SMITHS FALLS, Ont. – Tweed Marijuana Inc. is reporting its first profitable quarter since receiving a federal licence to produce and sell medical cannabis.
The Ontario-based company earned a net profit of $1 million in the three months ended June 30. A year earlier, it had a net loss of $1.16 million, the company reported.
Revenue for the first quarter of its financial year was $1.7 million, up 39 per cent from the previous quarter and nine times the less than $189,000 achieved a year ago, when commercial shipments began.
The company, which completed a friendly merger with Bedrocan Cannabis Corp. on Aug. 28, said Monday it sold 215,929 grams at an average price of $7.74 per gram as a stand-alone company during the quarter.
That was up from 166,657 grams at an average of price of $7.25 per gram in the previous quarter and up from 26,205 grams sold in the same quarter last year at an average price of $6.90 per gram.
Tweed and Bedrocan announced their merger plan on June 24 and received the final necessary approvals on Friday.
“We have established the clear market leader, and are driving the evolution of the cannabis sector in Canada,” Tweed chairman and CEO Bruce Linton said Monday.
“The acquisition of Bedrocan is the first step, and we intend to continue to take the initiative, growing our portfolio of brands, expanding clinical research on cannabis, adding new products and services, and introducing additional innovations for patients and consumers.”
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