Cannabis-focused investment company Nabis Holdings Inc. NAB NABIF posted Monday its fourth-quarter financial results with retail and wholesale revenues of CA$644,000 ($495,532).
The company also posted a net loss for the period of CA$4.3 million, or a loss of CA 4 cents per share, which compares to a net loss of CA$4 million, or a loss of CA 16 cents per share in the same period of fiscal 2018.
Its management projects improved revenues and higher profit margins in the following quarters now that the dispensary is under Nabis management.
Furthermore, Nabis has recently undergone a cost containment exercise, reaching annualized savings of CA$1.04 million, because of which it also projects compelling cost reductions in their SG&A expenses in fiscal 2020.
“We continue to make progress on our strategic plan by diligently working on building out our investments in both Arizona and Michigan," Shay Shnet, CEO and Director of Nabis said in a statement. “In parallel with our buildout of our Camp Verde hub, we are also moving full-steam ahead with our dispensary build-outs in Michigan and plan on capitalizing on the newly legalized recreational market by the first half of 2020."
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