VIVO Cannabis™ Reports Third Quarter 2019 Results
Net revenue was $6.3 million in the quarter, a 19% increase, quarter-over-quarter, and 175% increase over Q3 2018, and $16.6 million year-to-date, a 328% increase over the same period last year.
Adjusted EBITDA(1) was ($2.1) million in Q3 2019 compared to ($1.2) million in Q2 2019, primarily attributable to one-time expenses, including the ramp-up of new licenced capacity.
Healthy balance sheet with $50.1 million in cash and cash equivalents and $6.1 million in strategic investments.
Maintained leadership pricing of $7.15 per gram of dry flower in Q3 2019 (compared with $6.96 in Q2 2019), with VIVO brands earning top position in the ultra-premium category in several Canadian provinces.
Received conditional approval to graduate from the TSX Venture Exchange (the "TSXV") and list common shares on the Toronto Stock Exchange (the "TSX").
Completed first harvest at the new 86,000 square foot Kimmetts airhouse facility in Napanee, Ontario, following the issuance of a standard cultivation licence by Health Canada in August 2019.
Received a licence amendment to begin selling cannabis edibles, concentrates and topicals, with sales of premium cannabis chocolates, bubble hash, rosin, shatter, wax, vape pens and cartridges expected to commence in Ontario and other Canadian markets later this year or early in 2020.
Announced a partnership with Linneo Health, an EU-GMP certified cultivator based in Spain, and received a narcotics licence in Germany that allows for the commercialization of narcotic pharmaceutical products (which includes medical cannabis) in Germany.
Construction of Canna Farms Phase 5 is on track for completion in early Q1 2020, which will add incremental production capacity.
