In the second quarter the company sold approximately 131,501 gram equivalents; which represents a 9% increase over the previous quarter and a 45% increase compared to the previous year. The weighted average cost of dried cannabis sold per gram was $0.97 CAD, representing a 9% decrease from the previous quarter and a 44% decrease compared to the previous year.
With a debt free balance sheet, the company has approximately $264.5 million in cash on-hand and short term investments.
Revenue for the second quarter increased by 29% to approximately $1.2 million, compared to $914,000 in the previous year. The higher revenue was due to higher sales volume but was offset by lower average selling prices.
Operational losses increased in the second quarter from $774,000 in the same period last year to $4.7 million, but was due largely to the higher expenses associated with operational expansions made in preparation for when cannabis become legal in Canada later this year.
The company has also two expansion projects currently underway, which included a 250,000 square foot greenhouse facility, which is expected to be complete in July 2018, and will be capable of producing 25,000 kilograms of cannabis