Medical marijuana producer WeedMD Inc. (WDDMF) reported revenues of $2.1 million for the three months ending June 30, 2018. This was an increase of 83% sequentially and 787% over the same time period during last year. Revenue of $3.2 million in the first six months of fiscal 2018 represents a 1271% increase compared to the first half of fiscal 2017.
“We are pleased with our performance in the quarter, with revenues growing in excess of 700% year-over-year,” said Keith Merker, CEO of WeedMD. “Having secured supply agreements with Shoppers Drug Mart, the Nova Scotia Liquor Corporation, the Alberta Gaming, Liquor & Cannabis Commission and the British Columbia Liquor Distribution Branch, we are well positioned to deliver on our milestones, including expanding production through our newly licensed greenhouse facility, additional provincial supply agreements, building market share and accelerating growth.”
WeedMD also reported a net comprehensive loss of $1.7 million, which was much lower than last year’s loss of $4.7 million for the same time period. The loss per share for the quarter was $0.02 versus last year’s $0.08.
WeedMd said its cultivation facility was recently licensed and plants were moved into the 25,000 square feet of space throughout the month of June. This puts the company on schedule for its first harvest by September 2018. The month looks to be a busy one for the company as it is also planning to expand from the current three growing rooms to four over the next week. By the end of September, six more rooms representing roughly 60,000 square feet are expected to be licensed and populated.
By the end of this year, WeedMD is planning on having 400,000 more square feet commissioned and more than 500,000 square feet of total cultivation production space.
Merker added, “Our production platform positions the company to support existing and incoming supply commitments as well as pursue international distribution opportunities. With an expected 500,000 square feet of fully-funded production space online by the end of this year, WeedMD is poised to become a top ten licensed producer in terms of actual realizable production capacity.”