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.
WeedMD Inc on a pathway to profitable growth as its Cannabis 2.0 efforts accelerate proactiveinvestors.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from proactiveinvestors.com Daily Mail and Mail on Sunday newspapers.
WeedMD” or the “
Company”), a federally licensed producer and distributor of medical-grade cannabis, announced today it has reallocated all medical packaging, labelling and distribution activities from its Bowmanville, Ontario site to its Aylmer, Ontario facility which also houses the Company’s extraction hub. These strategic steps are part of WeedMD s ongoing plan to maximize the utilization of its facilities, improve operational efficiencies and further align its cost structure while focusing on growth, following the successful integration of WeedMD and Starseed Holdings Inc. (“Starseed”).
These structural changes, completed in January 2021, now centralize production activities at WeedMD’s flagship London-area sites, which also includes the Company’s cultivation centre of excellence in Strathroy, Ontario. With the exiting of its Bowmanville facility, which served as WeedMD’s medical distribution hub, the Company has offered relocation and severance packages, whe
WeedMD consolidates medical distribution activities
Closes facility to maximize production efficiencies January 7, 2021 by GlobeNewswire
WeedMD Inc., federally licensed producer and distributor of medical-grade cannabis, has reallocated all medical packaging, labelling and distribution activities from its Bowmanville ON site to its Aylmer ON facility, which also houses the Company’s extraction hub. These strategic steps are part of WeedMD’s ongoing plan to maximize the utilization of its facilities, improve operational efficiencies and further align its cost structure while focusing on growth, following the successful integration of WeedMD and Starseed Holdings Inc.
These structural changes, completed in January 2021, now centralize production activities at WeedMD’s flagship London-area sites, which also includes the Company’s cultivation centre of excellence in Strathroy, Ontario. With the exiting of its Bowmanville facility, which served