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WeedMD Reports First Quarter 2018 Financial Results

SOURCE: https://www.dailymarijuanaobserver.com/single-post/2018/05/31/WMD-WDDMF-WeedMD-Reports-First-Quarter-2018-Financial-Results

TORONTO, May 31, 2018 (GLOBE NEWSWIRE) -- WeedMD Inc. (TSXV:WMD) (OTC:WDDMF) (FSE:4WE) (“WeedMD” or the “Company”), a federally-licensed producer and distributor of medical cannabis, has reported its financial and operating results for the first quarter ending March 31, 2018.



WeedMD is pleased to report revenues of $1.14 million for the first quarter of 2018. Revenues consisted of the sale of dried medical cannabis, live cannabis plants and cannabis oils, to both patients and through wholesale B2B channels. The Company also maintained a strong cash balance of $48 million as of the end of the quarter.



“With sales up 33% quarter over quarter, we are incredibly proud of what our team has achieved and we look forward to continued strong revenue growth throughout the remainder of 2018,” said Keith Merker, CFO of WeedMD. “We are nearing the second-site Health Canada Cultivation License for our large-scale, state-of-the-art, greenhouse expansion and are pleased to confirm that we have continued to successfully ramp up our operations, with our headcount increasing by an impressive 60% since the start of the year. Our recent merger announcement with Hiku and its coast-to-coast brand and retail footprint will enable the Company to be vertically integrated and control the full supply-chain, from seed to sale.” (See Hiku Brands Company Ltd. and WeedMD merger press release here).

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