Cannabis penny stocks are mostly trading in the red today on both US and Canadian markets. Emerald Health Therapeutics (TSXV:EMH) announced its Q3 results, but the news did little to help the stock.
Let’s take a closer look at what happened.
Emerald Health Therapeutics
Emerald Health Therapeutics, together with its subsidiaries, produces and sells medical cannabis across Canada. Emerald was formerly a pharmaceutical company but switched over to cannabis in June of 2015. Emerald is headquartered on Vancouver Island in the city of Victoria.
This morning, the Canadian-based cannabis penny stock announced its Q3 financial results for 2018.
“During the third quarter, we’ve fulfilled our initial supply scheduling, product, and volume commitments to our provincial cannabis distribution customers to participate in the adult-use cannabis market—demonstrating our ability to provide consistent and increasing contracted shipments of Emerald product,” said Avtar Dhillon, MD, President of Emerald Health Therapeutics.
Emerald Health expects its Pure Sunfarms joint venture, hemp sourcing agreements, and Quebec facility to result in significant scaling of sales and production for the rest of 2018. Emerald Health brought in $321,070 in revenue for the third quarter of 2018, which is nearly 40 thousand more from the previous quarter but down over 50 thousand from Q2 revenues.
Recreational cannabis became legalized across Canada in Q3, and due to its sharp drop in share prices, investors don’t seem pleased with Emerald’s revenue this past quarter. The cannabis penny stock seems confident, however, that its ventures will bring in higher revenue in Q4, the statement released today insinuates.
Dhillion also states that the company has filed various provisional US patent applications, in regards to Emerald’s defined Dose cannabis dosage formulations.
“These are just the first steps in realizing our vision for product development and positioning Emerald as an eminent player on the global stage backed by differentiated science-based cannabinoid products,” Dhillion concluded.
Cannabis Penny Stock Movement
According to Yahoo Finance, EMH is currently trading at $3.07 a share, down -$0.25 (-7.53%).
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