Read the Beforeitsnews.com story here. Advertise at Before It's News here.
Profile image
By ProactiveInvestors (Reporter)
Contributor profile | More stories
Story Views
Now:
Last hour:
Last 24 hours:
Total:

WeedMD sees higher 3Q revenue as cultivation costs decline

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


WeedMD Inc (CVE:WMD) (OTCQX:WDDMF) (FRA:4WE) said its 3Q revenue rose by 8% quarter over quarter to $6.3 million, while its cultivation costs fell year over year.

The company’s cultivation cost per gram for the quarter came in at $0.34, compared to $0.72 during the same period last year, while its adult-use kilograms sold increased by 24% from 2Q 2020.

WeedMD CEO Angelo Tsebelis said in a statement: “Our revenue growth quarter-over-quarter demonstrates the current momentum we are seeing in our business, particularly in our adult-use segment where consumer appeal for our Color Cannabis products continues to grow.”

READ: WeedMD on a pathway to profitable growth as it accelerates its Cannabis 2.0 efforts 

He added: “With our expanded national sales team, we are making steady traction in establishing new retail accounts and shipping product across the country at a faster pace. We remained highly focused on delivery of our expanding quality product portfolio to consumers during the quarter in the adult-use market and our proprietary direct-to-patient medical channel leading to improved margins going forward.”

WeedMD CFO Lincoln Greenidge also weighed in on the company’s financial results, stating: “This quarter, our team sharpened its focus to concentrate on capturing long-lasting opportunities and initiatives that will help achieve further cost improvement, margin expansion and drive organic growth across our adult-use and medical channels.”

He added: “With WeedMD’s second year of outdoor harvest now complete and our cultivation rooms cycling consistent yields, we expect continued revenue growth going forward as we introduce new products in 2021.”

The company noted that its gross margin in 3Q, excluding non-cash items, improved to 42% from 39% in 2Q 2020, which WeedMD management attributed to its continued focus on optimization.

The group’s adjusted EBITDA loss, meanwhile, totalled $5.3 million for 3Q 2020, compared with an adjusted EBITDA loss of $2.0 million for the same period in 2019, which the company said was primarily a result of an inventory write-off of approximately $1.2 million and expenses incurred related to increased production, in addition to selling and general and administrative expenses that were incurred before it completed its optimization initiatives.  

WeedMD ended the quarter with $31.1 million in cash and equivalents as of September 30, 2020.

Contact Sean at [email protected]

Story by ProactiveInvestors



Source: https://www.proactiveinvestors.com/companies/news/935376/weedmd-sees-higher-3q-revenue-as-cultivation-costs-decline-935376.html


Before It’s News® is a community of individuals who report on what’s going on around them, from all around the world.

Anyone can join.
Anyone can contribute.
Anyone can become informed about their world.

"United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.

Please Help Support BeforeitsNews by trying our Natural Health Products below!


Order by Phone at 888-809-8385 or online at https://mitocopper.com M - F 9am to 5pm EST


Order by Phone at 888-809-8385 or online at https://www.herbanomic.com M - F 9am to 5pm EST


Humic & Fulvic Trace Minerals Complex - Nature's most important supplement! Vivid Dreams again!

HNEX HydroNano EXtracellular Water - Improve immune system health and reduce inflammation

Ultimate Clinical Potency 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! 
Nascent Iodine - Promotes detoxification, mental focus and thyroid health.
Smart Meter Cover -  Reduces Smart Meter radiation by 96%!  (See Video)

Immusist Beverage Concentrate - Proprietary blend, formulated to reduce inflammation while hydrating and oxygenating the cells.

Report abuse
Loading...

    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

    MOST RECENT
    Load more ...

    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.