SASKATOON, Saskatchewan--(BUSINESS WIRE)--CanniMed Therapeutics Inc. (TSX:CMED) (“CMED” or the “Company”), a leading plant biopharmaceutical company specializing in the production of pharmaceutical-grade cannabis, provides the following updates to shareholders related to patient growth rates, sales volumes and product supply.
CMED currently holds more than 20,000 patient records, with more than 11,000 active patients, defined as patients with a currently valid prescription on file.
January sales are the highest on record for the Company with 1,055 net new patient records contributing to total volume sales of 127 kilograms of dried marijuana equivalent sales, including 42 kilograms of dried marijuana equivalent sales of cannabis oils, which was generated from an average 255 orders per business day.
Prior to the January record, December 2016 was previously the highest volume month with 421 net new patients contributing to total volume sales of 110 kilograms of dried marijuana equivalent sales (including 34 kilograms of dried marijuana equivalent sales of cannabis oils) generated from an average of 216 orders per business day. The quarter is complemented by November 2016 with 182 net new patients contributing to total volume of sales of 103 kilograms of dried marijuana equivalent sales (including 29 kilograms of dried marijuana equivalent sales of cannabis oils), with an average 194 orders per business day.
“We are pleased with this significant month-over-month increase in new patients and volume of medical cannabis shipped,” said Brent Zettl, co-founder and Chief Executive Officer of CMED. “With our strong growth trajectory, we are continually analyzing the market demand and utilizing our facilities effectively to ensure a consistent supply of medical cannabis products available for our patients.”
CMED is the first Licensed Producer inspected for Health Canada’s Good Manufacturing Practices (GMP) standard in Canada and has been “Compliant” with the Food and Drug Act - Part C, Division 2 and its associated Regulations for the testing and distribution of dried marijuana since 2006. CMED quality systems compliance is achieved by following rigorous standard operating procedures at all stages of manufacturing and affords the Company the ability to effectively and efficiently plan for market changes and increases in volume.
In CMED’s 15 year tenure following GMP standards, including extensive quality control processes, the Company has never been unable to fulfil a patient order and has never had a product recall.
The Company plans to release its financial results for the fiscal year end of October 31, 2016 on February 23, 2017.
The Company has not prepared any financial statements for the fiscal quarter ended January 31, 2017. Accordingly, it has not determined its revenue, gross margin, expenses, (loss) or income from operations, or (loss) or income for the period. Notwithstanding the record sales volumes, the Company has not determined whether its results of operations for the quarter will show an improvement over prior periods. The Company expects to release its financial statements for the quarter ended January 31, 2017 by March 17, 2017 on a date to be determined.
About CanniMed Therapeutics Inc.
The Company is a Canadian-based, international plant biopharmaceutical company and a leader in the Canadian medical cannabis industry, with 15 years of pharmaceutical cannabis cultivation experience, state-of-the-art, GMP-compliant production process and world class research and development platforms with a wide range of pharmaceutical-grade cannabis products. In addition, the Company has an active plant biotechnology research and product development program focused on the production of plant-based materials for pharmaceutical, agricultural and environmental applications.
CanniMed Ltd., a wholly-owned subsidiary of the Company, was the first producer to be licensed under the Marihuana for Medical Purposes Regulations, the predecessor to the current Access to Cannabis for Medical Purposes Regulations.
Prairie Plant Systems Inc., a wholly-owned subsidiary of the Company, was the sole supplier to Health Canada under the former medical marijuana system for 13 years, and has been producing safe and consistent medical marijuana for thousands of Canadian patients, with no incident of diversion.
Notice Regarding Forward Looking Statements
This news release contains forward-looking statements within the meaning of applicable securities laws. All statements that are not historical facts, including without limitation, statements regarding future estimates, plans, programs, forecasts, projections, objectives, assumptions, expectations or beliefs of future performance and the expected release date for its financial results, are “forward-looking statements”. Forward-looking statements can be identified by the use of words such as “plans”, “expects” or “does not expect”, “is expected”, “estimates”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved.
Forward-looking statements are based on assumptions and involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of CanniMed Therapeutics Inc. to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including the risk that the results of operations for the year ended October 31, 2015 and the quarter ended January 31, 2017 will not show an improvement over comparable periods in the prior year and may be delayed and the risks described in CanniMed Therapeutics Inc.’s documents filed with applicable Canadian securities regulatory authorities which may be viewed at sedar.com. The forward-looking statements included in this news release are made as of the date of this news release. CanniMed Therapeutics Inc. does not undertake to publicly update such forward-looking statements to reflect new information, subsequent events or otherwise, unless required by applicable securities legislation.