Some Highlights from the financials:
For the year ended December 31, 2019, the Company generated revenue of $3,706,722, a 668% increase over the fourteen months ended December 31, 2018 of $482,663 due to the commencement of cannabis sales in December 2018.
On December 16, 2019, Health Canada amended the cannabis cultivation and processing license of its wholly-owned subsidiary Natural MedCo Ltd (“NMC”) to permit the use of a third flowering room as a grow area comprising of 780,000 sq. ft.
From January to September 2019, the Company entered into three binding non-exclusive supply agreements for the sale of dried cannabis to German importers and distributors.
A couple of additional newer highlights:
On March 6, 2020, the Company announced that it received notification that NMC had been issued its European Union Certificate of Good Manufacturing Practice from the Government of Upper Bavaria, Germany (the “EUGMP Certificate”). As a result, the Company anticipates that it will commence shipping product to Germany pursuant to the supply agreements in 2020, subject to receipt of requisite permits and licensing.
On April 2, 2020, the Company announced that NMC had made its initial sales to Canadian medical cannabis patients through its agreement with Cannalogue entered into on March 9, 2020.
