Harvest One's CEO Grant Froese said the firm was "very pleased with our continued progress throughout the quarter."
() (OTCMKTS:HRVOF) announced its third-quarter financials Thursday, reporting a significant boost in revenue.
The firm reported revenue of C$3 million for the quarter ended March 31, 2019, a significant boost from C$33,000 in the same period a year ago.
"We are very pleased with our continued progress throughout the quarter," said Grant Froese, CEO of Harvest One in a statement. "United Greeneries maintained strong recreational sales as we continue to build out capacity in our Mission Road and Lucky Lake facilities. Satipharm commenced selling our CBD Gelpelltrademark capsules online in the UK and Europe. Dream Water posted solid revenues and continues to add key accounts to its already extensive retail distribution network. The initial load ins from these new accounts will be reflected in our fiscal Q4 revenues."
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The firm reported a net loss C$5.1 million, or C$0.03 per share, up from C$2.4 million, or C$0.02 per share in the same period a year ago.
There were a number of highlights for the firm in 3Q. The firm inked a deal to acquire 100% of the issued and outstanding common shares of Delivra Corp, as well as acquiring a majority interest in Greenbelt Greenhouse Ltd, giving the firm control when it comes to production to supply infused formulations of existing brands and new products under development.
The firm also was approved for trading on the OTCQX under the symbol HRVOF and commenced trading on January 7, 2019.
Additionally, United Greeneries entered into a supply agreement with Canada's largest retail pharmacy chain, , to supply Satipharm branded medical cannabis products. Satipharm inked an agreement with medicinal cannabis wholesaler and distributor Health House International Pty Ltd for distribution of CBD Gelpelltrademark Capsules throughout Australia, New Zealand and Asia.
Satipharm also re-launched European sales of its recently reformulated CBD Gelpelltrademark capsules Dream Water entered into supply agreements with major retailers Walmart US and , received the NSF International Certified for Sporttrademark designation, while also launching its new packaging.
"Harvest One's third quarter financial results were impacted by the prior quarter's initial load ins in preparation for the legalization of recreational cannabis consumption," noted Froese. "During the third quarter, we achieved increasing harvests as we continue to enhance existing facilities and build out new capacity. In preparation for the roll out of value-added products later this year, we also allocated a portion of our inventory accordingly for extraction and future R&D. The impact of these value-added products will be reflected in the financial results in future quarters."
Shares of Harvest One were at C$0.83 on Thursday.
Contact Katie Lewis at [email protected]