MJARF Mjardin (MJARF)

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MJardin Group Announces Third Quarter 2020 Financial Results

November 05, 2020 08:00 ET | Source: MJardin Group, Inc.

Continued stabilization of the business with steadfast focus on cost management, and production maximization to drive revenue and margin growth
Continued revenue growth expected in Q4 2020

DENVER and TORONTO, Nov. 05, 2020 (GLOBE NEWSWIRE) -- MJardin Group, Inc. (“MJardin” or the “Company”) (CSE: MJAR) (OTCQX: MJARF), a leader in premium cannabis production, today announced its financial and operating results for its third quarter ended September 30, 2020. All amounts are expressed in Canadian dollars unless otherwise indicated.

Q3 Highlights:

The Company has been able to grow a new fifth strain testing at 24% THC on behalf of Robes at its WILL facility (“WILL”);
All harvests out of the WILL and GRO facilities (“GRO”) have passed HC microbial testing without the use of irradiation treatment;
Revenue amounted to $4.8 million;
Adjusted EBITDA loss of $1.4 million;
Net income of $7.2 million;
AtlantiCann Medical Inc. (“AMI”) joint venture contributed $3.1 million to earnings, an increase of approximately 140% from the prior quarter, as shown on net earnings from equity investment line in the financial statements;
Completed first wholesale transaction following completion of construction at all Ontario facilities;
Completed construction and licensing of final two flower rooms at the Company’s WILL cultivation facility located in Brampton, Ontario;
Entered into master service agreement with the Ontario Cannabis Store (“OCS”) for cannabis cultivated at WILL;
138% increase in quarter-over-quarter flower production at the Company’s GRO cultivation facility located in Dunnville, Ontario;
In anticipation of launching retail products in Q4 2020, the Company has transitioned away from previously announced wholesale agreements.

“We continue to work diligently to complete our asset optimization initiatives to drive continued revenue growth objectives. Our operational and financial performance during the quarter continues to validate our team’s efforts as we report a third consecutive quarter of stable operations,” commented Pat Witcher, CEO of MJardin. “We continue to explore strategic opportunities with the potential to complement our organic growth profile while ultimately creating shareholder value. We remain confident in the prospects for our business, and look forward to sharing our success with our shareholders as we execute our turnaround plan.”