- Aleafia Health (AH) reported its financial results for the three months ended June 30, 2022
- Branded cannabis net revenue increased 24 per cent to a record $10 million from $8 million quarter over quarter
- The company’s net revenue increased 107 per cent to $6.7 million from $3.2 million in the same period last year
- The company’s guidance is steady to deliver at least $53 million in total net revenue in fiscal year 2023, with a current run-rate of $48 million
- Aleafia Health Inc. (AH) is up 7.69 per cent trading at C$0.07 per share as of 10:05 am ET.
Aleafia Health (AH) reported its financial results for the three months ended June 30, 2022.
Branded cannabis net revenue increased 24 per cent to a record $10 million from $8 million quarter over quarter. In the key branded adult-use market, the company’s net revenue increased 107 per cent to $6.7 million from $3.2 million in the same period last year.
Aleafia also highlighted a 12 per cent increase in medical cannabis net revenue over the prior quarter and a 7.5 per cent market share in overall Canadian medical market.
Tricia Symmes, Aleafia Health’s CEO explained that the company’s pivot to a branded cannabis strategy was supported by three pillars of revenue: adult-use branded cannabis, a ‘sticky’ recurring medical cannabis revenue stream and growing higher margin international sales.
“As a result of revenue increases, the company has achieved the 2nd highest growth rate amongst top 12 Canadian LPs in retail sell through over the prior quarter while achieving a #12 ranking for market share in our core markets for Q2 CY2022.”
The company’s CFO, Matt Sale added that its guidance is steady to deliver at least $53 million in total net revenue in fiscal year 2023, with a current run-rate of $48 million.
Aleafia Health owns three licensed cannabis production facilities and operates a strategically located distribution centre in the province of Ontario, including the first large-scale, legal outdoor cultivation facility in Canadian history.
Aleafia Health Inc. (AH) is up 7.69 per cent trading at C$0.07 per share as of 10:05 am ET.
