Big improvements in a short time period, more to come Management Commentary
Six months ago, the Company's new management team set the key priorities of achieving profitability, becoming cash-flow positive and building shareholder value. Significant progress has been achieved towards these goals.
Over the reporting period, the Company put in place a restructuring plan to improve and streamline operations, successfully resulting in a 61 percent reduction in net loss, 75 percent reduction in its cash burn, and 81 percent improvement in adjusted EBITDA. In order to improve the overall performance of the business, the Company discontinued all projects which did not demonstrate an immediate and satisfactory return on investment. With a marked improvement of its performance over the previous quarter, the Company continues to position itself as a leading supplier of craft cannabis flower and concentrates in the Nevada market and as an innovative manufacturer of high-quality hemp and CBD wellness products.