GREY:ALEAF - Post by User
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Howard46on Aug 12, 2020 11:35am
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News Commentary
News Commentary | Update: Aleafia Health Drops 8% as Q2 Net Loss Shrinks | | 2020-08-12 11:28:57 AM ET (MT Newswires) | | | |
| | | | 11:28 AM EDT, 08/12/2020 (MT Newswires) -- Cannabis company Aleafia Health (AH.TO) fell 8.6% to $0.53 apiece Wednesday after it said that for Q2 2020, net loss was $4.0 million, compared with $11.5 million net loss in the prior year quarter. Aleafia also highlighted the 44% increase in medical cannabis net revenue in Q2 from the prior year period. It also said three "significant" production facility expansions were licensed and operationalized. CEO Geoffrey Benic said: "The second quarter saw several major operational breakthroughs for Aleafia Health as we received regulatory approval and operationalized three major facility expansions. Now, with an industry leading production ecosystem, we will be able to produce a broader portfolio of new, differentiated product formats along with unique cultivars, at large scale. "Our significant increase in medical cannabis sales and patient growth, coupled with much needed Cannabis 2.0 formats and dried flower products will see us continue to capture market in both the medical and adult-use markets. This coupled with a significantly strengthened balance sheet positions us well for the future." In COVID-19 related news, the company has started the phased re-opening of certain clinic locations. Since July, some staff are now working in clinics, but patients continue to primarily receive consultations virtually, said Aleafia. Price: 0.53, Change: -0.05, Percent Change: -8.62 | |
| Update: Aleafia Health Drops 8% as Q2 Net Loss Shrinks | | 2020-08-12 11:28:57 AM ET (MT Newswires) | | | |
| | | | 11:28 AM EDT, 08/12/2020 (MT Newswires) -- Cannabis company Aleafia Health (AH.TO) fell 8.6% to $0.53 apiece Wednesday after it said that for Q2 2020, net loss was $4.0 million, compared with $11.5 million net loss in the prior year quarter. Aleafia also highlighted the 44% increase in medical cannabis net revenue in Q2 from the prior year period. It also said three "significant" production facility expansions were licensed and operationalized. CEO Geoffrey Benic said: "The second quarter saw several major operational breakthroughs for Aleafia Health as we received regulatory approval and operationalized three major facility expansions. Now, with an industry leading production ecosystem, we will be able to produce a broader portfolio of new, differentiated product formats along with unique cultivars, at large scale. "Our significant increase in medical cannabis sales and patient growth, coupled with much needed Cannabis 2.0 formats and dried flower products will see us continue to capture market in both the medical and adult-use markets. This coupled with a significantly strengthened balance sheet positions us well for the future." In COVID-19 related news, the company has started the phased re-opening of certain clinic locations. Since July, some staff are now working in clinics, but patients continue to primarily receive consultations virtually, said Aleafia. Price: 0.53, Change: -0.05, Percent Change: -8.62 | |