48North Cannabis Reports Full-Year Net Revenue Of $4.82M; Net Loss Narrows

Cannabis producer 48North Cannabis Corp. NRTH reported Monday with net revenue of CA$4.82 million ($3.6 million) for the fiscal year ended June 30, 2019.

The company reported a basic and diluted loss per share of CA$0.072 compared to a loss per share of CA$0.21 in the same period of 2018.

Its net comprehensive loss was CA$8.13 million, versus a loss of CA$12.42 million in the comparative period last year.

During fiscal 2019, 48North Cannabis Corp. said it raised more than CA$48 million, reaching CA$52.7 million in cash and cash equivalents on hand.

The company's inventory increased to CA$4.73 million in June, up from CA$2.48 million in March, and also named several important business achievements in the period, including the acquisition of Good & Green Cannabis Corp, boosting its outdoor cultivation opportunities.

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"The past 12 months have been foundational for 48North, the year was spent successfully laying the building blocks for what will result in a leading consumer-focused Canadian cannabis company focused on the development of next-generation cannabis products made possible and reinforced by low-cost cultivation and beloved brands," CEO Alison Gordon said in a statement.

"Currently, at Good:Farm, 48North is harvesting approximately 200,000 cannabis plants, with some of the harvest being earmarked for the provincial distributors as dried flower, and the remainder being processed for extraction destined for next-generation cannabis products, 48North expects to  start showing significant revenues from its outdoor cultivation in upcoming quarters."

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