Sproutly Canada Reports Q1 Earnings: 'We Are Off To A Strong Start'

Sproutly Canada, Inc. SPRSRUTF on Monday released its financial report for the first quarter.

The company declared a cash position of $3.85 million as of May 31, and disclosed signing a definitive agreement to form a joint venture with Moosehead Breweries Ltd.’s affiliate, OCC Holdings Ltd.

In addition, Sproutly’s wholly-owned subsidiary Tornonto Herbal Remedies Inc. obtained a processing license from Health Canada, which enables it to produce cannabis oil and related products, and allows Sproutly to run various research and development activities.

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Sproutly disclosed total cultivation output for the three months ended June 30, of 298kg of dried cannabis flower, outperforming its expectations by 49.9%, and announced its first commercial sale of cannabis flower in Canada.

"We are off to a strong start in 2020 with the completion of our first quarter, which saw us sign the definitive agreement with Moosehead and make advancements in cultivation and R&D.” said Keith Dolo, CEO of Sproutly. “We anticipate more growth as we begin to generate revenue from the sales of our flower and oil as we move into Q2. Preparations are advancing towards the launch of our CALIBER premium branded flower and oil, as well as beverages and edibles in line with the proposed regulations recently announced by Health Canada.”

Sproutly’s stock closed Monday’s session at 38 cents per share and is up 31% year to date.

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