Emblem Corp. (TSXV: EMC, OTCQX: EMMBF) Sales Increase 281% to $2.3 Million in Q3
27Emblem (TSXV: EMC, OTCQX: EMMBF) Sales Increase 281% to $2.3 Million in Q3 - RICH TV LIVE - NOVEMBER 20, 2018 - TORONTO, Nov. 20, 2018 (GLOBE NEWSWIRE) — Emblem Corp. (TSXV: EMC, OTCQX: EMMBF) (“Emblem” or the “Company”), a licensed producer of cannabis under the Cannabis Act through its wholly owned subsidiary Emblem Cannabis Corporation, is pleased to report financial and operating results for the three and nine months ended September 30, 2018. The strong results underscore the Company’s continued focus on fundamentals such as revenue growth, market share, and operational excellence to drive long-term shareholder value.
This quarter marked a significant period of transformation for Emblem as we strategically aligned the business around our core strengths. This began with the signing of one of the largest business to business cannabis supply agreements, increasing our aggregate annual product supply run rate to approximately 30,000 kilograms beginning in mid-2019.
Nick Dean, President & CEO, Emblem Corp.
With product volume and cost visibility addressed, management can refocus both human and capital resources on levering core competencies of product innovation, brand building and securing global distribution channels.
“During the quarter, we began to realize the significant revenue impact of our Symbl brand within the adult-use market as we fulfilled 100% of our provincial commitments, while maintaining product availability for our growing number of registered patients.”
Highlights for the Third Quarter of 2018
Record Company revenues of $2.3 million, a 281% increase year-over-year and a 50% increase quarter-over-quarter.
Among industry-leading revenue per gram equivalent sold to patients of $10.67 per gram.
Sales of high margin derivative products grew rapidly and represented 48% of total patient sales for the quarter, driving robust realized pricing.
20% increase quarter-over-quarter in active registered patients to 4,820 as at September 30, 2018.
Signed five-year supply agreement with Aphria Inc. (“Aphria”), to receive an aggregate of 175,000 kilogram equivalents of high-quality dried cannabis flower and crude cannabis oil at preferred wholesale pricing, commencing in May 2019.
Strategic investment and three-year supply agreement with Natura Naturals Inc. (“Natura”), to receive up to 3,000 kilograms of high-quality cannabis flower per year at preferred wholesale pricing with deliveries to commence in December 2018.
Launch of Symbl, Emblem’s first adult-use recreational cannabis brand.
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