Business
Jacksam Corporation dba Convectium Announces Fiscal 2021 Second Quarter Results Highlighted by 162% Y/Y Growth
Jacksam Corporation dba Convectium Announces Fiscal 2021 Second Quarter Results Highlighted by 162% Y/Y Growth.
About this update from Jacksam Corporation
[{"type":"text","content":"\n\n\n\nJacksam Corporation dba Convectium Announces Fiscal 2021 Second Quarter Results Highlighted by 162% Y/Y Growth\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 dba Convectium Announces Fiscal 2021 Second Quarter Results Highlighted by 162% Y/Y Growth\nPR Newswire\nNEWPORT BEACH, Calif., Aug. 12, 2021\n\n\n\nNEWPORT BEACH, Calif., Aug. 12, 2021 /PRNewswire/ -- Jacksam Corporation dba Convectium (OTCQB: JKSM) (the \"Company\" or Jacksam/Convectium), a workflow automation company focused on developing machinery and equipment solutions for the cannabis and CBD industry, today announced its financial and operational results for the second quarter of fiscal 2021 ended June 30, 2021. \nSecond Quarter 2021 Highlights:\nSales of $1.66M increased 162% Y/Y from Q2 of 2020 and declined 6% Q/Q from Q1 2021. Despite of strong Y/Y sales growth, the 6% Q/Q decline was primarily due to a delivery delay for one of our \"PreRoll-ER\" machines, as Covid-19 caused our partner in Canada temporary supply issue. These machines are priced at a manufacturer's suggested retail price (MSRP) of $325,000 each. The delivery of this machine was expected to be postponed into Q3 2021. Sales for our \"core products\", the filling and capping machines, increased both on Y/Y and Q/Q basis. This year's strong momentum continues as sales for our filling and capping machines grew 25% in Q2 2021 vs. Q1 2021. Gross margin expanded 100bps Q/Q driven by a shift in product mix. Operating expenses were adversely impacted by several one-time expenses during the quarter, including a single $219,606 payment to an insurance underwrite to cover the \"Extended Period\" of our Directors and Officers Liability Insurance (D&O Insurance), in response to an overall market movement that insurance underwriters increased D&O Insurance premium charged to their cannabis company clients. We expect such payment to be one-time over years and was fully recognized in Q2 2021.Commenting on the news, Jacksam/Convectium CEO Mark Adams stated: \"We continue to see very strong growth in our core products as...