We have some important earnings results announced today from two big cannabis players. The most anticipated one was, of course, GW Pharmaceuticals (NASDAQ:GWPH). The second is iAnthus Capital Holdings (CSE:IAN).
So let’s see how the companies got on.
GW Pharmaceuticals Q4 Earnings Results
GW Pharmaceuticals is a world leader in the development and commercialization of cannabinoid prescription medicines. It announced its fourth quarter financial results.
Comparing the same period in 2017 to 2018, highlights included:
- Cash and cash equivalents were $354.9 million this year, compared to $322.2 million in 2017.
- Revenue was $12.7 million compared to $8.6 million in 2017.
- Net loss for 2018 was $295.2 million compared to $170.5 million in 2017.
- October equity financing resulted in net proceeds of $324.2 million.
Operational highlights included:
- GW Pharmaceuticals launched the first-ever FDA approved cannabis-based medicine for epilepsy. The medicine launched on November 1st in the US and is now available by prescription.
- Significantly, the DEA also rescheduled Epidiolex to Schedule V earlier this year. It has never done this with a cannabis drug before, and the move marks a change in attitudes towards marijuana at the federal level.
- The company has also seen positive results from clinical trials in its second Dravet syndrome Phase 3 trial.
Moving into the next quarter, GW Pharmaceuticals has further medicines currently on trial, and it looks set to capitalize on a new 2019 medical cannabis market.
iAnthus Capital Holdings Earnings Results
Comparing 2017 to 2018, highlights included:
- iAnthus assets increased to $137.3 million at September 30th, 2018, up from $45.8 million at December 31st, 2017. The company made significant acquisitions in Florida and New York this year, which added to its asset worth.
- The company launched another operation in Massachusetts and now generates revenue in five of its six markets. The final dispensary in Brooklyn should open by the end of 2018. Once operational, all six of the company’s markets will generate revenue.
- iAnthus’ revenue grew significantly during Q3; according to its press release: “consolidated revenues for the company increased 101% quarter-over-quarter, increasing to $1,074,398 in Q3 from $533,545 in Q2.”
- Net loss for Q3 was approximately $10.0 million.
What do you think about the GW Pharmaceuticals and iAnthus Capital earnings results?
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