Business
Maricann Announces Fiscal Year 2017 Financial Results
Maricann Announces Fiscal Year 2017 Financial Results.
About this update from Wayland Group Corp
[{"type":"text","content":"\n\n TORONTO, April 27, 2018 (GLOBE NEWSWIRE) -- Maricann Group (“Maricann” or “the Company”) (CSX:MARI) (FRANKFURT:75M) (OTCMKTS:MRRCF) has reported its financial and operational results for the fiscal year ending December 31, 2017.\n “We took a number of strategic steps forward in 2017, building a strong foundation for Maricann,” said CEO Ben Ward. “The Company is in the midst of an exciting period of expansion. This includes our expansion project, acquisitions and collaborative relationships that we believe will position the Company to have the infrastructure and distribution we need for the future.” Highlights for the year include: Strengthened the Company’s balance sheet by raising $41 million through two private placements, one of them being a convertible debenture financing.Expanded retail networks through collaborative relationships with pharmacy retail chainsA three-phase expansion of production and facilities at Langton, Ontario to approximately 942,000 sq. ft. (87,515 sq. m.) is ongoing, with Phase 1 on track for full completion by Q4 2018.Increased access to the German market through acquisition of a 95% controlling interest in Maricann GmbH.Acquired biotechnology company Nanoleaf Technologies Inc. which has licensed patented technology for ingestible delivery of cannabinoids.Further enhanced the Company’s management team with the addition of experienced executives, such as Scott Langille as Chief Financial Officer.Subsequent to December 31, 2017, the Company has entered into a definitive agreement with respect to the acquisition of all outstanding shares of Haxxon AG (“Haxxon”). Haxxon operates within a 6,000 sq. m. (approximately 64,500 sq. ft.) indoor facility in Regensdorf, Switzerland; an industrial suburb of Zurich.On April 20, 2018, Maricann Inc. received its third site license from Health Canada for its 138 8th Concession Road, Langton, Ontario location. At December 31, 2017, Maricann posted revenue of $3,222,746, down from $4,060,131 a year earlier. Net loss for the year was $67,012,874, compared with a loss of $8,295,768 in fiscal 2016. Net loss per share was $0.97 compared with $0.22 in 2016. The decrease in revenue, year over year, was primarily due to a shortage of finished products available for sale. In Q1 2017, a severe windstorm ...