MJardin Archives - Green Market Report

StaffStaffNovember 5, 2020
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3min1131

MJardin Group, Inc.  (CSE: MJAR) (OTCQX: MJARF) reported revenue of $4.8 for its third-quarter ending September 30, 2020. This was lower than the $7.6 million in revenue that the company delivered in the 2019 third quarter. The net income for the quarter was $7.2 million All amounts are expressed in Canadian dollars unless otherwise indicated.

The company noted that its operating expenses were $6.7 million the quarter leading to a loss on operations of $4.2 million. This was higher than the $3.6 million in operational losses for the 2019 third quarter.  The general and administrative expenses of $3.7 million were higher than last year’s $3.0 million for the same period and mostly due to increased professional services expenses in Q3 2020. MJardin said it has been able to grow a new fifth strain testing at 24% THC on behalf of Robes at its WILL facility and that all harvests out of the WILL and GRO facilities have passed HC microbial testing without the use of irradiation treatment.

Fourth Quarter

MJardin said it plans on delivering the following in the fourth-quarter:

  • complete run-rate production at the WILL facility;
  • retail sales of cannabis produced at Canadian facilities; and
  • full licensing of the AMI facility’s Phase II expansion.

The company said it plans to continue to increase the production from its Canadian assets and intends to continue doing so for the balance of the year. At the same time, the company said it plans to continue focusing on securing offtake for production via either firm commitments with retailers or supply agreements with leading license holders.

Last month, MJardin entered into a master service agreement with the OCS. This agreement immediately enables MJardin to make its product available to retail consumers in Ontario. It is an important step in MJardin’s evolution from a pure-play cultivator to a consumer-centric company, servicing the needs of retail consumers, in-line with the Company’s 2020 strategic plan. As a result, the company said it expects increased revenues from the same flower production, given the higher realized price per gram at the retail sales level, and expects to gain market recognition and consumer brand awareness from products sold under the Flint and Embers banner. The company said it anticipates its first sale to the OCS will occur in the fourth quarter of 2020.


Debra BorchardtDebra BorchardtAugust 6, 2020
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3min3680

MJardin Group, Inc. (CSE: MJAR) (OTCQX: MJARF) reported second-quarter revenue declined to $2.1 million from last year’s restated revenue of $6.8 million for the same time period. Net losses also increased to $12.4 million from last year’s net losses of $6.1 million. The company’s gross margin fell to $850,000 from last year’s $3.6 million, which MJardin attributed to the reduction in revenues from both the managed services and cultivation segments.

“While we still have a lot of work to get done to achieve our growth objectives, I am very pleased with the results of our team’s efforts, which have now resulted in a second consecutive quarter of stabilized operations, improved visibility into the future and ultimately better financial performance,” commented Pat Witcher, CEO of MJardin. “We are pursuing growth opportunities through sensible partnerships whereby our expertise and track record can contribute to growth and profitability without the need for additional capital. We continue to run a lean and extremely efficient business to manage margins and overall costs, while focusing our corporate development team’s efforts on creative growth strategies.”

AtlantiCann Medical

The company’s AtlantiCann Medical Inc. or AMI joint venture contributed $1.3 million to earnings, which was an increase of ~330% from the prior quarter, Unfortunately, that good news is short-lived because MJardin noted that on August 5, 2020, AMI bought out the previously signed master service agreement, which had been a ten-year term that was executed in 2019. MJardin said it will receive $2 million from AMI within the next 45 days in lieu of ongoing license fee payments. The company said its cultivation management support for the AMI operation has been substantially reduced in connection with the buyout and is expected to be completed by the end of 2020.

Second Half Plans

MJardin said it continues to advance the production from its Canadian assets and plans to continue doing so for the balance of the year. At the same time, the company plans to continue focusing on securing offtake for production via either firm commitments with retailers or supply agreements with leading license holders. In a statement, MJardin laid out the following plans:

  • Complete run-rate production at WILL and GRO facilities by the end of Q3;
  • Retail sales of products produced at Canadian facilities in H2 2020;
  • Full licensing of AMI Phase II expansion by/during the Q4;
  • Significant progress on completion of construction at the Warman facility;
  • Continued pursuit of expansion opportunities in select US States.

 


StaffStaffJuly 14, 2020
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3min3680

MJardin Group, Inc.  (OTCQX: MJARF) reported first-quarter revenue dropped to $2.2 million versus last year’s revenue of $10.7 million for the same time period in 2019. The company also delivered a net loss of $8.1 million, which was lower than last year’s first-quarter loss of $14.8 million (all figures in Canadian dollars).

”During the first quarter we remained focused on the completion of our cultivation assets as we continue to push aggressively towards being prepared to penetrate the Canadian recreational market with our products, and ramping up revenues starting in the second half of 2020,” commented Pat Witcher, CEO of MJardin. “I am very encouraged with the progress our team is making with bringing our assets online as well as exploring strategic growth opportunities which could start contributing to our profitability in the foreseeable future.”

MJardin said that its Managed Services business generated $2.2 million in revenue during the quarter. The Canadian cultivation facilities were currently mid-way through the growing cycle and so no revenue was recognized at these facilities during the first quarter. The company did say that it was in advanced negotiations for a supply agreement with a major Canadian License Holder to sell approximately an incremental 2,000 kilograms of product.

While the gross margins fell to $0.4 million versus $4.1 million for the prior year comparable period, expenses dropped by 43%.  MJardin said it would continue to look for more ways to cut costs. 

Looking Ahead

The company said it has the following plans for 2020 and that they are on track:

  • Complete run-rate production at WILL and GRO facilities by the end of the third quarter
  • Retail sales of Canadian production by the end of the third quarter
  • Full licensing of AMI Phase II expansion by during the fourth quarter
  • Significant progress on completion of construction at the Warman facility
  • Continued pursuit of expansion opportunities in selected US States


Debra BorchardtDebra BorchardtJune 15, 2020
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4min5060

MJardin Group, Inc.  (OTCQX: MJARF) reported results for its fourth quarter and fiscal year ending December 31, 2019, with revenue falling to $26.7 million versus $27.5 million in 2018. In addition to the drop in revenue, MJardin delivered a 2019 net loss of $267.5 million versus $81.4 million in 2018. This loss included a $207 million impairment related to  goodwill, intangibles, PP&E and a principal promissory note in 2019 and $21 million in 2018

“When I stepped into the role of CEO, MJardin was in a state of transition. Since I have endeavored to place this business on a strong footing to succeed going forward, by narrowing the focus of operations and doubling-down on our core competencies, namely, the cultivation of high-quality and high THC cannabis,” said Pat Witcher, CEO of MJardin Group, Inc. “With construction completed at the majority of the Canadian facilities and right-sized operations, we are well-positioned to focus on a strong entry to the Canadian recreational market in the second half of 2020 and turn the corner as a business.”

The company scaled back most of its U.S. commitments as it terminated the Cannabella acquisition and sold GreenMart of Nevada.  The company said that it still sees the United States as a desirable growth market and will continue to pursue strategic joint ventures, acquisitions, or consulting arrangements in select States on a case-by-case basis. The company has $146 million in total debt and the sale of the GreenMart business, also called Cheyenne, will contribute $30 million towards that debt. Harvest Health & Recreation purchased the business from MJardin.

“For the past six months, I have been focused on addressing and ultimately improving the Company’s internal processes and financial reporting. Now that the Company has unwound historically unprofitable commitments, I will continue to focus on increasing transparency to our investors while working with Pat to continue stabilizing our operations and positioning MJardin for growth as we push forward towards delivering on the promise and value of our current asset base,” said Edward Jonasson, CFO of MJardin Group Inc.

Looking Ahead

MJardin said it will focus on its high THC high yielding flower to position the company well for entry into the recreational market in Canada during the second half of 2020.  Construction has been completed on the Brampton Ontario (WILL) facility and 10 of the 12 flower rooms have now been licensed by Health Canada. The company said it expects to receive licenses for the remaining two flower rooms imminently. This expansion is expected to result in run-rate production of 3,000 KG per year at the WILL facility during the third quarter of 2020.

Phase 1 of the Cultivation Facility in Lower Sackville, Nova Scotia facility (AMI) operated through a three-way joint-venture between the Nova Scotia Mi’kmaq First Nations (51%), MJardin (39%) and the Halef Group (10%) is fully operational with a run rate production of 3,500 KG per year. During 2019, construction was completed on the Phase 2 expansion, bringing on an additional 2,800 KG per year of capacity with licensing and run-rate production expected by the fourth quarter of 2020.


Debra BorchardtDebra BorchardtMarch 31, 2020
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3min6530

 MJardin Group, Inc. (CSE: MJAR) (OTCQX: MJARF) decided to terminate its previously announced joint venture partnership with Rama First Nation that included prospective plans for a cultivation facility. The company said that the announcement was part of its ongoing review, evaluation and turnaround process and that it has actioned amendments to the Managed Services Agreements (“MSAs”) which were negotiated and put in place by previous management.

“I have nothing but great respect and admiration for our Rama First Nation partners, but I have to make these difficult business decisions in an effort to allocate capital where it makes the most sense while ensuring that we don’t take on more debt until we have successfully turned this business around,” said Pat Witcher, CEO of MJardin Group. “This decision, along with restructuring our pre-existing MSAs to remove the burdensome management costs we were incurring is in the best interest of the Company and all of its stakeholders.”

The decision to dissolve the joint venture partnership with Rama First Nation, and its prospective 94,000 sq. ft. indoor greenhouse cultivation facility was based on fiscal responsibility, preservation of capital and developments in the cannabis cultivation market in Canada.

MSAs

In addition to that the company stated that it has agreed to amend, terminate and extend its MSAs with Potco, LLC & Potco South, LLC, Next1 Labs, LLC, Next1 Labs South, LLC, and Gravitas Henderson, LLC dba F&L Warm Springs, LLC to December 31, 2020. However, it wasn’t clear from the press release which companies were amended or terminated.

MJardin did say that in final stage discussions to extend the MSA with Lightshade Labs, LLC for a period of 14-months. The company said it is also finalizing its renegotiation of its MSA with AtlantiCann Medical Inc. and that MJardin will earn a royalty for the balance of the existing 10-year agreement, but will no longer provide labor support to the operation.

The company stated that the amended MSAs will provide a streamlined royalty fee structure which will allow for the monetization of the company’s intellectual property and proprietary cultivation methodologies. In addition, the amendments will reduce ongoing management obligations, thus reducing costs and placing less cash flow demands on the Company.

 

 

 


Debra BorchardtDebra BorchardtJanuary 2, 2020
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3min8920

Harvest Health & Recreation Inc. (CSE: HARV)(OTCQX: HRVSF) is buying MJardin’s (OTC: MJARF) 32,000 square foot cultivation facility in Cheyenne, Nevada in a transaction valued at $35 million. Harvest Health said it was being financed by an existing Harvest lender. The company said that $30 million was funded on December 31st with the remaining $5 million to be paid when the deal is closed.

“We expect this opportunistic acquisition to support our expanding retail asset base in Nevada and afford higher margins and profitability through vertical integration with some of our pending acquisitions in the state,” said Harvest CEO Steve White. Harvest sees the deal as a way to help it reach profitability quicker. For MJardin, it had just begun making revenue on its Cheyenne property, while Colorado continues to be its biggest source of revenue.

“We are pleased with the return on our investment at Cheyenne. The proceeds from the Transaction significantly reduce our debt while strengthening our financial position towards funding our working capital requirements in 2020,” said Pat Witcher, President, and CEO of MJardin. “We are starting the new year on a stronger footing with a clear view of accomplishing our profitability targets based on all of our key assets coming online.”

In November, the company reported revenue of $7.6 million and a net loss of $3.6 million in the second quarter. At the time Witcher said, “We further reduced SG&A and have decreased those costs by 45% compared to Q2 2019. This allows us to focus on and effectively allocate resources to developing our product lines within Health Canada’s upcoming regulations around extraction, edibles, and topicals. We continue to invest in these business lines on both sides of the border. Responsible deployment of capital to maximize shareholder value remains our top priority as we grow our operational footprint with accelerated revenue growth.”

MJardin took on corporate cost-cutting measures late in the first quarter of 2019 and the company said the resulting expected annual SG&A and payroll expense run rate was expected to be approximately $12.1 million. On May 29, 2019, MJardin said it amended the terms of its existing loan with the senior lender to remove the callable feature and convert it into a term loan, this enabled MJardin to simplify the Company’s capital structure and fully focus on executing the operational plan.

 


William SumnerWilliam SumnerMay 30, 2019
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5min8300

It’s time for your Daily Hit of cannabis financial news for May 30, 2019.

On the Site

The Economics of Cannabis and Women Led Businesses

Women lead almost 30% of the businesses in cannabis and the opportunities are there. This group of distinguished women reviews the best sectors to build a business and how to obtain the capital for your company to thrive and grow. Click here to watch.

MJardin

MJardin Group, Inc.  (CSE: MJAR) (OTCQX: MJARF) reported its financial results for the quarter ending March 31, 2019, in Canadian dollars. The company delivered revenues of $10.9 million versus last year’s $6.7 million for the same time period. MJardin said it continued to see improvements in the sales of Cannabis from its WILL facility, recording $1.1 million in sales in the first quarter with a $0.8 million fair value adjustment to inventory.

In Other News

Illinois

The Illinois State Senate has voted to approve the Cannabis Regulation and Tax Act. Under the approved measure, cannabis would be taxed and regulated like any other substance and would help communities disproportionately affected by the “War on Drugs.” This is just one step of many in ending cannabis prohibition. Even after this bill passes there will still be work to do to give adults in Illinois access to cannabis without having to purchase it from a limited amount of stores and cultivators,” said Dan Linn, Executive Director of Illinois NORML.

Green Thumb Industries

Green Thumb Industries Inc. (CSE: GTII) (OTCQX: GTBIF) today reported its first quarter financial results for the period ending on March 31, 2019. Quarter-over-quarter revenue grew by 34% to $27.9 million. Adjusted EBITDA was $4.9 million. For the quarter, the company incurred a net loss of $9.7 million, which the company attributes to the decrease in value from a variable note receivable in other income. The company currently has $151.1 million in assets and $6.7 million in outstanding debt.

Cansortium

Cansortium Inc. (CSE: TIUM.U) today reported its financial results for the period ending on March 31, 2019. Revenue for the quarter was $5.5 million and the experienced a consolidated net loss of $16.6 million. “We expect 2019 to be a year of expansive growth and we are reaffirming our previous full year outlook,” said Cansortium CEO Jose Hidalgo. “Our team is focused on positioning the Company and the Fluent brand to capitalize on rapidly expanding opportunities in the U.S., while laying important groundwork for future expansion in international markets.”

Indus Holdings

After the market close yesterday, Indus Holdings announced the release of their first quarter financial results. Year-over-year, revenue grew by 180% to $6.4 million. The gross margin increased from 10% in the previous quarter to 21%.  “As consumer awareness and demand grows, for a company to be successful, it has to be strategic and adaptable with the capacity to scale up. We will selectively grow in a disciplined manner with smart and very accretive deals with an eye to high return – adding strategic and like-minded partners as we position ourselves as a multi-state operator,” stated Indus co-founder and CEO, Robert Weakley.


Debra BorchardtDebra BorchardtMay 30, 2019
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3min8070

MJardin Group, Inc.  (CSE: MJAR) (OTCQX: MJARF) reported its financial results for the quarter ending March 31, 2019, in Canadian dollars. The company delivered revenues of $10.9 million versus last year’s $6.7 million for the same time period.

MJardin said it continued to see improvements in the sales of Cannabis from its WILL facility, recording $1.1 million in sales in the first quarter with a $0.8 million fair value adjustment to inventory. The Colorado operations generated $8.9 million in sales.

The net loss was $7.7 million versus last year’s $1.3 million. Total expenses increased to $3.4 million from $1.8 million. General and administrative expense increases were attributed to the GrowForce Holdings acquisition. The company underwent corporate cost-cutting measures late in the first quarter of 2019 and the company said the resulting expected annual SG&A and Payroll expense run rate is approximately $12.1 million.

“Our Q1 results reflect the successful implementation of our operating plans.  We refocused our priorities back to what we do best: grow high yield premium products,” said Adrian Montgomery, Chairman, and Interim CEO. “We made considerable progress towards the completion of our build outs and expansion of our U.S. and Canadian facilities, committed to smart and strategic growth decisions, and utilized the impressive industry talent we have on our team to improve our earnings and bolster our capital position. In Q2 we will start recognizing the benefits of the SG&A cost-cutting initiatives we started at the end of Q1. We will continue to develop and build demand for our premium product lines and evaluate more tuck-in opportunities where we can confidently and responsibly deploy smart capital.”

Post Quarter End

Following the end of the quarter, MJardin acquired Nevada edible producer Carson City Agency Solutions dba Cannabella. This past week, the company completed construction of its 76% owned “GRO” cultivation facility in Dunnville, Ontario. Plus, the company said it submitted the Evidence of Readiness package to Health Canada for the purposes of receiving a Cultivation and Processing Licence. On May 29, 2019, MJardin said it amended the terms of its existing loan with the senior lender to remove the callable feature and convert into a term loan, this enables MJardin to simplify the Company’s capital structure and fully focus on executing the operational plan.


William SumnerWilliam SumnerMay 8, 2019
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7min8140

It’s time for your Daily Hit of cannabis financial news for May 7, 2019.

On the Site

Investors Are Bullish On Cannabis, According to KCSA Survey

Investors are feeling bullish about the cannabis industry, according to a new survey released by KCSA Strategic Communications. Titled the Cannabis Investor Survey, KCSA polled over 250 retail cannabis investors about their investments and outlook on the legal cannabis industry in the United States.

Illinois Releases Plan For Full Legalization

This past Saturday, Illinois Governor J.B. Pritzker released the plan for full cannabis legalization which is set to begin on January 1, 2020. Companies that currently had medical cannabis licenses would get a jump on other companies with regards to applying for licenses. According to the plan, new licenses for dispensaries would begin on May 1 and processors, craft growers and transporters would begin licensing on July 1. It wouldn’t be until late 2021, that the next round of businesses would receive licenses.

Long-awaited German Tenders Handed to Specialist Trio

White smoke emanating from Germany’s medical agency signals the wait is over to find out which firms have been awarded medicinal cannabis tenders for Europe’s top market. Two Canadian firms, Aphria, and Aurora Cannabis and Germany’s Demecan have won out, it has emerged. The three companies will split a four-year tender to grow 10,400kg between them. Aphria won five of the 13 lots, with Aurora Cannabis and Demecan handed five and three lots respectively.

In Other News

MJardin

MJardin Group, Inc. (CSE: MJAR) (OTCQX: MJARF) today released their fourth quarter and full year financial results for 2018. Revenue for the year was $27.5 million. Adjusted net loss from operations was $27.4 million and adjusted EBITDA was $12.2 million. “2018 was a year of significant change in the company as we expanded in to another US state, entered the Canadian market via acquisition, and became a publicly traded company on both the CSE and OTC,” remarked Adrian Montgomery, MJardin Chairman of the Board and Interim CEO. “In addition, we have restructured our corporate size and organization to better integrate and align with our core business goals in both countries.”

Heritage Cannabis

Heritage Cannabis Holdings Corp. (CSE: CANN) announced that it has closed a $17.3 million bought deal offering, selling approximately 32.6 million units of the company at a price of $0.53 per unit. Each unit consisted of one common share and one-half of one common shar purchase warrant. Proceeds from the offering will be used to increase extraction capacity and follow-on investments in existing portfolio companies, new domestic and international opportunities, working capital and general corporate purposes.

TerrAscend

TerrAscend Corp. (CSE: TER) announced that it has completed the book-build for its previously announced upsized private placement. The gross proceeds from the offering totaled $52 million. The company is issuing common shares in the private placement at the previously announced price of C$7.64, which is a 5% discount from Monday’s closing price.

Cronos Group

Cronos Group Inc. (NASDAQ: CRON) (TSX: CRON) announced that is has opened a cannabinoid device R&D facility in Israel. Dubbed Cronos Device Labs, the facility will feature a 23-member team and is comprised of product designers, mechanical, electrical and software engineers, and analytical and formulation scientists. “The launch of Cronos Device Labs is an exciting next step on our journey to become a leader in cannabinoid innovation,” said Cronos Group Chairman, President and Chief Executive Officer Mike Gorenstein. “Vapor is already one of the most popular forms of cannabis consumption, and we see a clear opportunity for Cronos Group to introduce the next-generation of vaporizer products designed specifically for cannabinoid formulations.”

Canopy Growth

Canopy Growth Corporation (TSX: WEED) (NYSE: CGC) announced the launch of Spectrum Therapeutics, a new global brand that will encompass all of the company’s ongoing commercial medical and clinical research operations including Spectrum Cannabis, Canopy Health Innovations , and Bionorica SE-founded C3 Cannabinoid Compound Company. Spectrum will be involved with the production and distribution of full-spectrum and single cannabinoid medical cannabis products; education, resources and support for patients and healthcare practitioners; as well as pre-clinical and clinical research and the development of cannabinoid-based medicines.


Debra BorchardtDebra BorchardtNovember 28, 2018
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6min11650

 

MJardin Group

MJardin Group, Inc. (CSE: MJAR), reported financial results for its third quarter ended September 30, 2018. The company’s revenue increased 65.1% to $7.0 million versus last year’s $4.3 million. The company said that the revenue growth was driven primarily by facility design and build-out fees earned from GrowForce for cultivation centers, interest on notes receivable and rent income earned from Buddy Boy Brands.

Still, MJardin delivered a net loss of $0.4 million versus last year’s net income of $0.6 million. The company attributed the loss to higher interest expense, compensation and benefits, and higher legal and consulting fees related to recent acquisitions, equity and RTO transactions.

“We are pleased to report our first quarterly results as a publicly traded company, continuing our strong growth trends and positive EBITDA,” said Rishi Gautam, Chairman of MJardin. “This is a very exciting time for MJardin with this month’s public listing of MJardin shares and the announcement of the proposed acquisition of GrowForce. We believe we are well positioned as one of the largest and most experienced cannabis operators in North America and as the largest multi-national operator.”

At the end of the third quarter, MJardin was managing 37 total facilities/operations. The company’s total operating expenses jumped by 58.9% to $5.8 million over last year’s $3.6 million. MJardin said that the increase reflects increased compensation and benefits to support that growth, including increased grow facility personnel at operator facilities and the continued expansion of the company’s executive team and corporate office personnel.

Subsequent to the quarter ending, MJardin completed an equity capital raise for approximately C$26 million. On November 13, 2018, MJardin completed the reverse take-over of Sumtra Holdings. On November 15, 2018, the company began trading on the Canadian Securities Exchange and the $26 million of subscription receipt proceeds were released from escrow and available to the Company.

iAnthus

Following the market close on Tuesday, iAnthus Capital Holdings (CSE: IAN, OTCQB: ITHUF) reported its earnings for the third quarter of 2018 ending in September. The sales for the quarter were $939,098 with a gross profit of $2.6 million. The net loss for the three months ending September 30, 2018, was approximately $10.0 million.

“iAnthus continues to execute,” said CEO Hadley Ford. “The company has expanded its footprint and added to its industry leading-team while maintaining a prudent balance sheet throughout the process. We are now generating revenue in five of the six markets in which we operate, with a significant number of dispensaries expected to open within the next few months. Assets are up 344% year-over-year as we grow the iAnthus platform across the United States. This performance, combined with the outlook for our Massachusetts, New York and Florida operations and the pending acquisition of MPX, position us very well for 2019.”

iAnthus reported that its consolidated revenues for the company increased 101% quarter-over-quarter, increasing to $1,074,398 in Q3 from $533,545 in Q2, yet these figures didn’t appear in the company’s filing. The company also said in its press release that system-wide revenues, including the revenues from iAnthus’ investments in New Mexico and Colorado, were $5,139,769 in Q3, up 16% quarter-over-quarter from $4,415,368 in Q2. These figures are unaudited and are not consolidated by the company at present due to certain regulatory restrictions.

In a statement, the company reported that its cash balance is currently $24.3 million. As of November 26, 2018, the Company had 20,933,995 warrants outstanding, all of which are currently in the money. iAnthus would receive approximately $54.5 million if all outstanding warrants were exercised.

Charlotte’s Web

Charlotte’s Web Holdings, Inc. (CSE: CWEB, OTCQX: CWBHF) reported financial results for the third quarter ending September 30, 2018. Organic revenue growth of 57% to $17.7 million versus last year’s $11.3 million for the same time period. Net income fell to $1.8 million from last year’s $2 million for the same time period.

Gross profits increased 54% to $13.8 million over last year’s $9 million for the same time period. Earnings per diluted share fell to two cents from last year’s three cents for the same quarter.

“During the third quarter we completed a successful initial public offering and private placement that generated significant capital for the company that is being deployed to accelerate our growth in the hemp-derived CBD sector,” said Hess Moallem, President and Chief Executive Officer. “This capital is being used primarily to expand the company’s cultivation and production capacities to meet the increasing demand for our industry-leading Charlotte’s Web products, both domestically and internationally.”

The company’s statement said that on a year-over-year basis for the third quarter, e-commerce revenue grew by 37% and wholesale, distributor and retail revenue grew by 118%. Revenue from human nutrition products and animal nutrition products grew by 42% and 153%, respectively (canine products were introduced in February of 2017).



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