Ontario-based medical cannabis company Maricann Group Inc. (CSE:MARI) announced the results of its first-quarter of fiscal 2018 on Wednesday.

The company saw a decline in revenue for the quarter, which only reached $600,591 CAD compared to the approximately $1.14 million that was seen in the first quarter of the previous year.

Maricann Group attributes this decrease to “the timing of a large bulk transaction that subsequently closed in” the first quarter. According to the company, due to this transaction, the current sales for the second quarter are a total of nearly  $905,000 (unaudited).

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The company has received approval from Health Canada for the preparation of 2,639 plants in a new facility, which is Maricann’s third license from Health Canada, and has received EMA-GMP certification for its Langston, Ontario preparation facilities, or Site 150.

In addition, the company had been able to complete its agreement with the Colorado-based cannabis company Rare Dankness.

Maricann has announced that it has also sent a letter of intent for the acquisition of the Switzerland-based cannabis company HAXXON AG, in order to expand the company further throughout Europe.

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The company’s CEO, Ben Ward, has said that the company will maintain its “position that establishing sustainable baskets of margin for [Maricann’s] products…will be preserved over the long term,” as it “is more important than immediate gross revenue.”

On Wednesday, Maricann shares opened at a value of $1.77 and closed at $1.72, or a -2.82% change. The company was able to reach a high of $1.77 and a low of $1.67.

The company opened at a share value of $1.72 on Thursday and has since declined approximately 2.33%. As of 3:20 pm EDT, shares of Maricann Group were sitting near $1.68 and the company has been able to reach a high share value of $1.73 and a low of $1.67.

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