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James E. Wagner Cultivation Corporation (OTC:JWCAF) (TSX:JWCA) released Friday its fiscal-first quarter 2020 financial results with revenues of CA$264,000, down 74% from the previous quarter.
It also posted a quarterly loss of CA$1.2 million or CA$0.01 per share, which compares to a loss of CA$2.33 million or CA$0.03 per share in the same period of the prior year.
Its gross margin reached CA$1.8 million versus CA$3,000 in the same quarter of the previous year.
During the fiscal first quarter, James E. Wagner also obtained private placement equity funding of around CA$1 million, secured a CA$4 million loan facility and received convertible security funding for up to CA$10 million.
Among quarterly corporate updates, the company highlighted obtaining Health Canada licensing amendment to double its JWC2’s production capacity to 44,500 sq. feet, receiving Health Canada license amendment for the sale and production of cannabis extract, topicals and edibles, signing a supply and manufacturing agreement with CannaCure Corporation.
"Our financial results for the quarter demonstrated that despite our strengthening platform, we were not immune to the challenges of an industry that is still evolving and striving for balance. While revenue declined substantially, this was largely purposeful, reflecting what we see as temporary conditions that are now set to pivot and launch in the opposite direction in the current quarter," the company said.
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Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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