Medical cannabis company
WeedMD Inc. (TSXV:WMD) (OTCQX:WDDMF) (FSE:4WE) reported Monday its revenue rose by 41% year-over-year, reaching CA$29.4 million ($24.3 million) in 2020.
The Toronto-based company reported its financial results for the 2020 fiscal year revealing gross loss, before changes in fair value, of roughly CA$22 million, compared to a gross profit of CA$4.05 million in 2019.
WeedMD also reported a negative adjusted EBITDA, a non-IFRS measure, of approximately CA$43.6million in 2020, versus a CA$11.9 million loss in the prior year.
As of December 30, the company had CA$22.3 million in cash and cash equivalents.
In 2020, the company harvested a total of 33,751 kg of cannabis, up by 88% year-over-year. The significant increase in kilograms harvested can be attributed to the additional flowering rooms in Strathroy, which became operational over the period.