Financial Archives - Green Market Report

Debra BorchardtDebra BorchardtOctober 30, 2018


The New York Stock Exchange (NYSE: ICE) is delisting self-described cannabis company India Globalization Corp. (NYSE: IGC). In a short statement, the NYSE said that trading of the common stock would be suspended immediately.

The statement said that IGC has “Engaged in operations which, in the opinion of the Exchange, are contrary to the public interest. Section 1009(a) (ii) of the Company Guide states that it is necessary and appropriate for the protection of investors to immediately suspend trading in the Company’s common stock.”

The NYSE also said that “The issuer has substantially discontinued the business that it conducted at the time it was listed or admitted to trading and has become engaged in ventures or promotions which have not developed to a commercial stage or the success of which is problematical.

The Green Market Report recently highlighted the ways India Globalization Corp. claimed to be a cannabis company, but in reality, was earning money from legacy trading operations. Other outlets like MarketWatch have also dived into the company’s filings to uncover bad behavior. Mostly that IGC pretends to pivot its company to whatever new trend is moving the market, while not actually doing so.

Aphria Inc.

On a positive note, Aphria Inc. (TSX: APH)  said that its common shares have been approved for listing on the New York Stock Exchange and will begin trading at the open of markets on November 2, 2018. The new symbol will be APHA and the company said that it was changing its Toronto symbol from “APH” to “APHA.”

The shares that are currently trading on the OTCQB will move over to the NYSE. Shareholders will not need to do anything other than making sure their brokerages reflect the change in exchanges.

“Listing on the NYSE provides Aphria with access to the largest equity market in the world, with increased exposure to a vast array of US institutional and retail investors. This strategic move aligns directly with our growth ambitions as we enter an elite peer group of respected, high-profile corporate brands listed on the NYSE,” said Vic Neufeld , Aphria CEO.

Mr. Neufeld added: “We are excited to usher in a new era with the recent legalization of adult-use cannabis in Canada and as we aim to further expand our footing in exciting markets such as Latin America , the Caribbean and Europe . Aphria is well-positioned to capitalize on this fast-growing industry.”





William SumnerWilliam SumnerOctober 30, 2018


What is the economic impact of adult use cannabis? In many U.S. states, that is a difficult question to answer. Hoping to divine the answer, the Nevada Dispensary Association (NDA), which represents approximately 80% of cannabis dispensaries in the state of Nevada, commissioned a report by RCG Economics to find out; and the results were surprising.

To fully ascertain the scope of the cannabis industry’s economic effect on Nevada’s economy, RCG implemented several strategies. To start, RCG electronically sent out a survey to NDA members; requesting information such as tax collections, gross sales, wages, benefits, and employment.

Next, RCG ran an economic benefits analysis (EBA) and compared the data to existing figures. An EBA typically involves analyzing direct benefits, indirect benefits, and induced benefits. Finally, RCG prepared a fiscal benefits analysis, which examined statistics such as state-level excises taxes, retail sales taxes, and the payroll tax.

After collating the data, RCG found that legalized cannabis will have a tremendous effect on the Nevadan economy.

Economic Benefits

Currently, adult use cannabis sales account for 63% of all cannabis sales in the states, while medical makes up the remaining 37%. Between 2018 and 2024, the state’s adult use cannabis industry is expected to generate an estimated $8 billion of economic activity.

Additionally, the industry is expected to support approximately 67,000 jobs in the same period. Cannabis regulations are also forecasted generate roughly $3.6 billion in direct, indirect, and induced labor income.

Direct spending in the cannabis industry is also projected during this period to have a multiplier effect of 1.63; which means that for every $1 spent on retail cannabis, another $0.63 will be generated throughout the state economy.

The retail cannabis industry is expected to produce approximately $989.7 million of total output activity in 2018 alone; representing roughly $60.7 million in sales. By 2024, that total is expected to rise to approximately $1.2 billion. Similarly, the industry is projected to support around 8,300 jobs in 2018, but by 2024 that number is expected to grow to 10,200.

Fiscal Benefits

Between 2018 and 2024, Nevada’s cannabis industry could potentially create roughly $1 billion in fiscal benefits for the state. The largest chunk of that figure is from sales and use tax accounts, which is projected to generate $349.4 million. The second largest contributor is the retail excise tax ($336.2 million) and the wholesale excise tax ($212.3 million).

For 2018, the industry is expected to generate approximately $113.1 million in fiscal benefits. By 2024, that number is expected to swell to $158.7 million annually.

RCG is quick to point out that these figures are only estimations based upon the available data and may change depending on outside economic factors. However, external economic factors or not, one thing is clear for the report, and that is that the legal cannabis industry will have a tremendous impact on the state of Nevada’s economy in the coming years.


William SumnerWilliam SumnerOctober 26, 2018


On October 26, 2018, The Green Market Report released its Cannabis Company Index 2018 Third Quarter Summary. After a rocky start this year, the Index has started to pick up steam and is continuing to build up momentum. During the third quarter, the Index rose by 56%; and with the commencement of adult-use cannabis sales in Canada at the start of the fourth quarter, the Index could rise even higher.

After a quarter filled with mergers, acquisitions, and buyouts; several cannabis companies have added to the Index and several more have been removed. Here are the cannabis companies that made the cut this quarter, as well as the ones that didn’t.


Charlotte’s Web (CWEB.CN) – Best known for the creation of a low-THC, CBD-dominate cannabis strain of the same name, Charlotte’s Web has enjoyed considerable success recently. Last year the company took in $40 million in revenue with a 35% EBITDA margin. During the third quarter the company went public on the Canadian Securities Exchange, and since then has seen its stock double in value; making its addition to the Index an easy choice to make.

Tilray (NASDAQ: TLRY) – Ever since going public on the NASDAQ, Tilray has seen an explosion in revenue and its stock value. Initially trading at $17 a share, Tilray is now trading at around $100. Additionally, the company has signed adult-use cannabis supply agreements with seven Canadian provinces and has also signed a deal with Canada’s largest Pharmacy Chain, Shoppers Drug Mart Inc.

Green Thumb Industries (GTII.CN) – It has been a good year for GTI. In June the company went public through a reverse takeover of Bayswater Uranium Corporation, raising CAD$87 million (USD$67 million). Revenue for the company rose by 25% over the last quarter, from $10.9 million to $13.6 million; thanks mainly to its chain of retail stores and wholesale cannabis distribution. The company’s debt is low, approximately $7.9 million, and its assets are high, roughly $230 million (which includes $112.7 million in cash or cash equivalents). All of this combined makes GTI a reasonable addition to the Index.

Sunniva Inc. (OTC: SNNVF) – Although the company’s stock has underperformed this year, in the long run, Sunniva looks like a good bargain. The company owns and operates seven clinics in Canada the specialize in medical cannabis, offers software solutions to customers, and sells vaporizers and related accessories. By the Fourth Quarter, Phase 1 of the company’s cannabis cultivation facility is expected to become operational and will carry the distinction of becoming the first large-scale facility that produces cannabis without the use of pesticides and other contaminants.

Aleafia Health Inc. (OTC: ALEAF)Aleafia Health has flown under most analysts radar this quarter, but there are several good reasons why the company has been added to the Index. With 22 clinics nationwide, Aleafia owns the most extensive medical cannabis clinic network in Canada; touting over 50,000 patients. The company is also working with Cronos Group (CRON) in a cannabis sleep study and has plans to list its stock on the NASDAQ in the near future.


MedReleaf – After merging with Aurora Cannabis (NYSE: ACB), MedReleaf quit trading its stock; and as such, has been removed from the Index.

Hiku Brands – Likewise, after being acquired by Canopy Growth (NYSE: CGC), Hiku also ceased trading and has been removed from the Index.

Axim Biotechnologies (OTC: AXIM) – So far this year, Axim has performed poorly, and there is little indication that there will be any improvements. Revenue is down, losses are up, and the company has very few products coming down the pipeline. Should conditions change, Axim may make it back on the Index, but for now, it has been removed.

Terra Tech (TRTC) – Unlike Axim, Terra Tech has performed reasonably well this year. However, several lawsuits against the company have curtailed those successes. In a fast-growing industry like cannabis, where more and more companies are going public every day, the Index can take its pick of well-performing companies that don’t have to contend with a slew of litigation.

Namaste Technologies (NXTTF) – Similarly, Namaste has performed admirably over the last quarter, has a robust platform behind it, and was even added to Horizons ETF. Unfortunately, the company has suffered from negative press surrounding accusations that the company is not disclosing related party transactions, and when combined with poor marketing decisions made by the company, removing Namaste from the Index became the right choice to make.

Q3 Recap

July 1 kicked off the quarter with new regulations on products for sale in the adult-use cannabis market in California. Many brands in California either weren’t ready or decided the new rules were too onerous and left the business. Several dispensaries staged fire sales to clear the shelves ahead of the new rules and producers had to destroy inventory that didn’t meet the new regulations.

There were two other big events that shifted the market into high gear. An almost $5 billion investment by alcohol company Constellation Brands (NYSE: STZ) into Canopy Growth (NYSE: CGC) excited almost everyone in the cannabis industry. Constellation had made an earlier investment in the company late last year and this recent move brings its total ownership up to 38%.

In other beverage news, Bloomberg reported that Coca-Cola (NYSE: KO) was considering doing a beverage deal with Aurora Cannabis. Both firms denied they were in talks but left some wiggle room saying they always look at various deals. Still, the market went nuts about Coca-Cola making a CBD drink.

During the quarter, Tilray priced its $153 million IPO at $17 a share, above its estimated $14-16 range. The stock was listed on the NASDAQ and immediately traded higher, to over $23 a share for a gain of 35%. The stock got as high as $300 (recently trading around $120) and has joined a list of richly valued cannabis stocks.

Other big events during the quarter included the DEA rescheduling the GW Pharmaceutical (NASDAQ: GWPH) drug Epidiolex to a schedule 5 drug. Schedule 5 drugs are considered to have a low level of abuse and include substances like Robitussin cough syrup or Lomotil diarrhea medicine. While the cannabis industry had been excitedly anticipating the rescheduling, it had no larger effect on cannabis products.


Debra BorchardtDebra BorchardtOctober 11, 2018


Seed-to-sale technology provider MJ Freeway LLC has agrred to a merger with MTech Acquisition Corp.MTEC, -0.48 %, the first US-listed Special Purpose Acquisition Company focused on acquiring a business ancillary to the cannabis industry.

Following the consummation of the transaction, MTech and MJ Freeway will become subsidiaries of a newly-formed holding company to be listed on the NASDAQ (NDAQ) Stock Market.  According to the company statement, if there are no redemptions by MTech shareholders in connection with the MTech shareholder vote to approve the transaction, it is anticipated that the combined entity will be debt free and have over $60 million of balance sheet cash to take advantage of strategic growth opportunities.

Jessica Billingsley, MJ Freeway CEO at the recent Green Market Summit.

“We built MJ Freeway to be the technology infrastructure for the cannabis industry,” said Jessica Billingsley, Co-Founder & CEO of MJ Freeway. “With access to public capital markets and additional balance sheet strength as a result of this transaction, MJ Freeway will accelerate its growth and broaden its product offering as we strive to meet the ever-expanding demands of a highly complex and heavily regulated industry.”

Scott Sozio, Chief Executive Officer of MTech, said, “We believe technology solutions that empower operators to efficiently and compliantly run their business, with tools that track the full vertical from cultivation to consumer, are critical to the industry’s long-term success.  We believe MJ Freeway provides the most robust seed-to-sale software technology available today, positioning the company for enormous growth as the legalization of cannabis expands throughout the country and the world.”

Transaction Details

The company statement said that MJ Freeway equityholders will receive new shares of the newly merged company (“Pubco”) and MTech security holders will exchange their securities of MTech for securities of Pubco.  The shares of Pubco common stock to be issued to the MJ Freeway equity holders will have an aggregate value equal to $70,000,000, with each share of Pubco common stock valued at $10.16 per share.  

Cash proceeds released from MTech’s trust account, which trust account currently has approximately $58 million in cash, after any shareholder redemptions and payment of transaction expenses and other MTech liabilities, shall remain with the combined company. MJ Freeway equityholders are rolling 100% of their equity into the combined entity.

MJ Freeway

MJ Freeway is the developer of the cannabis industry’s first enterprise resource planning platform and is the largest global cannabis technology company which has tracked more than $10 billion in sales with clients in Australia, Europe, South America, New Zealand, Africa, Canada, and the United States in 29 states and the District of Columbia. MJ Freeway’s tracking software includes inventory control and grow management applications to streamline workflow and increase efficiency. MJ Freeway’s Leaf Data Systems software solution enables governments to track cannabis plants from seed-to-sale and ensure patient, public, and product safety.

Current MJ Freeway investor and Senior Strategic Advisor to the Board, Roger McNamee, added, “Cannabis companies that want to be leaders are adopting MJ Platform because I believe it is the only product with the technical foundation to support multi-line and multi-location operations. MJ Freeway prepares customers to manage high growth and complexity as the industry transitions from local to global scale.  MJ Freeway’s merger with MTech will enable a smart growth strategy to capitalize on the industry’s continuing growth.”


Debra BorchardtDebra BorchardtSeptember 25, 2018


Aurora Cannabis Inc. (ACBFF) released its fourth quarter and fiscal year-end financial results following the market close on Tuesday. For the fiscal year ending 2018, Aurora reported total revenue of C$55 million versus fiscal 2017’s total revenue of C$18 million. The net income for the year was C$69 million versus the previous year’s loss of C$12 million. Aurora also reported a gross profit of C$43 million for the year versus last year’s gross profit of C$16 million.

For the fourth quarter of 2018, the company reported that its revenue increased 223% to C$19.1 million from last year’s C$5.9 million for the same time period. Fourth quarter net income increased to C$79 million, versus a net loss of C$20 million for the previous year. It was 16% better than the previous quarter’s revenue of C$16.1 million. Gross margins improved to 74% from the third quarter’s gross margin of 59%.

The company said that the increase was primarily attributable to the unrealized non-cash gain on derivatives and marketable securities, which was partially offset by increased finance costs, share-based payments, acquisition, and project evaluation costs.

The cash cost to produce a gram of dried cannabis increased sequentially from C$1.53 to C$1.70 in the fourth quarter but fell 11% from the previous year’s fourth quarter cost. The drop was attributed to improved efficiencies from automation and better yield knowledge.

The average price of the product sold was C$9.20 per gram, an increase of 15% versus the third quarter and 23% higher than last year’s fiscal fourth quarter. The increase was attributed to the amount of cannabis oils sold. The total amount of cannabis sold in the quarter including oils were 1,617 kilograms (kg), a 19% increase sequentially and a 114% increase year-over-year.

“Aurora made substantial progress toward our strategic goal of becoming the global scale and margin leader in the cannabis industry, establishing a vertically integrated company with a broadly diversified product offering with a large global footprint,” said Terry Booth, CEO of Aurora. “With coast-to-coast supply arrangements and our strategic investment in Alcanna, we are very well positioned to capitalize on the significant adult consumer use opportunity in Canada. With reported Q4 revenues of $19.1 million, pro-forma Q4 revenues of over $33.1 million, and production capacity scaling up rapidly, we anticipate accelerated revenue growth during fiscal 2019. We have invested heavily in our organizational capabilities, including sales, marketing,
and corporate talent and capacity, to ensure we will continue to drive strong and sustainable long-term growth.”

U.S. Listing

Aurora also confirmed that intends to list its securities on a senior U.S Stock Exchange, although it didn’t specify which exchange. The company said that it would file a Form 40-F Registration Statement with the Securities and Exchange Commission (SEC).  Terry Booth, Aurora’s CEO added: “Listing our shares on a senior U.S. exchange reflects the level of corporate and business maturity and our high-paced execution. This listing provides access to a broader investor audience who gain the opportunity to participate in our continued success.

Company Growth

Aurora Cannabis has grown tremendously over the past year. It has made 11 acquisitions ( one more pending) and its headcount has jumped from 300 at the end of 2017 to roughly 1,400 by the end of 2018. Following the end of the fourth quarter, Aurora went on to complete its acquisition of MedReleaf, entered an LOI (Letter of Intent) to acquire HotHouse Consulting and ICC Labs, Acquired Anandia Laboratories, and Agropro UAB.

During the fourth quarter and following it, Aurora made strategic investments in Evio Beauty Group and CannaRoyalty Corp. The company already has strategic investments in Hempco Food, CTT Pharmaceuticals, Choom Holdings, Capcium Inc. and The Green Organic Dutchman (TGODF).

Looking Ahead

The company said that for fiscal 2019, it is going to focus on expanding its capacity and sales growth in all markets, including its international expansion. The company expects to reach a production run rate of approximately 150,000 kg per year by the calendar year end of 2018. It also expects to scale up to 500,000 kg per year through its Aurora Sun and Aurora Nordic facilities.

Debra BorchardtDebra BorchardtSeptember 5, 2018


The Flowr Corporation is the latest cannabis company in a crowded launch calendar to raise money ahead of going public. The Canadian cannabis company lead by former MedReleaf founders raised roughly C$36 million in an oversubscribed offering. This raise solidly positions the company for its reverse take over of The Needle Capital Corp. which is expected to happen on or about September 10.

The Flowr Group consists of Tom Flow, a founder and former COO of MedReleaf, as its President and Vinay Tolia, Flowr’s incoming Chief Executive Officer. Flowr builds and operates large-scale, GMP compliant cultivation facilities utilizing its own patented growing systems.

The company recently signed a Memorandum of Understanding to supply premium cannabis to the British Columbia Liquor Distribution Board which will be the sole retailer of non-medicinal cannabis in the province following the October 17 legalization of adult recreational consumption.  The company also announced earlier in the year that it had been selected by the Hawthorne Canada subsidiary of The Scotts Miracle-Gro Company(SMG) for an exclusive strategic R&D alliance.

“Completing this oversubscribed offering is another exciting milestone on Flowr’s journey to producing the finest cannabis experience in the world as well as an acknowledgment of investors’ belief in our business model,” said Tolia. “Coming on the heels of obtaining our Health Canada sales license, these funds will enable us to scale operations and provide consumers and patients with Flowr’s clean, consistent, premium-quality product in the medicinal and adult-use markets.”

According to the company statement, the proceeds will be used for the buildout of Flowr’s 85,000 square foot Kelowna, BC cultivation facility. The Kelowna facility, which is currently approximately 20% complete, is being built using proprietary designs and patent-pending growing systems that are expected to enable Flowr to grow ultra-clean, premium quality cannabis at scale and with high yields. Flowr expects the facility to reach full capacity in 2019, targeted to be in excess of 12,000 kilograms annually. The company is also building a 50,000 square foot research and development facility integrated into its Kelowna campus and funded through an exclusive alliance with the Hawthorne Gardening subsidiary.

Following the RTO, the shares will trade on the Toronto Venture Exchange with 13,807,734 subscription receipts sold at a price of C$2.60 per receipt for gross proceeds of C$35,900,104 with Clarus Securities and Eight Capital as the Agents.


Debra BorchardtDebra BorchardtSeptember 4, 2018


Aurora Cannabis Inc. (ACBFF) said that it has closed its previously announced debt facility with the Bank of Montreal for a C$150 million term loan and a $50 million revolving credit facility. The two pieces of debt will mature in 2021 with the option to increase it to C$250 million.

According to a company statement, the debt facility is primarily secured by Aurora’s production facilities, including Aurora Sky, Aurora Mountain, and Aurora Vie. Aurora Sky is strategically located at Edmonton International Airpor and is projected to produce in excess of 100,000 kg per year of high-quality, low-cost per gram, cannabis upon completion.

“We are incredibly proud to have successfully closed this historic debt facility supported by a premier Canadian bank, BMO, who understands our needs and potential. This is both a reflection of the rapidly maturing nature of the broader cannabis industry and strong validation of the economic potential of Aurora’s best-in-class, technologically advanced production facilities,” said Terry Booth, CEO of Aurora. “This additional capital positions us well to continue building the pre-eminent global cannabis company with a focus on vertically integrated, geographically and horizontally diversified assets.”

In addition to closing on the debt deal, Aurora also announced that it has agreed with The Green Organic Dutchman (TGODF) to extend its deadline for the company’s first milestone option by six weeks. to October 12, 2018, from the original date of August 2. The option enables Aurora to purchase an additional 8% of TGOD shares.

“The Aurora partnership has been incredibly beneficial for both parties to date,” said Brian Athaide, TGOD’s CEO. “In addition to the organic supply agreement, the value of Aurora’s initial investment has increased nearly five-fold. In turn, the assistance provided by the Aurora team has helped accelerate our progress across all divisions, and we look forward to continuing our strategic partnership as we work towards building the largest organic cannabis brand in the world,” continued Athaide.

Terry Booth, CEO of Aurora, added, “We are pleased with the progress made at TGOD to date, as reflected by the significant appreciation of our investment. We are now working with the TGOD team on finalizing the details of our go forward partnership, and we will continue to support them as they execute on their strategy.”

Debra BorchardtDebra BorchardtAugust 22, 2018


Toronto-based Emblem Corp. (EMMBF) reported second-quarter revenues of $1.5 million for the quarter ending June 30, 2018, an increase of 180% over the same time period in 2017. The company also delivered a gross loss of $159,000 for the quarter versus last year’s zero amount and a let loss of $4.7 million versus last year’s net loss of $2.9 million.

The company said that higher revenues and unrealized gains on changes in fair value of biological assets were offset by rising production costs that had ramped up to meet those rising sales volumes.

“Demand for our medical cannabis products significantly increased period over period, further driven by our oil extracts released at the end of 2017,” said Nick Dean, President & CEO of Emblem Corp. “We have established Emblem as a trusted brand in the medical cannabis space. We are supporting our registered patients with additional cannabinoid oil profiles and new size formats including 30ml bottles, in addition to the original 60ml bottles. In addition, we anticipate launching our new metered-dose controlled oral sprays during the third quarter of 2018.”

According to the company statement, revenues of dried cannabis flower purchased by registered medical patients amounted to $499,000 and $956,000 during the three and six months ended June 30, 2018 (June 30, 2017 – $398,000 and $859,000), respectively. Total dried flower sold to medical patients during the three and six months ended June 30, 2018 amounted to 58.6 kilograms and 111.4 kilograms of dried flower (June 30, 2017 – 53.9 kilograms and 108.6 kilograms), at an average selling price of $8.58 per gram and $8.59 per gram (June 30, 2017 – $8.41 per gram and $7.90 per gram), respectively.

Revenues from cannabis oil products during the three months and six months of 2018 amounted to $320,000 and $507,000 or 39% and 35% of total sales to medical patients, respectively. Prior to December 2017, the Company did not sell cannabis oil products as it did not receive its sales license to sell cannabis products until late 2017.

Looking Ahead

Since the quarter ended, Emblem has made a $3 million investment into Natura Naturals and plans to acquire the company increasing Emblem’s production capacity to 70,000 kilograms by the end of 2019. The company also embarked on a strategic partnership with GreenSpace Brands Inc. to develop and commercialize cannabidiol infused health and beauty products for the soon to be legal adult-use cannabis market.

Emblem has increased its patient count to roughly 4,430 active registered patients and launch its first adult-use cannabis brand called “Symbl.”

This week, Emblem said that it signed a supply agreement with the Ontario Cannabis Store, and the Alberta Gaming, Liquor, and Cannabis Commission.

Separately, Emblem uplisted its stock to trade on the OTCQX market.

Dean added, “We remain steadfastly focused on executing against our plan and building a sustainable business that will drive long term value for our shareholders. long-term quarter results are a testament to this mission.”


StaffStaffAugust 14, 2018


GrowGeneration Corp.

GrowGeneration Corp. (GRWG), one of the largest specialty retail hydroponic and organic gardening stores, selling to both the commercial and home cannabis markets, with currently 18 locations, reported financial results for its 2nd quarter ended June 30, 2018.

The company delivered revenue of $7.15 million, up 74% compared to revenue of $4.1 million for the 2nd quarter of 2017. Store operating costs have declined 13% from 18.2% for the 2nd quarter 2017 to 16.1% for the 2nd quarter of 2018. YTD revenue of $11.5 million, up 72% compared to YTD revenue of $6.7 million for 2017. YTD store operating costs have declined from 19.4% for the six months ended June 30, 2017, to 17.6% for the six months ended June 30, 2018.

The company had $17.4 million in cash and cash equivalents at June 30, 2018. As of June 30, 2018, the company had working capital of $24.5 million compared to working capital of $5.6 million at December 31, 2017.

Surna Inc.

Surna Inc. (SRNA) announced operating and financial results for the three and six months ended June 30, 2018.  Surna Inc. designs, engineers and manufactures application-specific environmental control and air sanitation systems for commercial, state- and provincial-regulated indoor cannabis cultivation facilities in the U.S. and Canada.

The company reported that its Q2 2018 revenue was $2,008,000, a decrease of $47,000, or 2%, compared to Q1 2018.  It had Q2 2018 net bookings of $3,867,000, a decrease of $756,000, or 16%, compared to Q1 2018.  The ending backlog as of June 30, 2018, was $8,883,000, an increase of $1,859,000, or 26%, compared to the March 31, 2018 backlog, and its largest quarter-end backlog. The Q2 2018 gross profit margin was 26%, an increase of seven percentage points from its Q1 2018 gross profit margin.

CannTrust Holdings Inc.

CannTrust Holdings Inc. (TRST), a Canadian licensed producer of medical announced financial and operating results for the three and six months ending June 30, 2018. All amounts expressed are in Canadian dollars.

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 $11,547,015respectively, compared to a net income of $754,864 and a net loss of ($23,040) in the comparable 2017 periods.

Earnings for the current period were impacted by approximately $1.5 million of increased costs associated with the ramp-up of the Niagara Perpetual Harvest Facility. Earnings per share for the three and six month periods ended June 30, 2018, was $Nil and $0.12 respectively, compared to earnings per share of $0.01 and $Nil in the comparable 2017 periods.

About Us

The Green Market Report focuses on the financial news of the rapidly growing cannabis industry. Our target approach filters out the daily noise and does a deep dive into the financial, business and economic side of the cannabis industry. Our team is cultivating the industry’s critical news into one source and providing open source insights and data analysis


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