Earnings Update: Village Farms With Pure Sunfarms, InMed Pharmaceuticals, THC BioMed Release Financial Results
PureSunfarms Profitable Seven Quarters In A Row
Cannabis company Village Farms International Inc. (NASDAQ:VFF) disclosed Friday its third-quarter financial results with net income of $500,000, which stands against a net loss of $700,000 in the same period of 2019.
At the end of the third quarter, Village Farms held a majority interest of 58.7% of Pure Sunfarms Corp., a British Columbia, Canada-based cannabis company.
Village Farms acquired Pure Sunfarms on Nov. 2.
For the three months ended Sept. 30, Pure Sunfarms reported net sales of CA$22,627, down by 5.5% from the sales in the same period of 2019.
Pure Sunframs’ net income in the quarter amounted to CA$3,240 which compares to a net income of CA$8,860 in the same quarter of the prior year. Its adjusted EBITDA was a gain of CA$5,642, versus an adjusted EBITDA of CA$13,352.
"With 75% sequential growth in dollar sales, Pure Sunfarms' third quarter highlighted its strong sales momentum as its leading brand continues to resonate with consumers," Village Farms CEO Michael DeGiglio stated.
"Importantly, this sales momentum was achieved with only a small contribution from Pure Sunfarms' Cannabis 2.0 and bottled oil products, which were launched late in the quarter. Pure Sunfarms' third quarter results are yet further evidence of its earnings power, based on our unique approach to the cannabis industry, with net income nearly tripling from the second quarter of this year, marking Pure Sunfarms seventh consecutive quarter of profitability. It is an achievement that is unmatched in our industry, and further underscores the significant value in acquiring the entirety of Canada's premier cannabis company."
InMed Pharmaceuticals Reports Net Loss of $2.1M
InMed Pharmaceuticals (NASDAQ:INM) posted financial results for the first quarter of fiscal 2021 with a net loss of CA$2.1 million (41 cents per share), which compares to a net loss of CA$3.4 million (65 cents per share) in the corresponding period of the prior year.
The company also reported its quarterly research and development costs to have reached CA$1.2 million, versus CA$2.3 million for the three months ended Sept. 30, 2019.
At the end of the reporting quarter, InMed Pharmaceuticals held cash and cash equivalents of CA$6.1 million, compared to CA$8 million at the end of the previous quarter.
The company known for its work on a pipeline of cannabinoid therapeutics to answer various unmet medical needs disclosed no comments regarding these financial results.
THC BioMed Reports Net Loss, Plans To Improve Gross Margin
Cannabis producer THC BioMed Intl Ltd. (CSE:THC) reported annual financial results for the fiscal year ended July 31, 2020, disclosing revenue of CA$4.18 million, compared to CA$1.49 million in the prior year.
It also posted reaching positive EBITDA of CA$1.17 million, standing against an EBITDA loss of CA$12.02 million. Its adjusted EBITDA for the fiscal year ended July 31, 2020, was a loss of CA$247,867, compared to an adjusted EBITDA loss of CA$1.8 million in the previous fiscal year.
"Sales in Q4 improved over sales in Q3 due to the quantity of product sold. The overall selling prices for cannabis in the retail market are lower, putting pressure on Licensed Producers to improve production efficiencies. Although the quarter ended July 31, 2020 resulted in a loss of $642,989, for the year ended July 31, 2020, the net and comprehensive loss was $161,590. Our focus now is on production of our cannabis beverage shot, THC Kiss, and our Pure Cannabis Sticks which will improve our gross margin," stated THC BioMed President & CEO, John Miller.
© 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.