Aleafia Health Reports 2020 Year End Results, Record Quarterly Revenue
-- 233% increase in Q/Q cannabis net revenue -- $4.3 million positive adjusted EBITDA in Q4 2020 -- 42% and 501% increase in Q/Q medical cannabis and adult-use net revenue, respectively -- Significant product portfolio expansion with 31 new SKUs launched since October
TORONTO, March 25, 2021 (GLOBE NEWSWIRE) --
Aleafia Health Inc. (TSX: AH, OTC: ALEAF) ("Aleafia Health" or the "Company") is pleased to report its financial results for the 2020 fourth quarter ("Q4 2020") and fiscal year ("FY 2020").
"Following the successful licensing of all three of our production facilities in 2020, we've now introduced innovative new cannabis derivative and dried flower formats under a distinct and compelling brand family," said Aleafia Health CEO Geoffrey Benic. "Our expanded product portfolio is having an immediate impact, with record quarterly revenue and strong sequential growth in our priority adult-use, medical and international cannabis sales."
"Notwithstanding certain non-cash, one-time expenses, our focus on disciplined, profitable growth has paid dividends with our first year of positive adjusted EBTIDA. The commercialization of our business is rapidly accelerating with the shift in revenue mix towards the sale of highly profitable packaged cannabis products providing a sustainable source of continued growth."