Cannabis company Vext Science, Inc. (OTCQX:VEXTF) (CSE:VEXT) released its first-quarter unaudited financial results on Wednesday with revenue of $9.16 million, compared to $4.1 million in the same period of 2020.
Financial Highlights
The company’s gross margin for the period was 45.4%, which compares to 29.4% in the corresponding quarter of the prior year;
Its net income after taxes amounted to $1.14 million, compared to a loss of $971,020 in the first quarter of 2020;
Earnings per share fully diluted were $0.01, which compares to a loss per share of $0.01 in the same period last year;
Vext achieved a positive adjusted EBITDA in the quarter of $3.06 million, compared to an adjusted EBITDA loss of $74,717 in the first quarter of 2020.
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Cannabis Co. Auxly Raises $8M By Selling Units With ATB Capital Markets Inc. As The Only Agent
Auxly Cannabis Group Inc. (TSX:XLY) (OTCQX:CBWTF) completed an $8 million private placement offering of units, with ATB Capital Markets Inc. acting as the only agent.
Under the offering, the vertically-integrated cannabis company issued 23.88 million units of the company with a price of $0.335 per unit.
Each unit consisted of one share of the company and one-half of one share purchase warrant. Each warrant enables the holder thereof to buy one share at a price of $0.42 per share in the following 36 months upon the closing of the offering.
Grow Group PLC. The two companies signed a two-year market access services agreement for the U.K.
Previously, the Canadian cannabis giant was one of the first companies to partner with Grow Group in August 2019. Since its original partnership, both companies are said to have dominated the U.K. medical cannabis market. We are delighted to extend our existing strategic relationship with Grow, Miguel Martin, CEO of Aurora Cannabis stated. We have worked successfully with Grow and their joint venture partner, IPS, since entering the UK market.
“Renewing this agreement will help to broaden access for patients by leveraging Grow s work educating physicians and creating awareness of medical cannabis options. Aurora is committed to providing access to legally produced high-quality pharmaceutical-grade medical cannabis to address the needs of the growing European medical cannabis market, made possible with our EU GMP facility, Aurora Nordic,” Martin concluded.