Toronto, Ontario–(Newsfile Corp. – November 26, 2019) – Biome Grow Inc. (CSE: BIO) (FSE: 6OTA) (OTCQB: BIOIF) (“Biome” or the “Company“)today released consolidated financial statements for the third quarter and first nine months of fiscal 2019. The unaudited interim consolidated financial statements including the notes thereto, the company’s corresponding Management’s Discussion and Analysis and a supplementary information presentation are available on the company’s web site at www.biomegrow.com under “Investors” and on SEDAR at www.SEDAR.com. All financial information in this press release is reported in Canadian dollars unless otherwise indicated.
Highlights of the Quarter:
Revenue in Q3 grew 7% sequentially driven by growth in both the volume of product cultivated and by higher volumes in the wholesale business, partially offset by a slightly lower average selling price per gram. Biome sold over 192kg of cannabis in Q3, up 13% over the 170kg sold in Q2 driven by higher wholesale and cultivation volumes resulting from the expansion of its domestic distribution footprint. Gross profit rose in kind, increasing 4.5% over Q3 to $621K.
Cash cost to produce per gram continued to fall in Q3, dropping 12% sequentially to $2.03 from $2.31 in the prior quarter. Average selling price per gram declined a little under 5% to $7.49, reflecting overall market trends in the domestic recreational industry.