THC BioMed Intl has unveiled its second-quarter results and is happy about the profit margin. The announcement covers the financial figures for the last six months, specifically for January 31, 2020.
Company stages great performance
The quarter ended January 31, 2020, turned out to be a great turn for the company, considering its dried marijuana sales. It produced about 470.50 kilograms of the product and managed to sell 265.07 kilograms. The business says that it sold out the product at an average price of about $4.70 per gram.
The latest financial outcome happens to be the company’s second consecutive profitable quarter, and it is proud about hitting the milestone. THC BioMed had set its targets first two quarters of this fiscal year to stand at about the $1,000,000 revenue mark. The company’s average selling price for the product was $4.2 per gram. Some of its customers included recreational buyers such as BCcannabisonline and the Ontario Cannabis Store. The rest of the licensed producers sold their products at high prices than the company.
It experienced a 163% rise in revenue from where it stood around the same period in the previous year. The company’s gross profit stood at $759,959, and that was before factoring in the value adjustments. The business also pronounced its Adjusted EBITDA, which was about $131,549.
THC BioMed strives to remain at the top of its game, and the completion of its new grow rooms happened to be a big step forward for the company. THC BioMed has pronounced an increase in its output, and hopes that the new grow rooms will help it boost production in future.
THC BioMed strives to produce top-quality indoor-grown cannabis to sell out to all its customers at affordable rates. The company’s best practices and focus on selling products at pocket-friendly rates happen to be one reason it stands out as a cannabis best seller.
The company has also spoken about its license amendment, a move that will enable it to add more products for sale. It wants to embark on the production and the sale of wide-ranging products such as extracts, topicals, and the cannabis edibles.