Things aren’t looking so swish at a number of the bigger Canadian cannabis verticals at the moment.
The Calgary, Alberta-based marijuana producer reported net revenue of 9.9 million Canadian dollars ($8 million) for its first quarter through March 31, well below analysts’ expectations of approximately CA$12 million.
Net loss doubled from the previous quarter to CA$134.4 million, largely as a result of a CA$130 million noncash charge.
From January through March, Sundial harvested 5,387 kilograms (11,876 pounds) of dry cannabis, or about half the amount harvested one year ago.
The company sold 3,989 kilogram equivalents in the quarter, less than the 4,437 kilogram equivalents it sold in the same period last year.
More detail at MJ Biz