Another week, another announcement regarding the Canadian cannabis market. Today, we are going to be looking at CanniMed Therapeutics (TSE:CMED), a cannabis company that has made headlines over the past week and a half.
CanniMed Therapeutics: What’s the Latest?
Last week, CanniMed Therapeutics announced that it will report its quarterly results on Monday, March 19, before the opening of the market. This caused the stock to jump 0.63%. To top it off, investors were not only waiting for the earnings report, but they were also still recovering from the news that Aurora Cannabis (TSE:ACB) finalized the acquisition of the Saskatchewan company. This is an important acquisition in the cannabis sector as it will allow Aurora Cannabis to transform into an even bigger powerhouse, giving it an edge against rival Canopy Growth (TSE:WEED).
Everything went as planned over the last week and a half, with Aurora Cannabis closing its acquisition on March 15, and CanniMed sticking to its word and releasing its Q1 results on March 19.
CanniMed’s First Quarter Results: What Do We Know?
Yesterday, CanniMed posted its financial results for Q1 of 2018. According to CEO Brent Zettl, this past quarter allowed for the company to meet a number of milestones, such as introducing new products. When speaking of the integration with Aurora Cannabis, Zettl stated that he is “confident” that his team will continue to support its customers “and help Aurora to realize even greater accomplishments.”
In terms of the actual first-quarter report, here are some important numbers to know:
– For Q1 of 2018, sales came in at $4.8 million. This means CanniMed sales were 41% higher than the first quarter of last year.
– CanniMed Therapeutics cites an increase in demand for its higher sales revenues
– For the period, concentrated cannabis oils sales revenues were roughly 58% of total revenues.
– CanniMed plans on expanding production, aiming to hit 17,000 to 21,000 kg within the next 24 months.
Despite announcing a relatively positive Q1 report, CanniMed is witnessing its stock drop today. As of this writing, CanniMed is trading at $36.23 on the Toronto Stock Exchange. This puts the CMED stock down $1.50, or 3.98%.
Featured Image: twitter
