Yesterday the Australian Federal Health minister, Greg Hunt was asking the Australian medical cannabis corporate sector for ideas on how to structure the sector. If this story isn’t proof that he’s talking to the wrong people we don’t know what is.
This sort of behaviour is endemic in the sector, Canada, USA, Australia, it doesn’t really matter where.
How after 6 years of warning bells can we get across to politicians, regulators etc that they can’t divvy up cannabis and just choose the bits they like .
Cannabis is, whether they like it or not, a combination of adult use like alcohol and yes some medicine as well but we can’t let investment driven “medical” companies drive the market. It isn’t working.
Great report by MJ Biz
MediPharm Labs Corp. reported third-quarter revenue of 4.9 million Canadian dollars ($3.8 million), 88% lower than the CA$43.4 million the Barrie, Ontario, company booked in the same period last year.
Revenue for the quarter ended Sept. 30 was 64% lower than the previous three-month period.
The quarterly results come days after the unexpected resignation of Chief Financial Officer Bobby Kwon, who is leaving the company later this month “for family reasons” one year after taking the position.
The company attributed the sharp decline in revenue to lower average selling prices and bulk extract volumes as well as the impact of the COVID-19 pandemic.
MediPharm’s adjusted EBITDA loss – a measure of profitability – more than tripled to CA$7.3 million from the previous quarter.
International revenue was CA$700,000.
MediPharm CFO resigns days before 88% revenue plunge