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James E. Wagner Cultivation Corporation Announces Second Quarter Fiscal 2019 Financial Results
James E. Wagner Cultivation Corporation Announces Second Quarter Fiscal 2019 Financial Results.
About this update from James E Wagner Cultivation Corp
[{"type":"text","content":"\nKITCHENER, Ontario, May 27, 2019 (GLOBE NEWSWIRE) -- James E. Wagner Cultivation Corporation (“JWC” or the “Corporation”) (TSX VENTURE: JWCA; OTCQX: JWCAF), announced today the achievements as disclosed by its unaudited financial and operational statements, for the second quarter of fiscal 2019 which ended on March 31, 2019 (“Q2 2019”). The Corporation is pleased to report that its interim financial statements and management’s discussion and analysis for Q2 2019, are available on SEDAR at www.sedar.com. All amounts expressed are in Canadian dollars unless otherwise noted.\n Nathan Woodworth, President and Chief Executive Officer, noted, “Q2 was a transitional quarter for JWC. The focus was on preparation for anticipated receipt of the cultivation licence for JWC 2, which was received on March 29, 2019. JWC’s preparation bore good results; by the end of the day following receipt of the cultivation licence, the physical transfer of all prepared plant materials into the JWC 2 facility was completed. A little less than a month later, both of the JWC facilities were operating at full capacity and our operational resources were again substantially focused on cultivating, producing, and harvesting clean, consistent, aeroponically grown cannabis. With construction continuing on the second phase at JWC 2, the Corporation is expecting to add a further 35,000 square feet of flowering space within the next few months. The Phase 1 space added at the end of Q2 immediately upon receipt of the Health Canada cultivation licence, is expected to see its first complete harvest cycle before the end of the following quarter. This is expected to provide significant and continuously increasing revenues commencing in the second half of fiscal 2019 and beyond.” Selected Summary of Q2 2019 Results:  March 31, 2019($)September 30, 2018 ($)%changeCash and cash equivalents2,253,6748,504,790(74)%Short Term Investments2,502,5016,017,153(58)%Agricultural produce and biological assets2,752,2632,607,4336%Other working capital1,407,930604,172133%Non-current assets14,826,5745,475,701171%Other liabilities and long-term debt6,819,9943,411,615100%Shareholder’s equity14,361,38019,639,466(27)%      Q2 2019($)Q2 2018($)%changeQ2 2019 YTD ($)Q2 2018 YTD ($)%changeRevenues566,...