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James E. Wagner Cultivation Reports Fiscal Third Quarter 2019 Financial Results
James E. Wagner Cultivation Reports Fiscal Third Quarter 2019 Financial Results.
About this update from James E Wagner Cultivation Corp
[{"type":"text","content":"\n KITCHENER, Ontario, Aug. 26, 2019 (GLOBE NEWSWIRE) -- James E. Wagner Cultivation Corporation (“JWC” or the “Company”) (TSX VENTURE: JWCA, OTCQX: JWCAF), a licensed cannabis cultivator and manufacturer focused on producing clean, consistent cannabis, today reported the Company’s interim financial results for the fiscal third quarter ended June 30, 2019. Dollar amounts are in Canadian dollars unless otherwise noted. Fiscal Q3 2019 Financial and Operational Highlights Revenue totaled a record $749,000, up 32% sequentially from $566,000, and compared to $3,500 in Q3 2018.Net loss and comprehensive loss declined 87% sequentially and 91% from the same year-ago quarter to $434,000 or $(0.01) per share.Both JWC’s pilot facility (“JWC1”) and phase 1 of its flagship facility (“JWC2”) achieved full operational capacity and production, with initial sales from JWC2 launched in the current quarter.Shipped demonstration equipment to Ascendo Group in South Africa, representing the first potential international deployment of the Company’s GrowthSTORM™ Dual Droplet™ System.Added 23 new strains to the Company’s dried flower collection, including its proprietary Wagner GE brand, a uniquely balanced 1:2 THC to CBD strain.Received cultivation license from Health Canada for the first pod of phase 2 in JWC2, a production and distribution complex totaling approximately 345,000 sf. that will utilize JWC's proprietary GrowthSTORM cultivation platform and methodologies. Management Commentary “Q3 was a milestone quarter for JWC,” said Company president and CEO, Nathan Woodworth. “Revenue grew 32% sequentially and we celebrated our first harvest from our new JWC2 facility, allowing us to produce record amounts of our clean, consistent cannabis using our unique aeroponic technology. “In fact, we achieved a 28% increase in actual yield per plant versus our previously reported estimated yields, and we expect this to be sustainable. We estimate the additional yield alone could boost revenue by at least $25 million annually once JWC2 is fully operational. “Initial sales from the JWC2 harvest began following the end of the third quarter. However, right before the end of the quarter, we secured the additional license from Health Canada to add 11,000...