Revenue declined 54% from $1.7 million in Q3 Fiscal 2017 to SELL
Canada House Wellness loses $4.8-million in Q3 2018
2018-04-03 11:35 ET - News Release
Mr. Larry Bortles reports
CANADA HOUSE ANNOUNCES THIRD QUARTER FISCAL 2018 RESULTS
Canada House Wellness Group Inc. has released its financial results for the third quarter of fiscal 2018 ending Jan. 31, 2018.
Financial highlights:
- Revenue declined 54% from $1.7 million in Q3 Fiscal 2017 to $0.8 million in Q3 Fiscal 2018
- Loss for the quarter ending January 31, 2018 declined from $21.4 million or $0.19/share during the quarter ending January 31, 2017 to $4.8 million or $0.04/share during the current quarter, a 77% improvement over the same quarter the prior year
- Cash of $10.9 million as at January 31, 2018 increased from $0.7 million as at April 30, 2017 and $0.3 million as at October 31, 2017
Business highlights:
- The convertible debenture financing during the quarter was well received, resulting in a significant strengthening of the balance sheet, improving our cash position, with working capital of $9.2 million and an improved debt/equity position.
- Revenue declined as a result of the reduction in coverage from Veteran Affair Canada and lower Licensed Producer revenue.
"The strengthening of our balance sheet and the opportunities in the cannabis industry continue to position Canada House for rapid growth," asserted Larry Bortles, Chairman and CEO. "All three of our operating divisions - our MFT medical cannabis counselling clinics, our Knalysis medical cannabis data collection and analysis technology team, and our Abba Medix cannabis grow operations -- are executing well their business plans for reaching profitability later this year."
The company's complete Fiscal 2018 Third Quarter Financial Statements and Management Discussion and Analysis are available at www.sedar.com or on the company's website at www.canadahouse.com.
Canada House Wellness Group Inc.
Canada House is the parent company of Marijuana for Trauma Inc., Knalysis Technologies and Abba Medix Corp. The company's goal is to become a marketplace leader through strategic partnerships, mergers, and acquisitions to create a fully integrated cannabis therapy company.
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