Business
Jacksam Corporation Announces 2021 Financial Results Highlighted by 106% Revenue Growth to $6.7 Million
Jacksam Corporation Announces 2021 Financial Results Highlighted by 106% Revenue Growth to $6.7 Million.
About this update from Jacksam Corporation
[{"type":"text","content":"\n\n\n\nJacksam Corporation Announces 2021 Financial Results Highlighted by 106% Revenue Growth to $6.7 Million\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\nJacksam Corporation Announces 2021 Financial Results Highlighted by 106% Revenue Growth to $6.7 Million\nPR Newswire\nNEWPORT BEACH, Calif., April 4, 2022\n\n\n\nNEWPORT BEACH, Calif., April 4, 2022 /PRNewswire/ -- Jacksam Corporation dba Convectium (OTCQB: JKSM) (\"Jacksam\" or \"Convectium\" or the \"Company\"), a workflow automation Company OR a leading provider of automated filling and capping solutions to the cannabis and hemp industry, today announced financial and operational results for the year ended December 31, 2021.\nKey Financial Highlights for Year Ended December 31, 2021 Compared to Prior Year Period\nRevenue increased 106% to $6.7 millionGross profit increased 26% to $1.9 millionOperating expenses as a percentage of revenue declined to 37%, from 57%, demonstrating scalability of the businessOperating loss increased 34% to $0.6 millionNet income decreased to $0.0 million, from $3.1 millionBusiness Highlights for the Year Ended December 31, 2021\nExpanded into flower and entered the infused pre-roll marketLaunched the Convectium IFX-100, the Company's first automated pre-roll infusion machineSubsequent Events \nPartnered with Emerald Scientific, LLC to expand the distribution for Convectium's workflow automation machinery and equipment solutions for the cannabis and CBD industryRaised $1.0 million in Series B Preferred Stock from two institutional investorsManagement CommentaryMark Adams, Jacksam's Chief Executive Officer, commented, \"We concluded a highly successful year with greater than 100% revenue growth, continued scalability of our operating infrastructure and the introduction of new products. We are pleased to have attracted two new institutional shareholders in early 2022 who recognize what we have and share in our vision going forward. Our business pipeline is robust from both existing and new customers, as we evaluate multi-millions in potential new opportunities spanning a...