TORONTO, May 30, 2018 (GLOBE NEWSWIRE) — Maricann Group Inc. (CSE:MARI) (FRANKFURT:75M) (OTCQB:MRRCF) (“Maricann” or the “Company”) has reported its financial and operating results for the first quarter ended March 31, 2018 and has filed the full report on SEDAR. All figures are stated in Canadian Dollars. At March 31, 2018, Maricann recognized revenue of $600,591, down from $1,143,167 in Q1 of 2017. The decline in revenue can be explained by the timing of a large bulk transaction that subsequently closed in the current quarter. As a result, current sales for Q2 of 2018 total approximately $905,000 to date (unaudited).
Consistent with previous guidance, the Company is positioned for export to the European market, having achieved European Medicines Agency Good Manufacturing Practice (EMA-GMP) certification for its facilities at 150 8th Concession Road, Langton ON (“Site 150”), a prerequisite to export cannabis to the European Union. Additionally, the Company is preserving inventory for both export to Europe and the adult use market in Canada, when legal.
We maintain our position that establishing sustainable baskets of margin for our products that will be preserved over the long term is more important than immediate gross revenue. We base all our business decisions in the interest of long term value creation for our shareholders.
Ben Ward, CEO
Highlights for the quarter include:
- Strengthened the Company’s balance sheet by raising $40,250,000 by way of private placement.
- Positioned with Provinces for supply to the upcoming recreational market.
- Signed an exclusive agreement with Colorado-based Rare Dankness to provide their award-winning genetics to the Canadian market. Rare Dankness is a multi-year winner of the prestigious Amsterdam Cannabis Cup.
- The first room in phase 1 of Maricann’s world class grow facility was ready for cultivation. Subsequently, the Company received its third License from Health Canada to move ahead with cultivation activities and is now propagating 2,639 plants in the new facility.
- Expanded our European footprint with the announced letter of intent to acquire Switzerland-based cannabis cultivator HAXXON AG. The transaction subsequently closed in Q2.
- Received EMA-GMP Certification for Site 150, its Canadian cultivation facilities in Langton, Ontario.
About Maricann Group Inc.
Maricann is a vertically integrated producer and distributor of marijuana for medical purposes. The Company was founded in 2013 and is based in Burlington, Ontario, Canada and Munich, Germany, with production facilities in Langton, Ontario where it operates a medicinal cannabis cultivation, extraction, formulation and distribution business under federal licence from the Government of Canada. The Company also has production operations in Dresden, Saxony, Germany and Regensdorf, Switzerland. Maricann is currently undertaking an expansion of its cultivation and support facilities in Canada in a 942,000 sq. ft. (87,515 sq. m) expansion and will continue to pursue new opportunities in Europe.
For more information about Maricann, please visit our website at www.maricann.com
Director of Investor Relations