Aleafia Health Inc (OTCMKTS:ALEAF) has reported revenues of $6.028 million in Q4 2019. It is an increase of 22% when compared to the previous quarter. The company has reported revenues of $16.4 million in 2019. It is an increase of 391% when compared to the previous year. Cannabis and clinical revenues account for $11 million and $2 million of these revenues.
Disciplined approach yields dividends
Geoffrey Benic, Chief Executive Officer of Aleafia, said the company posted robust results in Q4 2019 and for the whole year because of sustainable and disciplined growth. He said the company maintains patient-centric approach in building cannabis health and wellness ecosystems.
Continues growth momentum in 2020
Aleafa expects to continue the growth momentum in 2020 through the launch of innovative and differentiated wellness and health products and by expanding the patient ecosystem in the domestic and overseas markets.
Aleafa has secured the full occupancy at its Paris facility phase II on October 4, 2019. Its Paris facility comprises 30,000 Sq. Ft. expansion dedicated to the manufacturing, extraction, distribution, and packaging of high-value cannabis wellness and health products. Health Canada has received the final site evidence package from Aleafa, which shows operational readiness. The department is reviewing the application of Aleafa.
Aleafa has reported the yield of 12,747 kgs of the dried flower after drying and curing from its Port Perry Facility in November 2019. The outdoor grow harvest generates revenues of $1,274.7. The company plans to expand the Port Perry Facility by the addition of 60 acres of cultivation. It will have a total cultivation area of 86 acres. The company submitted the application along with the site evidence package to Health Canada for the license amendment.
Emblem Cannabis Corporation, a wholly-owned subsidiary of Aleafa, has received two license amendments from Health Canada. The amended licenses allow the company to expand the processing capacity and facilitate the sale of innovative product formats at its Paris Facility. Aleafa can now manufacture and sell products that comprise topicals and edibles.
Emblem signed an accord on November 19, 2019, with a Licensed Producer in Canada to supply 2,840 kg of cannabis flower. The company completed the shipments of 1,122 kgs of cannabis flower in Q4, 2019, at an agreed price per gram of $2.50. Emblem will complete the balance shipments soon.
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