Update en cijfers Harvest One Cannabis:
Highlights:
• Q1 2019 revenue for the Company was $1.68 million, an increase of 862 per cent from Q1 2018 and a 227 per cent increase from the previous quarter. This increase is primarily due to the contribution of Dream Water sales, bulk sales of cannabis to other Licensed Producers, and an initial recreational cannabis sale to the Province of British Columbia.
• As of September 30, 2018, the Company maintains a very strong balance sheet with a cash balance of $48.3 million. This cash position means all current expansion plans are fully funded and allows for further acquisitions that support the Company’s brand and product development strategy.
• The Company signed agreements to supply adult-use cannabis with four provinces: British Columbia, Ontario, Manitoba and Saskatchewan. The Company successfully met all provincial load-in obligations.
• The Company also initiated its retail strategy acquiring a 19.99 per cent interest in a luxury BC-based retail group called Burb Cannabis Corp. (“Burb”). The investment falls within the allowable maximum investment of 20 per cent established by the BC Government. Burb expects to open between eight to 10 stores in BC in 2019, with a further roll out across the country.
• The Company announced favourable results in Phase 2 clinical trials using its proprietary Satipharm capsules for the treatment of pediatric epilepsy. The median seizure reduction was -82 per cent in the 12-week treatment period. These results were recently presented at the Epilepsy Society of Australia Conference.
• The Company closed a strategic acquisition of Phytotech Therapeutics (“PTL”) giving the Company access to valuable IP and research capabilities to support product development for Satipharm.
• The Company entered into a multi-year Extraction Services Agreement with Valens GroWorks Corp. (“Valens”) for cannabis extraction and value-added services. The Company intends to work very closely with Valens to develop innovative products to support both its recreational and medical strategies.
• The Company has started construction on two separate expansion sites - one in British Columbia and the other in Saskatchewan. In Duncan, BC the Company’s facility is undergoing a modular expansion which will triple output as the modules come online. The first harvest is scheduled for early 2019. At the Company’s Lucky Lake facility in Saskatchewan construction is underway on a state-of-the-art indoor cultivation facility which will produce an estimated 8,000+ kgs of the Company’s premium-quality dried flower product annually