WeedMD Posts Q1 2021 Revenues Of $10.3 Million, Net Loss Of $7.0 Million

WeedMD (TSXV: WMD) this morning reported its first quarter 2021 financial results, posting revenues of $10.3 million, along with a net loss of $7.0 million for the period, an improvement on a quarter over quarter basis.

Revenues for the period amount to $10.3 million, an improvement from the $5.1 million in revenue recorded during the fourth quarter of 2020. However, with cost of goods sold of $10.0 million, the company reported a gross profit of just $0.3 million for the period before fair value adjustments.

Expenses didn’t help the matter here for the company, with selling, general and administrative expenses amounting to $6.0 million, while financing costs came in at $2.5 million. The company posted an operating loss of $10.3 million as a result.

This operating loss was then offset slightly by other income of $3.2 million, resulting in a loss of $7.0 million for the three month period. Adjusted EBITDA meanwhile was negative at $0.4 million.

In terms of the balance sheet, the company saw its cash position decrease slightly on a quarterly basis to that of $20.5 million, which includes the completion of a recent $17.3 million financing, while total current assets improved overall to $73.4 million. With accounts payable and accrued liabilities of $12.2 million, WeedMD posted total current liabilities of $21.2 million, resulting in positive working capital of $52.2 million.

WeedMD last traded at $0.28 on the TSX Venture.


Information for this briefing was found via Sedar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Video Articles

Silver’s Finally Breaking the System | Keith Neumeyer – First Majestic

The Best News for Gold Was the Drop! – Peter Grandich

McEwen Copper: The Los Azules Feasibility Study

Recommended

Silver47 Completes Property-Wide Geochemical, Rock Sampling Program At Adams Plateau, Identifies Numerous Targets

Altamira Gold Identifies Presence Of Second Mineralized Porphyry Body At Cajueiro

Related News

Outdoor Cannabis Cultivation Has Arrived in Canada

Outdoor grow is coming to Canada in a hurry. Health Canada, the regulating body for...

Monday, June 3, 2019, 07:00:53 AM

WeedMD Completes Acquisition of Starseed Holdings, Names New Board of Directors

WeedMD Inc (TSXV: WMD) has officially completed its acquisition of Starseed Holdings Inc, which was...

Monday, December 23, 2019, 08:34:31 AM

WeedMD Responds To UFCW Notice To Bargain

WeedMD Inc (TSXV: WMD) this morning elected to publicly respond to the prior notice to...

Friday, March 27, 2020, 08:53:27 AM

Drug Trade: The Three Basic Cannabis Health Company Archetypes

The popular belief that cannabis will work its way further into mainstream culture and further...

Saturday, December 21, 2019, 08:00:00 AM

WeedMD: Canaccord Reiterates Price Target After Earnings

WeedMD (TSXV: WMD) reported their first-quarter financials of 2021 on June 29th. The company reported...

Thursday, July 1, 2021, 03:09:00 PM