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'Q3 Was A Milestone Quarter': James E. Wagner Cultivation Reports Record Revenue

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'Q3 Was A Milestone Quarter': James E. Wagner Cultivation Reports Record Revenue

Cannabis company James E. Wagner Cultivation Corporation (TSX: JWCA) (OTC: JWCAF) released interim third-quarter results Monday, reporting record revenue of CA$749,000 ($564,820), up 32% from CA$566,000 in the prior quarter. 

The company's net loss and comprehensive loss dropped 87% from the second quarter and 91% year-over-year, to CA$434,000.

For the first nine months of fiscal 2019, revenue hit a record of CA$1.8 million versus $3,500 in the same period of fiscal 2018. In the same nine months, the net and comprehensive loss reached CA$6.2 million or a loss of CA$0.07 per share, versus CA$8.1 million or a CA$0.12 loss per share in the same period last year.

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“Q3 was a milestone quarter for JWC. Revenue grew 32% sequentially, and we celebrated our first harvest from our new JWC2 facility, allowing us to produce record amounts of our clean, consistent cannabis using our unique aeroponic technology, “ President and CEO Nathan Woodworth said in a statement.

“In fact, we achieved a 28% increase in actual yield per plant versus our previously reported estimated yields, and we expect this to be sustainable. We estimate the additional yield alone could boost revenue by at least $25 million annually once JWC2 is fully operational." 

The company said it reached full operational capacity at both of its pilot facilities; added 23 strains to the company’s dried flower collection; and shipped demonstration equipment to Ascendo Group in South Africa.

The stock was down 6.68% at 44 cents at the time of publication Monday. 

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Posted-In: marijuana pot weedCannabis Earnings News Markets

 

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