The Canadian Bioceutical Corporation (CSE:BCC) (OTC:CBICF), the Toronto-based operator of cannabis facilities, primarily operating in the USA, reported financial results for the first quarter of its 2018 fiscal year, ending June 30, 2017.
Revenue was up 14% from the past quarter to $5.1 million, EBITDA climbed into positive territory, and its bottom line Net Loss dropped significantly from $3.8 million the previous quarter to $800,000. Most of BCC’s operations were acquired in 2017, so full year reporting was not considered as relevant as reporting versus last quarter’s results.
BCC stock traded up 5% to $0.345 on the news.
Scott Boyes, the CEO of BCC, said that the company is on top of its aggressive growth strategy. They are currently developing a dispensary in Nevada, to be operational by November 2017, and three in Massachusetts, where they expect to begin cultivation in spring of 2018.
BCC’s goal is to operate 10 dispensaries in 4 states, producing 9 million grams per year and 1.2 million grams in concentrates. From this base, they expect to generate strong returns, and will then be able to expand more, both from internal and external capital.
BCC has a partnership with MJardin to supply cultivation services to certain BCC operations, first in Nevada. They also have a partnership with Panaxia, an Israeli pharma company, to provide smokeless pharma-grade products that are not readily available in the US.
Source Canadian Bioceutical Corporation press release