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Be the first with the news that moves the market- Cannabis management platform, MJardin Group (CSE:MJAR) has released its full-year financial results for 2019, with the company posting a net loss of C$267.5 million
- This is a significant loss, compared to a net loss of $81.4 million in 2018
- After recently refocusing its business model, the company hopes to enter into Canada’s recreational market, during the second half of 2020
- Toward this end, the company spent much of 2019 consolidating production across several Canadian provinces
- MJardin Group (MJAR) is down 27 per cent and is trading at 6.5 cents per share
Cannabis management platform, MJardin Group (CSE:MJAR) has released its full-year financial results for 2019, posting a net loss of C$267.5 million.
This is a significant loss, compared to a net loss of $81.4 million in 2018. however, this year’s loss also included a $207.5 million impairment. Similar impairments in 2018 amounted to just $21.15 million.
The company stated it has been working on fixing historically unprofitable agreements and made a number of changes to its operations during 2019
This includes agreeing to dispense of GreenMart, the Nevada LLC the company owned, for $47.69 million. Furthermore, it also sold out of its Cheyenne facility and terminated a planned acquisition of Cannabella.
The company is moving production into predominantly Canadian facilities, with a new facility constructed in Brampton, Ontario.
All of this is building towards the company’s entry into Canada’s recreational market, during the second half of 2020.
Pat Witcher, CEO of the MJardin Group said the company was in a state of transition when he took over. He went on to say he has now completed the necessary clean up required to refocus the company.
“With construction completed at the majority of the Canadian facilities and right-sized operations, we are well positioned to focus on a strong entry to the Canadian recreational market in the second half of 2020 and turn the corner as a business.
“I believe the true potential of MJardin will finally be highlighted to the consumers in the markets we serve, beginning in 2020,” he said.
MJardin Group (MJAR) is down 27 per cent and is trading at 6.5 cents per share at 11:50 pm EDT.
