Q2 Conference Call highlights I was on the analyst call this morning.. good presentation from the CEO, he seems to have a good handle on the business. A few notes from the commentary;
Production output was 675,000 grams (up 61% from previous quarter) but still short of management expectations and analyst estimates. John commented that they are moving to larger batches as they scale production which let to inefficient crop turnover, in the quarter, expected to improve in next 2 quarters, but he also pointed to improvements in production cost per gram which was $1.05 (industry leading, and down 27% from last quarter). Overall good results on the production side.
Wholesale sales were 517,000 grams (up 34% from previous quarter). Average selling price per gram was $5.63 per gram (down from $7.60 per gram previous quarter).
Retail and B2B revenues led most of the growth in the quarter and he commented on the success of the vertical integration and revenue diversification strategy.
I took a ton of notes and will post a longer update tonight.
GLTA