WeedMD Delivers Solid First Quarter

CANNANNEW REPORT

WeedMD Inc. (OTCQX:WDDMF) released its financial results for the three months ending March 31, 2021 with revenues rising 102% sequentially to $12.9 million. This was also a big jump over last year’s revenue for WeedMD of just $6.9 million for the same time period in 2020. The losses were trimmed to $7 million from last year’s $45 million for the same time period. The increase in revenue was impressive considering that the total dried cannabis sold in the first quarter of 2021 was 3,878 kgs versus 5,084 kgs in the first quarter 2020. The company said the decrease was mainly driven by bulk, partly offset by the growth in medical and adult-use channels. The average yield per plant was 104 grams during the quarter compared to 76 grams in Q1 2020. “Our year-to-date, record-breaking growth reflects our robust sales strategy rooted in our optimization initiatives that drove product innovation, brand recognition, retail engagement, and a 30% increase in grade A production to consistently meet our targets and fill rates – all of which contributed to record revenues from our direct-to-consumer channels in both adult-use and medical sales,” said George Scorsis, Interim CEO and Executive Chair, WeedMD. “Our Starseed Medicinal patient activations increased meaningfully during Q1 2021, contributing to a 125% sequential increase in medical revenue growth from Q4 2020. Additionally, our expanded product availability across new distribution and retail channels saw impressive growth in the Province of Quebec – quickly growing into one of our top-selling provinces for Color Cannabis. Moreover, both our Color and Saturday Cannabis storefront presence in Canada increased 375% over the prior year, and we are now in over 75% of the 700 retail stores in Ontario. Our products are taking top billing at many provincial retail outlets, with Ontario recently adding three of our Color…

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