Updates & Highlights
Aleafia is currently in a strong cash position with $51 million in cash on its balance sheet. The company has also experienced a 42% increase in its active, registered medical cannabis patients since July. Aleafia now has over 10,000 patients putting the company in a great position to capture additional market share in the medical space.
Phase II construction at Aleafia’s Paris, Ontario processing facility is moving along nicely and is expected to be finished by October of this year. The company will be submitting an evidence package to Health Canada to demonstrate the facility’s readiness once complete. The facility is being built to EU GMP standards to allow for export to the European market.
Internationally, Aleafia reported that products cultivated, extracted and exported by the company to Australia are now available to medical patients in the land down under. All of the company’s Australian medical cannabis products are available through Aleafia’s strategic partner CannaPacific. The first prescription was officially written for an Aleafia product earlier this month.
“Through prudent capital allocation, coupled with strong cannabis revenue growth, we now expect to deliver the first profitable quarter in Aleafia Health’s history, a major milestone. This will mark our second consecutive quarter featuring both substantial expense reductions and increased revenues as we continue to drive towards sustainable, compliant growth that will deliver real benefits to our stakeholders,” stated Aleafia CEO Geoffrey Benic.
Phase 1 of Aleafia’s Port Perry outdoor grow is moving forward as planned with harvesting expected to start at the recently licensed 1.1 million sq ft facility in two weeks. Aleafia anticipates its 2.6 million sq ft phase 2 expansion at Port Perry to be finished this November.
The company’s Niagara Greenhouse facility is set up and ready to grow. All that awaits is the Health Canada cultivation license. The only parts of the retrofit remaining to be completed are the two final grow rooms located in the phase 2 portion of the facility. This is expected to be completed by October of this year. Everything else is done.
“Aleafia Health is now transitioning to a new phase of our growth story. We have, until now been executing on major capital projects which are now either finished or weeks away from completion. With a strong cash position, we are extremely well-positioned to build on the growth experienced this quarter on a much greater scale,” added Benic.
Aleafia Terminates Rollback
Additionally, Aleafia disclosed the cancellation of the previously approved 1 for 4 reverse split. In a board meeting held yesterday, the board of directors officially approved the revocation of the rollback that was originally authorized by the company last December.
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