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Home 🌿 Marijuana Business News 🌿 Tweed Marijuana, Canada's First Publicly Traded Weed Company, Swings To A Profit 🌿Tweed Marijuana, Canada's First Publicly Traded Weed Company, Swings To A Profit
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The subscription service is currently unavailable. Please try again later.SMITHS FALLS, Ont. — Tweed Marijuana Inc. is reporting its first profitable quarter since receiving a federal licence to produce and sell medical cannabis.
The Ontario-based company, the first marijuana manufacturer in Canada to be publicly traded, earned a net profit of $1 million or two cents per share in the three months ended June 30. A year earlier, it had a net loss of $1.16 million or three cents per share.
Revenue for the first quarter of its financial year was $1.7 million, up 39 per cent from the previous quarter and nine times the less than $189,000 achieved a year ago, when commercial shipments began.
The company, which completed a friendly merger with Bedrocan Cannabis Corp. on Aug. 28, said Monday it sold 215,929 grams at an average price of $7.74 per gram as a stand-alone company during the quarter.
That was up from 166,657 grams at an average of...
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