Highlights for the quarter include:
At June 30, 2018, Maricann recognized revenue of $1,157,887 and $1,758,478 for the three and six months ended June 30, 2018, respectively, as compared to $661,602 and $1,804,769 during the same periods in 2017 an increase of $496,285 or 75% for the three months ended June 30, 2018 and a decrease of $46,291 or 3% for the six months ended June 30, 2018. The increase in revenue during the three months ended June 30, 2018 compared to June 30, 2017 is primarily related to two large bulk supply orders completed during Q2 2018.
For the six-months ended June 30, 2018, cash flow used in operating activities was $19,565,941 and the Company had used cash of $35,195,964 related to investing activities. Investing activities during the period relate to the Company’s new building in Langton and other facility upgrades and the purchase of production equipment, computers and furniture as well as advancements towards investments of the German subsidiary. Cash flows provided by financing activities for the six months ended June 30, 2018 were $38,581,031. The cash provided by financing activities is primarily due to an issuance of special warrants in January 2018 which resulted in proceeds, net of issuance costs, of $37,794,030, proceeds received on exercise of stock options and warrants of $1,850,529 and offset by interest payments of $988,131 on the Company’s convertible debentures and repayment of capital leases of $75,398. Subsequent to June 30, 2018, the Company closed a private placement offering of special warrants for aggregate gross proceeds of $37,401,760. See press release dated August 10, 2018.
The Company’s complete set of financial statements for the period ended June 30, 2018 and the corresponding management’s discussions and analysis have been filed on the SEDAR website at www.sedar.com.
About Maricann Group Inc.
Maricann is a vertically integrated producer and distributor of cannabis for medical purposes. The Company was founded in 2013 and is based in Burlington, Ontario, Canada and Munich, Germany, with production facilities in Langton, Ontario where it operates a medicinal cannabis cultivation, extraction, formulation and distribution business under federal licence from the Government of Canada. The Company also has production operations in Dresden, Saxony, Germany and Regensdorf, Switzerland. Maricann is currently undertaking an expansion of its cultivation and support facilities in Canada in a 942,000 sq. ft. (87,515 sq. m) and will continue to pursue new opportunities in Europe.
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