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Medical cannabis company WeedMD Inc. (TSXV:WMD) (OTCQX:WDDMF) (FSE: 4WE) saw gross revenue climb to CA$12.9 million ($10.46 million) in the first quarter of 2021 - a 7% spike compared to what the Toronto, Canada-based company disclosed in its previous guidance for the period.
In WeedMD's earnings report published Tuesday, CFO Beth Carreon credited the 102% sequential net revenue growth, which amounted to CA$10.3 million, and over CA$31 million sequential margin improvement through the quarter to the company's "transformation initiatives in the areas of growth, efficiency, optimization, quality, and talent."
The company also saw an improvement in the selling, general and administrative expenses which dropped by 66% from the prior period.
"Our year-to-date, record-breaking growth reflects our robust sales strategy rooted in our optimization initiatives that drove product innovation, brand recognition, retail engagement, and a 30% increase in grade A production to consistently meet our targets and fill rates – all of which contributed to record revenues from our direct-to-consumer channels in both adult-use and medical sales," said George Scorsis, WeedMD's interim CEO and executive chair
Scorsis was appointed to head the company in January after Angelo Tsebelis stepped down.