Mettrum FY17-Q2 Sales Rise 180% as Registered Patients Now Exceed 15,300

Mettrum Health Corp.- Mettrum™ set for expansive growth

Mettrum Announces Second Quarter 2017 Financial Results

Q2 2017 versus Q2 2016 Financial Highlights:

– Revenues increased 180% to $4,790,022
– Grams sold increased 127% to 480,340 grams
– Registered clients increased by 253% to 15,330

First Six Months 2017 versus First Six Months 2016 Financial Highlights:

– Revenues increased 203% to $8,960,536
– Grams sold increased 146% to 916,910 grams

TORONTO, ONTARIO–(Marketwired – Nov. 15, 2016) – Mettrum Health Corp. (“Mettrum” or the “Company”) (TSX VENTURE:MT), a fully integrated provider of cannabis products, announced today its second quarter and year-to-date 2017 financial results for the period ended September 30, 2016.


Recent Developments

  • On November 2, Mettrum, announced license renewals at both of its Bowmanville facilities, and an increase in total licensed capacity to 5,600 kgs from 3550 kgs. Mettrum believes it now has the second largest licensed capacity in the country. The company’s Phase 2 expansion is progressing as planned. Two thirds of the final buildout at Bennett Road South will completed by the end of December and the final third will be completed by the end of March, 2017. The company has begun working on its Phase 3 expansion in Bowmanville, Ontario in order to achieve its objective of 25,000 kg of production capacity by March, 2018.
  • On September 20, 2016, Mettrum announced that it entered into an agreement with Cannabis Care Canada Inc. (“CCC”) to sell to CCC its wholly-owned subsidiary, Bennett Road North, which is licensed to produce and sell dried cannabis and cannabis extracts for medical purposes. Under the terms of the agreement, CCC will pay $7 million in cash to acquire Bennett Road North and enter into a three-year Supply Agreement that is expected to generate up to $40mm in revenue for Mettrum over the next three years. As part of the transaction, CCC will assume all outstanding obligations associated with Bennett Road North.
  • On September 7, 2016, the Company completed a bought deal financing through the issuance of 6,510,150 shares at a price of $2.65 per common share to raise $15.9 million in net proceeds.

Second Quarter and Year-to-Date 2017 Review

  • Revenues increased 180% to $4,790,022 compared to $1,711,072 during the second quarter ended September 30, 2015. During the six-month period ended September 30, 2016, revenues increased by 203% to $8,960,536 compared to 2,960,243 during the corresponding period in 2015. This is the result of continued solid growth in the business and the addition of cannabis extracts.
  • Average selling price per gram increased to $9.56 during the second quarter ended September 30, 2016, versus $7.73 during the second quarter ended September 30, 2015, because of a graduation toward higher priced products and the introduction of oil products.
  • Gross profit increased by 194% from $971,237 to $2,855,178, or 60% from 57% as a percentage of sales during the second quarter of 2016. Gross profit was $6,176,006 and $1,657,361, or 69% and 56% as a percentage of sales for the six months ended September 30, 2016 and 2015 respectively, representing a 273% increase.
  • Cash growing costs were $2.40 per gram for the quarter ended September 30, 2016, compared to $3.21 during quarter ended September 30, 2015, primarily due to ongoing efforts on improving efficiency by increasing yields and automating processes to reduce the costs of production per gram.
  • Adjusted EBITDA loss amounted to $1,095,970 million for the quarter ended September 30, 2016, versus a loss of $1,622,121 million for the same period in 2015. The company expects to be EBITDA and cash flow break even before the end of this fiscal year now that it is operating at full capacity.
  • As at September 30, 2016, Mettrum’s registered client count increased to 15,330 registered clients, representing a 253% increase in customer registration when compared to the same period in 2015. Due to increased production and inventory, the company expects to maintain client acquisition growth at a rate of 10% month over month.
  • Mettrum’s balance sheet remains solid with a $24 million cash position as at September 30, 2016. As previously announced, the company expects to complete the sale of its Bennett Road North facility to CCC before the end of its fiscal year which will add another $7mm to the balance sheet. The renewal of the license at the Bowmanville North Facility issued on November 1, 2016 was one of the key conditions of closing the CCC transaction.


During the second quarter, we experienced solid growth in terms of sales and client acquisition. We focused on capacity expansion, transitioned most of our operations to our newest facility and significantly improved operational efficiencies, which, while not evident in our Q2 results, are already driving improved margins and accelerating sales.

Michael Haines MettrumMichael Haines, CEO of Mettrum

Looking ahead to the balance of the fiscal year and beyond, our capacity to service the needs of our growing client base, combined with our ongoing expansion of Bowmanville South, leaves us very well positioned for continuous and sustainable growth within this accelerating medical cannabis market and prepared for the impending recreational cannabis market.

About Mettrum Health Corp.

Mettrum Health Corp. is a Tier 1 Industry Issuer listed on TSX Venture Exchange. Mettrum Ltd., a wholly owned subsidiary of the Company, is a Toronto-based company and a licensed producer of medical cannabis under the MMPR, which came into effect on October 1, 2013. Mettrum received its first license from Health Canada under the MMPR on November 1, 2013 and began production of medical cannabis at its first production facility in Bowmanville, Ontario. Mettrum received its second license from Health Canada under the MMPR on December 11, 2014 for its Mettrum Creemore facility in Clearview, Ontario. Mettrum received its third license from Health Canada under the MMPR on December 17, 2015 for its new 60,000 square foot production and distribution facility in Bowmanville, Ontario. With the Company’s three licenses, Mettrum is a leading producer and vendor of medical cannabis under the ACMPR system. In addition, through its wholly owned subsidiary Mettrum Hempworks, Mettrum also is a licensed producer and distribution of industrial cannabis (hemp) products, including Mettrum’s functional food line, Mettrum Originals, under the Industrial Hemp Regulations (Canada) issued pursuant to the Controlled Drugs and Substances Act (Canada). For more information, visit and

Original press release:

Published by NCV Newswire
NCV Newswire
The NCV Newswire by New Cannabis Ventures aims to curate high quality content and information about leading cannabis companies to help our readers filter out the noise and to stay on top of the most important cannabis business news. The NCV Newswire is hand-curated by an editor and not automated in anyway. Have a confidential news tip? Get in touch.

Get Our Sunday Newsletter