Second consecutive quarter of stabilized operational performance and solid foundation forming to drive growthDENVER and TORONTO, Aug. 06, 2020 (GLOBE NEWSWIRE) — MJardin Group, Inc. (“MJardin” or the “Company”) (CSE: MJAR) (OTCQX: MJARF), a leader in premium cannabis production, today announced its financial and operating results for its second quarter ended June 30, 2020. All amounts are expressed in Canadian dollars unless otherwise indicated.
Q2 and YTD 2020 Highlights:MJardin remains on track to achieve measured strategic growth objectives in 2020;Q2 Revenue amounted to $2.1 million;Q2 Adjusted EBITDA loss of $2.2 million;Q2 Net loss of $12.5 million;AtlantiCann Medical Inc. (“AMI”) joint venture contributed $1.3 million to earnings, an increase of ~330% from the prior quarter;First retail sales of MJardin product through AMI and the Nova Scotia Liquor Corporation;Continued improvement of corporate SG&A expenses resulting in a 20% reduction compared to the same period in 2019;Completed first harvest at GRO Facility and loaded WILL flower rooms with ROBES product in anticipation of sales of BLLRDR in H2 2020;Continued to advance negotiations for a supply agreement with a major Canadian License Holder (“LH”) to sell an aggregate of approximately 2,000 kilograms of product during 2020;Identified unique strains for mass production through research and development at the Warman facility with an expected go to market date during Q4 2020.“While we still have a lot of work to get done to achieve our growth objectives, I am very pleased with the results of our team’s efforts, which have now resulted in a second consecutive quarter of stabilized operations, improved visibility into the future and ultimately better financial performance,” commented Pat Witcher, CEO of MJardin. “We are pursuing growth opportunities through sensible partnerships whereby our expertise and track record can contribute to growth and profitability without the need for additional capital. We continue to run a lean and extremely efficient business to manage margins and overall costs, while focusing our corporate development team’s efforts on creative growth strategies.”Second Quarter Financial Summary
RevenueThe Company’s managed services business segment generated $2.1 million in revenue during the quarter. No revenue was recognized from operations at the Canadian cultivation facilities during the second quarter.Gross Margin
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