CanniMed Therapeutics Inc. Provides Update on Patient Growth Rates, Sales Volume and Product Supply
SASKATOON, Saskatchewan–(BUSINESS WIRE)–CanniMed Therapeutics Inc. (TSX:CMED) (“CMED” or the “Company”), a leading plant biopharmaceutical company specializing in the production of pharmaceutical-grade cannabis, provides the following updates to shareholders related to patient growth rates, sales volumes and product supply.
CMED currently holds more than 20,000 patient records, with more than 11,000 active patients, defined as patients with a currently valid prescription on file.
January sales are the highest on record for the Company with 1,055 net new patient records contributing to total volume sales of 127 kilograms of dried marijuana equivalent sales, including 42 kilograms of dried marijuana equivalent sales of cannabis oils, which was generated from an average 255 orders per business day.
Prior to the January record, December 2016 was previously the highest volume month with 421 net new patients contributing to total volume sales of 110 kilograms of dried marijuana equivalent sales (including 34 kilograms of dried marijuana equivalent sales of cannabis oils) generated from an average of 216 orders per business day. The quarter is complemented by November 2016 with 182 net new patients contributing to total volume of sales of 103 kilograms of dried marijuana equivalent sales (including 29 kilograms of dried marijuana equivalent sales of cannabis oils), with an average 194 orders per business day.
We are pleased with this significant month-over-month increase in new patients and volume of medical cannabis shipped. With our strong growth trajectory, we are continually analyzing the market demand and utilizing our facilities effectively to ensure a consistent supply of medical cannabis products available for our patients.
Brent Zettl, co-founder and Chief Executive Officer of CMED
CMED is the first Licensed Producer inspected for Health Canada’s Good Manufacturing Practices (GMP) standard in Canada and has been “Compliant” with the Food and Drug Act – Part C, Division 2 and its associated Regulations for the testing and distribution of dried marijuana since 2006. CMED quality systems compliance is achieved by following rigorous standard operating procedures at all stages of manufacturing and affords the Company the ability to effectively and efficiently plan for market changes and increases in volume.
In CMED’s 15 year tenure following GMP standards, including extensive quality control processes, the Company has never been unable to fulfill a patient order and has never had a product recall.
The Company plans to release its financial results for the fiscal year end of October 31, 2016 on February 23, 2017.
The Company has not prepared any financial statements for the fiscal quarter ended January 31, 2017. Accordingly, it has not determined its revenue, gross margin, expenses, (loss) or income from operations, or (loss) or income for the period. Notwithstanding the record sales volumes, the Company has not determined whether its results of operations for the quarter will show an improvement over prior periods. The Company expects to release its financial statements for the quarter ended January 31, 2017 by March 17, 2017 on a date to be determined.
About CanniMed Therapeutics Inc.
The Company is a Canadian-based, international plant biopharmaceutical company and a leader in the Canadian medical cannabis industry, with 15 years of pharmaceutical cannabis cultivation experience, state-of-the-art, GMP-compliant production process and world class research and development platforms with a wide range of pharmaceutical-grade cannabis products. In addition, the Company has an active plant biotechnology research and product development program focused on the production of plant-based materials for pharmaceutical, agricultural and environmental applications.
CanniMed Ltd., a wholly-owned subsidiary of the Company, was the first producer to be licensed under the Marihuana for Medical Purposes Regulations, the predecessor to the current Access to Cannabis for Medical Purposes Regulations.
Prairie Plant Systems Inc., a wholly-owned subsidiary of the Company, was the sole supplier to Health Canada under the former medical marijuana system for 13 years, and has been producing safe and consistent medical marijuana for thousands of Canadian patients, with no incident of diversion.
Get ahead of the crowd by signing up for 420 Investor, the largest & most comprehensive premium subscription service for cannabis traders and investors since 2013.