Business
Harvest One Announces Q2 2019 Financial Results Including a 123% Revenue Increase Over Q1 and Gross Margin of 53% on Cannabis Sales
Harvest One Announces Q2 2019 Financial Results Including a 123% Revenue Increase Over Q1 ...
About this update from Delivra Health Brands Inc
[{"type":"text","content":"\n\n\n\nHarvest One Announces Q2 2019 Financial Results Including a 123% Revenue Increase Over Q1 and Gross Margin of 53% on Cannabis Sales\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nVANCOUVER, Feb. 28, 2019\n\n\n\n TSX-V: HVT; OTCQX: HRVOF\n VANCOUVER, Feb. 28, 2019 /CNW/ - Harvest One Cannabis Inc. (\"Harvest One\" or the \"Company\") (TSX-V: HVT; OTCQX: HRVOF) today announced the release of its financial and operating results for the three and six months ended December 31, 2018.\n\n \n \n\n \nHighlights:\nQ2 2019 net revenue for the Company was $3.7 million, a sequential increase of 123% over Q1 2019 ($1.7 million). This increase was primarily attributed to initial recreational load-ins under our supply agreements with British Columbia, Ontario, Manitoba and Saskatchewan.Q2 2019 gross margin before fair value adjustments of 47%. Included in this, is a gross margin of 53% for United Greeneries which is in line with larger Canadian Licensed Producers.As of December 31, 2018, the Company maintains a very robust balance sheet with a cash balance of $41.0 million. This cash position means all current expansion plans are fully funded and allows for accretive transactions that support the Company's brand and product development strategy.Through its extraction agreement with Valens GroWorks Corp. (\"Valens\"), the Company has initiated its product development strategy to produce oil based derivative products.Satipharm launched sales of its reformulated proprietary capsules online in the United Kingdom and in the European Union where local regulations allow. Brick and mortar distribution will be available shortly with Canadian distribution to follow.Expansion plans at the Duncan and Lucky Lake facilities are on track as the Company targets an annual run rate of 20,000 kg premium indoor grown flower by the end of calendar 2019.The Company upgraded to the OTCQX under the ticker \"HRVOF\" increasing its exposure to the US investment community and improving its liquidity for investors both in Canada and the US.\"We are delighted to announce our second succe...