The company reported approximately $1.2 million in revenue for the quarter, a 122% increase over the same quarter last year and representing the fifth consecutive quarter of revenue growth. Expecting to reach the profit/loss breakeven point this quarter, the company has repaid all of its outstanding debt.
“We are pleased with the solid operational results that we project for the first quarter of 2018, highlighted by the achievement of a breakeven quarter, and believe that this performance has the Company firmly on track to achieve its profit goals for the full year,” said Medicine Man Technologies’ co-founder and CEO Brett Roper. “As it relates to new client expansion, we continue to experience an increase in both US as well as international inquiries, as the Company’s reputation and expanded client pipeline continues to evolve.”
The company also provided updates on its clients. Since last month, the company has entered into five new license or service agreements. One of the company’s new clients includes a new Cultivation MAX client in Nevada, which will begin construction around midyear on a 100,000 square foot facility. In addition, the company’s single client in the state of Iowa was able to win two medical cannabis dispensary licenses.
Working in the Canadian market, the company has entered into preliminary negotiations with one of its Canadian partners to expand support for micro cannabis grows through extended licensing agreements of the company’s Three-A-Light cultivation methods and Success Nutrients.
“This market segment for cultivators will require a hyper-competitive footprint as it relates to the 2,000 SF canopy limitation and I believe that our current cultivation efficiency and performance will provide these talented growers with a distinct advantage in achieving low-cost production of quality tested ‘craft’ based cannabis to the marketplace in Canada,” commented Medicine Man Technologies’ Chief Revenue Officer Joshua Haupt.