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Aleafia's Net Revenue Jumps 391% In 2019, Cannabis Company Posts $9.8M Q4 Net Loss

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Aleafia's Net Revenue Jumps 391% In 2019, Cannabis Company Posts $9.8M Q4 Net Loss

Aleafia Health Inc. (OTC: ALEAF) reported an uptick Wednesday in fiscal year 2019 and fourth-quarter revenue. 

The Canadian cannabis company said that its fourth-quarter net revenue $6 million represents a 22% quarter-over-quarter increase. 

For full fiscal 2019, Aleafia posted net revenue of $16.4 million, 391% higher than in fiscal 2018. The higher revenue was mainly thanks to an increase in net cannabis revenue of $11 million and $2 million in clinic revenue, the company said.

For the quarter, Aleafia disclosed a net loss of $9.8 million versus net income of $1.9 million in the prior quarter.

The company also reached its first quarterly positive adjusted EBITDA of $200,000 versus a loss of $2.5 million in the previous quarter.

“Our disciplined, sustainable growth has paid dividends in 2019 in a tremendous year for Aleafia Health. Our patient centric approach remains at the core of our business as we build our cannabis health and wellness ecosystem,” CEO Aleafia Health Geoffrey Benic said in a statement.

“These results again demonstrate the strength of our team in executing on this vision during a period of rapid and dynamic industry change."

Aleafia's milestones in the reporting period included the finalization of a Phase II Expansion of its Paris Facility, which has also obtained approval for Cannabis 2.0 formats; and the completion of outdoor harvest at its Port Perry Facility.

The stock was down 27.56% at 24 cents at the time of publication Wednesday. 

Photo courtesy of Aleafia. 

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