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2018 and Subsequent Highlights:

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J.D. Penny   Tuesday, 04/30/19 12:36:50 PM
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2018 and Subsequent Highlights:


Sales: 2018 net revenue of $9.7 million, compared to $0.9 million in 2017, and 2018 pro-forma net revenue of $17.3 million
EBITDA: 2018 adjusted EBITDA of ($17.7) million, compared to ($11.1) million in 2017
Cash: 2018 year-end cash and short-term investments (excluding equity investments) of $74.8 million
M&A: Completed accretive strategic acquisitions of Canna Farms, an award-winning brand and licensed producer, and Harvest Medicine, an innovative, patient-centric medical clinic operator
Patients: 18,000 active medical cannabis patients registered with Canna Farms and Beacon Medical™ at the end of 2018
Clinics: Harvest Medicine acquired Trauma Healing Centers and introduced the HMED Connect™ platform. The overall network currently services more than 27,000 active medical cannabis patients
Awards: In April 2019, Canna Farms won the O'Cannabiz People's Choice Award for Best LP Customer Service
Partnerships: Entered strategic partnerships with six provincial/territory cannabis distributors and leading Canadian cannabis retailers, Choom Holdings, National Access Cannabis Corp. and Westleaf Cannabis Inc.
Research: Initiated an innovative product development agreement with Pharmascience, a global pharmaceutical company based in Montréal, Quebec, to create novel precise-dosage formats for medical patients
Capacity: Received Health Canada approval for expansion of facilities in Hope, BC, and Napanee, ON, doubling current internal cultivation capacity to more than 8,000 kilograms. Total annualized capacity is targeted to exceed 15,000 kilograms by early 2020
Share: Based on data supplied by Health Canada for Q4 2018, the Company estimates that it supplied approximately 4% of the overall net value of the Canadian medical and adult-use dried cannabis market
Talent: Strengthened leadership team, including the recent appointments of Gary McMullen, new VP, Napanee Operations, and Andreas Sander, President, European Operations
International: In March 2019, ABcann Germany received its pharmaceutical wholesale license and GDP-certificate and partnered with Australian Medical Cannabis Services on an observational study on the use of cannabinoids as therapy for chronic pain
Store: Launched an integrated online medical cannabis store under the Canna Farms banner, offering one-stop purchasing of Canna Farms and Beacon Medical™ brands, along with products from other cultivators

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