MedReleaf Reports Q4 and Year End Results.
On Tuesday, the Canadian medical cannabis company MedReleaf (TSX:LEAF) reported the fourth-quarter and year-end results for fiscal 2018.
Total sales for the fourth quarter reached CAD $12 million, an increase of 16% compared to the previous year’s fourth quarter, where sales only reached approximately $10.4 million.
Compared to the previous quarter, total sales also rose by 6%.
According to the company, the growth in sales could be attributed to the “increased production capacity, patient demand, yield improvements, and the continued growth of cannabis oil extracts for sale.”
The quarter also saw record sales for the number of cannabis products sold. Nearly 1,425 kilograms were sold during the fourth quarter, up 19% from the previous year and up 8% compared to the previous quarter.
MedReleaf also introduced three new varieties of medical cannabis that were developed by the company’s Research and Development team.
The three varieties were named Equiposa, Orellium, and Trutiva.
Highlights for the year end of fiscal 2018 include an 8% increase in sales compared to fiscal 2017, reaching a total of $43.6 million.
The volume of cannabis products sold also increased for the year, rising 36% to approximately 5,034 kilograms compared to the previous year.
MedReleaf CEO, Neil Closner, has said that he is “immensely proud of [the company’s] achievements to build a reputable, respected, and enduring business founded on integrity, high quality and strong execution.”
MedReleaf closed at a share value of $27.82 on Tuesday after the announcement was made. The company saw a change of +4.35% since the market opened and was able to reach a high of $28.35 and a low of $26.57.
The company closed at a share value of $26.66, increasing by 2.70%.
In May 2018 it was announced that MedReleaf would be bought by Aurora Cannabis (TSX:ACB) (OTC:ABCFF)
What do you think MedReleaf’s next quarter will look like? Can they keep up with this positive momentum?
Featured Image: QuinceMedia via Pixabay
