Aleafia Health Inc. (TSXV:ALEF) kicked off the morning leading the cannabis stocks. Since the strong opening, however, most cannabis stocks, including Aleafia, have corrected slightly. Today, we'll take a closer look at Aleafia stock and the company's latest movements.
Aleafia Stock Today
Aleafia Health Inc. operates as an integrated cannabis company that provides medical cannabis consultation services to patients dealing with chronic pain and illnesses. The company's clinics are known under the Canabo Medical clinic brand. In addition to the clinical services, Aleafia grows and sells medical cannabis. The company is headquartered in Concord, Ontario.
This morning, the cannabis company released its Q3 2018 revenue. This announcement pushed up Aleafia stock, which is currently the highest trader on the TSXV this morning.
“As the company has achieved a number of important milestones, we are extremely encouraged by our third quarter results. It has been a transformative period for Aleafia. Our first cannabis sale marks the beginning of our cultivation expansion with Aleafia producing 98,000 kg of dried flower on an annual run rate basis,” said Aleafia Chairman Julian Fantino. “We look forward to soon supplying our growing base of over 50,000 patients with Aleafia-produced medical cannabis.”
In Q3, Aleafia secured its Health Canada Sales License, and also signed a huge agreement with CannTrust, a major Canadian pharmacy. Aleafia Health will provide the pharmacy with up to 15,000 kg of dried cannabis in 2019.
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Aleafia brought in $1.6 million in revenue in Q3 and $3 million overall for the year. Gross profit for the quarter was over $2.2 million, and $3.1 million for the year. At the end of the third quarter, Aleafia has $22.8 million in cash on hand.
Aleafia Stock Movement
According to Yahoo Finance, ALEF is currently trading at $2.11 a share, down -$0.03 (-1.40%). In the last five days, Aleafia stock is up 3.43% and for the month, the cannabis stock is down -1.86%.
Featured Image: Depositphotos/© garagestock
