Toronto-based cannabis licensed producer
WeedMD Inc. (WMD) (
TSX-V.WMD)
released first-quarter financial results on Wednesday, reporting $12.2 million in revenue earnings, a near-fourfold increase from last year.
The company also posted an adjusted EBITDA loss of $5.1 million. WMD attributed the loss to higher selling, general, and administrative expenses.
WeedMD reported in filings that its financial statements were prepared on a “going concern” basis, stating that it “has insufficient cash to fund its planned capital investments and operations for the next 12 months.”
The company says it expects to seek further financing either through debt, equity, or a combination of the two within the 12 months.
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