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Medical cannabis company WeedMD Inc. (TSXV:WMD) (OTCQX:WDDMF) (FSE:4WE) reported Monday its revenue rose by 41% year-over-year, reaching CA$29.4 million ($24.3 million) in 2020.
The Toronto-based company reported its financial results for the 2020 fiscal year revealing gross loss, before changes in fair value, of roughly CA$22 million, compared to a gross profit of CA$4.05 million in 2019.
WeedMD also reported a negative adjusted EBITDA, a non-IFRS measure, of approximately CA$43.6million in 2020, versus a CA$11.9 million loss in the prior year.
As of December 30, the company had CA$22.3 million in cash and cash equivalents.
In 2020, the company harvested a total of 33,751 kg of cannabis, up by 88% year-over-year. The significant increase in kilograms harvested can be attributed to the additional flowering rooms in Strathroy, which became operational over the period.
Apart from its Cannabis 2.0 supply partnership with Pax Labs, Inc., an electronic vaporizer company, Weed MD also teamed up with Fire & Flower Inc. (TSX:FAF) (OTC:FFLWF) to produce, package and ship the retailer's Revity CBD product line.
In August, the company closed a deal with MM Technology Holdings LLC, the owner of Mary's Brands. Under the agreement, WeedMD agreed to manufacture a suite of Mary's Medicinals' products, such as transdermal gels and patches, as well as topicals.
Upon acquiring medically-oriented cannabis company Starseed Holdings Inc. in late 2019, WeedMD named the company its preferred supplier of medical cannabis to Canadian myHSA participants several months later.
Over the last year, the company shook up its leadership team by tapping Bruce Croxon to its board of directors in July, and veteran finance executive Lu Cacioppo in October, while simultaneously hiring Deborah Sikkema as its chief people officer. In addition, the company wrapped up the year by parting ways with Stephen Ng, its chief commercial officer.
WeedMD kicked off 2021 by naming Executive Chairman George Scorsis to serve as interim CEO after Angelo Tsebelis succeeding Angelo Tsebelis, who opted to step down as CEO.
Most recently, the company appointed Beth Carreon to oversee its finance department, on the heels of raising some $17.25 million in financing via a bought deal short-form prospectus offering of its units to boost its sales as well as marketing and development initiatives and operational capacities.
WeedMD also announced preliminary unaudited first quarter 2021 gross revenue of CA$12 million, up by 40% year-over-year and 72% sequentially.
"We kicked off this year having accomplished several important milestones aligned with our 2020 business transformation initiatives whereby we realized the benefits of our cultivation efficiencies and production capabilities that drove increased brand recognition, retail outreach of our premium adult-use brands, and engagement with new partners positioning us for strategic growth," Scorsis said.
Photo by Tim Foster on Unsplash
