VANCOUVER, British Columbia, Dec. 28, 2018 (GLOBE NEWSWIRE) -- Quadron Cannatech Corporation (the “Company” or “Quadron”) – (CSE: QCC), is pleased to report the financial and operating results for its second quarter ended October 31, 2018.
Second quarter financial highlights (unaudited):
- Revenue of $465,959, a 7% increase over Q2 October 31, 2017. Compared to six month revenue of $1,434,742 for the period ended October 31, 2018 a 51% increase over the same period ended October 31, 2017;
- Gross margin of $157,514 or 34% vs 53% in Q2 October 31, 2017. Gross margins fluctuate dependent upon product mix;
- Loss of $972,099 compared to $367,602 for Q2 October 31, 2017. The increased loss for the quarter includes stock based compensation of $197,146, an increase in depreciation of approximately $54,724, and the cost of leasing new facilities to further development of its extraction equipment and processes; and
- Cash of $2,025,921 and working capital of $4,571,724 at quarter end.
Rosy Mondin, CEO of Quadron states: “It’s important to note that we’re in the infancy of the extracts market - while others have been focused on cultivation, we have been developing our turnkey extraction solutions. That solution includes more than just the sale of equipment (such as the CO2 BOSS or ethanol BEAST) - it includes biomass preparation, extraction, filtration, distillation, formulation, and the provision of ancillary products (such as vape pens). With the legalization of oils, edible products and topicals happening in Canada no later than October 17, 2019, licensed producers and new applicants are now focussing their attention to extraction processes. Efficient extraction equipment, techniques, procedures and formulation are key to developing new cannabis products.”
Quadron’s full second quarter financial results are posted on SEDAR at www.sedar.com.
About Quadron: Quadron provides equipment, products and service solutions for the authorized cannabis industry by providing a full array of end-to-end extraction and processing solutions, including sales of end user delivery options (such as vapour pens) for medical and recreational consumers.
For more information, visit: www.quadroncannatech.com.
On behalf of the Board of Directors of
QUADRON CANNATECH CORPORATION
Rosy Mondin
CEO
rosy@quadroncannatech.com
Investor Relations Contact:
KIN Communications Inc.
Caleb Jeffries, VP, Investor Relations
1-866-684-6730
QCC@kincommunications.com
Neither the CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
Statements included in this announcement, including statements concerning our plans, intentions and expectations, which are not historical in nature are intended to be, and are hereby identified as “forward-looking statements”. Forward-looking statements may be identified by words including “anticipates”, “believes”, “intends”, “estimates”, “expects” and similar expressions. The Company cautions readers that forward-looking statements, including without limitation those relating to the Company’s future operations and business prospects, are subject to certain risks and uncertainties that could cause actual results to differ materially from those indicated in the forward-looking statements.