Adjusted EBITDA up more than $5M (CDN) versus prior quarter;
Company positioned to bring CBD products to U.S. market by end of fiscal 2020;
Record harvest of over 40,000 kg
- Generated net revenue1 of $90.5 million in Q1 2020.
- Adjusted EBITDA of $(92.0M) up $5.7M versus Q4 2019 inclusive of investments in US CBD expansion activity.
- Increased dried cannabis sales in the Canadian recreational market by 94% over Q4 2019.
- Harvested 40,960 kilograms exceeding expectations in the quarter, an increase of 183% over Q4 2019.
- Increased international medical cannabis revenue by 209% versus Q1 2019.
- Filed 56 patent applications in the quarter, bringing the company’s patent portfolio to an industry-leading 111 patents and 270 patent applications.
- On track to unveil portfolio of value-add, higher-margin products in various form factors in October 2019.
- One-time, non-cash charge on extinguishment of warrant liability biggest contributor