys Viruses, Bacteria, Pathogens with Oxygen plus Silver!Supreme Fulvic - Nature's most important supplement! Vivid Dreams again!
Ultimate Curcumin - Natural pain relief, reduce inflammation and so much more.
MitoCopper - Bioavailable Copper destroys pathogens and gives you more energy. (See Blood Video)
Oxy Powder - Natural Colon Cleanser!  Cleans out toxic buildup with oxygen!  
Organic Hemp Extract (CBD) - Full Spectrum high CBD (3300mg) hemp extract eases stiff joints, relieves stress and more!
Nascent Iodine - Promotes detoxification, mental focus and thyroid health.

Smart Meter Cover -  Reduces Smart Meter radiation by 96%!  (See Video)


FINAL WARNING!   Diseases are EXPLODING!  Watch this Video about APeX and You'll THROW AWAY Your Colloidal Silver!   APeX destroys Viruses, Bacteria and other Pathogens with the power of Oxygen PLUS Silver!  Nobody else has a product like THIS!   See why the inventor hasn't been sick in 16 years and why you'll never hear about it on the FAKE NEWS!  Get some now and tell your friends about it too so we can reach more people!  

APeX Interview - Superior to Colloidal Silver from Lee Canady on Vimeo.

Learn about APeX Here and Get the 50 Page Report in PDF format.   Call us at 888-809-8385 to order by phone.

Report abuse

    Comments

    Your Comments
    Question   Razz  Sad   Evil  Exclaim  Smile  Redface  Biggrin  Surprised  Eek   Confused   Cool  LOL   Mad   Twisted  Rolleyes   Wink  Idea  Arrow  Neutral  Cry   Mr. Green

    SignUp

    Login

    Newsletter

    Email this story
    Email this story

    If you really want to ban this commenter, please write down the reason:

    If you really want to disable all recommended stories, click on OK button. After that, you will be redirect to your options page.